If you already knew that owning property in Adelaide opens doors to a dynamic, ever-changing hub of creativity and culture, then it should come as no shock to hear that the South Australian government's ongoing plans to further build and improve upon the city are a resounding success.
According to a recent episode of the ABC's science program Catalyst, the key to a city's success relies heavily on the livability of its central suburbs. Renewal South Australia is an initiative undertaken on behalf of the South Australian government to create innovative and exciting new spaces throughout the city, where people will want to work, live and enjoy themselves – and, hopefully, invest in real estate in Adelaide.
Having started two years ago, the Vibrant City program is just one of multitude of developments that have been undertaken to breathe life into Adelaide's CBD. Momentum built further last year, with restaurants and small bars flourishing beneath relaxed liquor licensing laws introduced in 2013. No more so is the program's success apparent than in the Peel Street and Leigh Street precinct, once a forgotten through-road, now held in high esteem amongst gourmands and barhoppers alike; a bustling hot-spot overflowing with culinary talent and innovation – and, of course, wine.
Developments like this hold positive implications for those of you looking to make the most , particularly in the inner city. In speaking to The Australian Financial Review Luci Ellis, head of financial stability at the Reserve Bank of Australia, points out that many of Australia's inner city ring suburbs have increasingly become job magnets in past years, meaning that property prices are often 1.5 to two times more expensive than the outer rings.
Indeed, the latest Real Estate Institute of South Australia Market Report 2014 shows a quarterly 3.8 per cent rise in the number of houses sold in metropolitan Adelaide compared to the same period in 2013. Nonetheless, affordability still remains as Adelaide's greatest draw card. The increase in sales is an encouraging sign of things to come, but this has not translated directly into a major price increase, with CoreLogic RP Data figures showing that median house prices still sitting substantially below those in Sydney and Melbourne.
Take affordability, lifestyle, and combine them with Renewal SA's tireless efforts to ensure further opportunities and jobs for people who live within ten kilometres of the city, Adelaide's inner city will ideally form the perfect cocktail for future investment.