5 Adelaide Residences Under $1 Million

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

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

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

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

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

Ray White’s chief economist, Nerida Conisbee says property price growth will continue next year and mortgage holders will need to “survive until 2025” amid expectations of higher interest rates for longer.

Ms Conisbee said strong population growth and a housing supply shortage combatted the impact of rising interest rates in 2023, leading to unusually strong price growth during a rate hiking cycle. The latest CoreLogic data shows home values have increased by more than 10 percent in the year to date in Sydney, Brisbane and Perth. Among the regional markets, price growth has been strongest in regional South Australia with 8.6 percent growth and regional Queensland at 6.9 percent growth.

“As interest rates head close to peak, it is expected that price growth will continue. At this point, housing supply remains extremely low and many people that would be new home buyers are being pushed into the established market,” Ms Conisbee said. “Big jumps in rents are pushing more first home buyers into the market and population growth is continuing to be strong.”

Ms Conisbee said interest rates will be higher for longer due to sticky inflation. “… we are unlikely to see a rate cut until late 2024 or early 2025. This means mortgage holders need to survive until 2025, paying far more on their home loans than they did two years ago.”

Buyers in coastal areas currently have a window of opportunity to take advantage of softer prices, Ms Conisbee said. “Look out for beach house bargains over summer but you need to move quick. In many beachside holiday destinations, we saw a sharp rise in properties for sale and a corresponding fall in prices. This was driven by many pandemic driven holiday home purchases coming back on to the market.”

3 key housing market trends for 2024

Here are three of Ms Conisbee’s predictions for the key housing market trends of 2024.

Luxury apartment market to soar

Ms Conisbee said the types of apartments being built have changed dramatically amid more people choosing to live in apartments longer-term and Australia’s ageing population downsizing. “Demand is increasing for much larger, higher quality, more expensive developments. This has resulted in the most expensive apartments in Australia seeing price increases more than double those of an average priced apartment. This year, fewer apartments being built, growing population and a desire to live in some of Australia’s most sought-after inner urban areas will lead to a boom in luxury apartment demand.”

Homes to become even greener

The rising costs of energy and the health impacts of heat are two new factors driving interest in green homes, Ms Conisbee said. “Having a greener home utilising solar and batteries makes it cheaper to run air conditioning, heaters and pool pumps. We are heading into a particularly hot summer and having homes that are difficult to cool down makes them far more dangerous for the elderly and very young.”

More people living alone

For some time now, long-term social changes such as delayed marriage and an ageing population have led to more people living alone. However, Ms Conisbee points out that the pandemic also showed that many people prefer to live alone for lifestyle reasons. “Shorter term, the pandemic has shown that given the chance, many people prefer to live alone with a record increase in single-person households during the time. This trend may influence housing preferences, with a potential rise in demand for smaller dwellings and properties catering to individuals rather than traditional family units.”