5 Adelaide Residences Under $1 Million
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5 Adelaide Residences Under $1 Million

The best the South Australian capital has to offer under seven-figures.

By Kanebridge News
Wed, Jun 30, 2021 1:25pmGrey Clock 4 min

106 Drayton Street, Bowen

106 Drayton Street, Bowen

Restored 1850s charm arrives renewed with 4-bedroom, 2-bathrooms and 2-car parking on offer.

The home sees timber floors, restored open fire, Velux skylight in the original portion of the home while the rear addition offers a 4.2m ceiling peak and a rooftop terrace for a summery, private beer garden feel.

Inside the striking monochrome kitchen’s 3.7m long Smartstone island with Schock black granite dual sinks fronts 2 Bosch pyrolytic ovens and a gas 5-burner cast iron cooktop, before signing off with a blackbutt feature wall hiding a pantry, appliance nook, and a master suite pass.

Through the blackbutt feature wall the master suite awaits. With floor to ceiling linen sheer curtains, the bedroom looks out to the established garden. The generous walk-in-robe leads to the private ensuite with solid timber messmate vanity and marble basin.

The listing is with Harris Property, price $935,000. Harrisrealestate.com.au

 

G03/1 King William Street, Kent Town

G03/1 King William Street, Kent Town

A newly built, open plan townhouse apartment located in the desirable East Park Kent Town development is nearby to the parklands, Botanic Gardens, National Wine Centre and more.

Offering 3 large bedrooms – including master with opulent ensuite bathroom – this quiet private and secure 2 storey townhouse is ideal for small families or downsizers.

It arrives with a large private courtyard out back, while the interior living space sees a stone benchtop kitchen replete with Smeg appliances and a walk-in pantry.

Elsewhere the property sees access to an onsite gym and resident’s pavilion and 2 secure car parks.

 Priced from $985,000; eastparkkenttown.com.au

 

Level 2/23 Peel Street, Adelaide, SA 5000

Level 2/23 Peel Street, Adelaide, SA 5000

Planted firmly in the heart of Adelaide’s CBD comes this 3-bedroom, 2-bathroom apartment.

Arriving with high-end fixtures and fittings, the home on Peel Street is complete with wooden floorboards underfoot and exposed brickwork, giving the home an industrial, warehouse conversion appeal.

The apartment offers three generous bedrooms – the master complete with a luxurious walk-in robe and ensuite – the latter replete with a free-standing bath.

The home’s kitchen is the focal point, with modern stainless-steel appliances and a metal bench top elevating the industrial appeal of the home.

Located adjacent to happening Leigh Street, this home is in the thick of Adelaide’s nightlife. With its location exuding nothing but convenience, your choice of pub, restaurant or cafe is mere seconds from your reach.

The listing is with Belle Property Adelaide, $900-$963,000. Belleproperty.com

 

214C Gilbert Street, Adelaide, SA 5000

214C Gilbert Street, Adelaide, SA 5000

This architecturally designed, industrial-themed 2- bedroom, 2-bathroom, 2-garage townhome offers the cutting edge of design.

Offering stunning pre-cast concrete walls, industrial style, fibre cement cladding, eye-catching steel canopy structure – the home melds together natural wood and stone surfaces in effortless style.

Further, the residence sees two spacious bedrooms both with ensuites and built-in robes.

Elsewhere, a state-of-the-art kitchen arrives with stone benchtops and polished hardwood flooring underfoot.

However, the home’s real sell is found on the roof with a terrace offered featuring a waterproof awning and panoramic views.

The residence offers an exciting and low maintenance lifestyle is guaranteed in the eclectic South West/Central Market precinct. Surrounded by many new funky cafe’s, wine bars and entertainment venues.

The listing is with Ray White Adelaide CBD, priced at $950,000. Raywhiteadelaidecbd.com.au

 

 

22/237 Wakefield Street, Adelaide, SA 5000

22/237 Wakefield Street, Adelaide, SA 5000

When compared to others on this list, the east end address offers value in bounds.

This 3-bedroom, 2-bathroom, 1 car, fabulous double-storey loft-style apartment offers minimalist, modern design and features soaring double-height ceilings for an airy feel.

It holds an expansive living area that looks upon the private courtyard while the modern staircase leads one upstairs.

Here, on the upper level, land two well-sized bedrooms – the master with a walk-in robe and a 2-way bathroom. Downstairs sees a third bedroom with direct balcony access.

Just moments from a great coffee on Hutt Street and minutes to the Central Market and shopping, this property provides access to city living that is unrivalled.

The listing is with Fox Real Estate and priced at approx. $750,000. Foxrealestate.com.au

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As mortgage rates surged, some customers backed out of purchases or needed more time for financing

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Ribbon Home Inc. had a fast-growing business during the housing boom. The New York City-based startup purchased homes with cash on behalf of buyers. Then it sold the homes to the buyers at the same price, plus a fee, once the buyers got a mortgage.

This approach made their clients’ offers more appealing, since sellers often prefer all-cash transactions that can close quickly and are considered more reliable. Ribbon has been active in hot markets such as Atlanta and Charlotte.

But last year as mortgage rates surged, some Ribbon customers backed out of their purchases or needed more time to get financing. That left the company owning nearly 400 homes, according to property records analysed by research firm Attom Data Solutions and confirmed by the company.

Ribbon is one of a handful of young companies known as power buyers. These firms created a niche business around helping home buyers gain an edge during the hyper competitive housing boom. Now that the market has cooled, some of these companies are stuck with hundreds of homes they acquired on behalf of clients.

Orchard Technologies Inc., another power buyer that has been active in places such as Denver and Dallas, helps customers buy a new home and move before selling their previous home. If clients can’t sell their homes after four months, Orchard agrees to buy them.

The company now owns about 200 homes its customers were unable to sell, said its Chief Executive Court Cunningham. Mr. Cunningham said Orchard has had to buy homes from customers three times as frequently over the past six months.

The unanticipated glut of homes these firms are carrying is an example of how housing-oriented companies that thrived when mortgage rates were super low are struggling to survive in a higher rate environment.

Online home-flipping companies also experienced turbulence as rates surged. Opendoor Technologies Inc. last year slashed prices on thousands of homes it purchased near the height of the market. The company reported huge losses and laid off 18% of its workforce.

Ribbon has let go of about 170 employees, or 85% of its staff, but it still needs to unload its surplus of houses. About half of those homes Ribbon will try to sell on the open market because their customers didn’t follow through on their purchases. People backed out because they didn’t want to sell their current homes in a down market, had credit issues or had a life event that changed their plans, said Shaival Shah, Ribbon’s chief executive.

The other half the company hopes to sell to the original customers. Most of those customers are renting from Ribbon, and some have asked for more time to obtain financing, Mr. Shah said.

Some power buyers say they are optimistic the housing market can stabilise, and recently there have been a few signs that buying may be picking up.

Power buyers say that their business will continue to serve home buyers in competitive markets and help even the playing field with investors, who often purchase homes with cash. Meanwhile, many are focused on improving products aimed at prospective sellers who are nervous to list their homes in a slow market.

“There was sort of a power shift, from the power sitting with the seller knowing that their home is going to sell within a day, to the power sitting with the buyer,” said Tim Heyl, founder of the Austin-based power buyer Homeward Inc.

Ribbon, which halted its cash-buyer program last year, said it is developing new products before it restarts. HomeLight Inc., another power buyer, recently changed up one of its main offerings so that it wouldn’t buy as many homes moving forward, said Drew Uher, the company’s chief executive.

Mr. Cunningham, of Orchard, said his company has reduced losses from homes it acquired by charging customers fees on both the sale of their previous homes and the purchase of their new homes. He said seller demand for backup offers from Orchard is rising given ongoing uncertainty about home sales.

Some executives said they don’t expect every power buyer to survive. Many relied on venture capital to grow during the height of the housing market, but they are unlikely to raise as much money now. Between January and late November 2022, venture investment in proptech companies decreased 21% compared with the same period the year prior, according to a report from Keefe, Bruyette and Woods Inc.

“People were doing all sorts of things to outbid or be the most competitive offer,” said Diane Vanna, a real-estate agent at Baird & Warner in Chicago, who in 2021 represented a buyer who won a bidding war against 36 other offers. “Now it’s really levelled off.”

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