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Australia | Adelaide
Properties for sale in Adelaide, South Australia, 5920 Australia
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Adelaide, Australia, offers an exceptional blend of cultural richness and relaxed living within a compact city framework. Known for its sprawling green belts, historic architecture, and the renowned Adelaide Festival, the city is a hub for the arts and culinary excellence, boasting some of the country's finest vineyards and eateries. Adelaide's commitment to sustainability, education, and healthcare contributes to its high livability, attracting professionals and families. The city benefits from a well-planned public transport system and affordable housing, further enhancing its appeal. Adelaide embodies a unique mix of peaceful living and vibrant cultural exploration, making it an attractive choice for those valuing community and quality of life.
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South Australia has hit the jackpot! The latest CommSec State of the States report (January 2024)
crowned South Australia with the title of the best economy in Australia. But this isn't just a flash in the pan—South Australia is shining brightly across multiple sectors, setting itself apart as the nation's top performer in economic growth,unemployment, construction work, and dwelling starts.
But wait, there's more! Adelaide, the state's capital, is one of the top five emerging small cities globally, projected to grow by 1.2% in population and nearly 2.5% in GDP. Adelaide stands tall among world-class cities like Vancouver and Austin, outpacing Stockholm and Seattle. And if you're thinking about a vacation, don't overlook Kangaroo Island, which Lonely Planet ranks as the number two global destination to visit in 2024.
For the first time in history, South Australia has climbed to the top of CommSec's rankings. This
meteoric rise isn't just due to luck; the state has seen its population growth rate more than double over the past two years, from 0.7% to a striking 1.7% year-on-year. This growth is translating into a robust housing market and an overall economic boom. But as the saying goes, "Heavy is the head that
wears the crown." South Australia can't afford to rest on its laurels. NSW and Victoria are already eyeing the top spot, and competition is heating up.
So, what does this mean for South Australia's commercial real estate market? In a word—opportunity.
Andrew Ballantyne, head of JLL Research, painted an optimistic picture of Adelaide’s commercial markets through 2033. The city's population is expected to reach two million by 2029, necessitating a whopping 135,000 new homes at current growth rates. This isn't just a boom; it's a building bonanza!
Adding fuel to the fire, the student population in Adelaide could skyrocket from 45,000 in 2023 to
somewhere between 53,000 and 72,000 by 2033. Adelaide's reputation as an educational hub is growing, but this also means a significant investment in
purpose-built student accommodation is crucial. With the recent university merger and a surge in student enrollment, the demand for student housing is
more pressing than ever.
In 2023, Adelaide’s residential vacancy rate consistently hovered below 0.9%, with no signs of relief on the horizon. One way to address the increasing demand for housing is through the build-to-rent
(BTR) sector. Currently, only 715 BTR units are expected to be built by 2033 in Adelaide. However, with increased participation from developers, this number
could skyrocket to 5,000 units by 2033. The recent approval
of the Sentinel project in Bowden is a clear indication that the BTR sector is gaining momentum and could
be the key to meeting Adelaide’s housing needs.
Population growth doesn’t just create a demand for housing—it ripples through every sector. Retail will be one of the biggest beneficiaries. As more people flock to Adelaide, the demand for retail space will surge, leading to the development of new
convenience-based centers in growth areas and the consolidation of existingones. Retail vacancies are tightening, and this trend is expected to continue
as the population grows.
The industrial and logistics sectors will also feel the impact. With more people comes more demand
for goods, and that means more warehouse space. JLL Research estimates that for every new resident in Adelaide, 4.5 square meters of new industrial space will be needed. If the population growth forecast of 1.4% per annum holds true, Adelaide will need over 1.2 million square meters of industrial space by 2033. The big question is whether there’s enough industrial land supply to meet this demand, making this sector a hotbed for investment with expected rental and land price growth.
Adelaide’s ‘Mad March’ has evolved into a four-month extravaganza, stretching from the Adelaide 500 in December to the LIV golf event in April. This extended festival season has caused hotel room rates to rebound, making them the second highest in Australia, just behind Brisbane and ahead of Perth, Sydney, and Melbourne. With three new hotel projects approved, investors and developers are taking note of Adelaide’s tourism potential.
With its improved connections between education and industry, along with a focus on retaining talent, Adelaide is on the cusp of a transformation. The next decade could see the city truly capitalizing on its strengths—liveability, affordability, and employability. These 'abilities' could be the key to unlocking Adelaide's true potential, turning it into a powerhouse that not only leads Australia but stands tall on the global stage.
South Australia is not
just riding a wave; it’s making its own tides. With its eyes firmly set on the future, the state is well on its way to becoming an economic, educational, and cultural
hub that will be hard to ignore. The future looks bright for South Australia, and the journey has only just begun.
