Key Highlights
- One of Adelaide’s prestige pockets that continues attracting local, interstate and international buyers
- Unley was Adelaide’s best performing housing market during 2020
Adelaide Considered One of Australia’s Most Affordable Capital Cities
Adelaide was Australia’s third largest city, after Sydney and Melbourne, through most of the 20thC. Coming into the 21stC, there was a pronounced increase in infrastructure that has buoyed Adelaide’s financial, medical, technical, arts and cultural and educational sectors
Just two miles from center Adelaide is the City of Unley. This historic suburb offers locals, interstate residents and people from around the world charming, high-end houses at a fraction of the price for comparable homes in Sydney or Melbourne.
Unley’s Housing Market Thrived in 2020
The City of Unley, and its inner city suburbs of Eastwwod, Frewville, Fullarton, Unley Park, Malvern, Hyde Park, Wayville, etc., was Adelaide’s best performing housing market in 2020. Buyers have been attracted by its small, safe, charming, extremely livable environs as well as its stunning architecture and proximity to exclusive schools. Median home prices in Unley rose nearly +19% in 2020 through December, according to the Real Estate Institute of South Australia (REISA).
Price Range
Expect an entry-level home in Unley Park, one of the best addresses within Unley proper with its tree-lined streets and bluestone/sandstone villas, to cost within the range of $A$1.5 million, according to Grant Giordano, a principal with Sotheby’s Adelaide. A larger more luxurious home comes with a price range of A$3.5 million and 45 million.
Giordano said, “The exponential price rise shows no sign of abating as demand is currently outstripping supply, ensuring high levels of competition for quality housing.”
Housing Stock
Many residences were built in Unley between 1850 – 1870 and exemplify “colonial cottages” with wraparound verandas, lush gardens, tennis courts and swimming pools. Homes built in the late 1800’s are today beautifully preserved Victorian estates.
The immediate neighborhood offers boutique shopping, Asian and modern Australian bistros, pubs, trattorias, dessert bars and casual pizza places.
A new development recently announced is considered to be a game changer and landmark site for Unley. Just some of that project’s offerings are to include residential apartments, national and international brand retailers, a cinema complex, medical and wellness services, offices, a food market, etc.
Market Outlook
According to Stephanie Williams, a partner of Williams Real Estate ,“…quality luxury homes in exclusive locations are in higher demand than ever before, with very low supply and prices rapidly increasing.”
The national listings portal realestate.com.au indicates that Unley listings are getting four times the average number of online visitors compared with other Aussie locales. SZM Research expects demand momentum to continue indefinitely.
Williams said, “This looks like it will continue until at least the end of the year before stabilizing as we are now experiencing a big influx of interstate and international buyers wanting to relocate to South Australia which is competing more and more with the local market.”
Thanks to MansionGlobal.
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