A combination of low Covid rates and lifestyle changes are putting more attention on the South Australian capital
5 min
Sandstone villas and opulent mansions in South Australia’s premier inner-city suburbs have become hot property for Adelaide house hunters looking for lifestyle as well as economic security.
While there’s been plenty of activity and attention placed on rural living and lifestyle areas, Adelaide’s inner-city listings too, particularly in blue chip suburbs such as Toorak Gardens and North Adelaide, have also been snapped up for record prices in the past few months.
Several driving factors have helped pique interest and confidence, not least the city’s handling of the pandemic—with less than 600 cases in total and four deaths.
As of December, its unemployment rate of 6.4% was no longer the highest in the country and its relatively affordable median house price of $509,978 and Australia’s historically low interest rates has contributed to its appeal.
Housing is half the price of Sydney, where median house prices have passed $1 million, and more than 60% cheaper than Melbourne’s median house price of $821,904.
Fox Real Estate principal Andrew Fox said there was uncertainty in the market around March and April but confidence returned quickly and activity and prices “went from strength to strength.”
“We were very fortunate in 2020,” he said. “Many generational top-end properties changed hands for excellent prices while low interest rates and low stock levels fueled the market.”
Sotheby’s South Australia director Grant Giordano confirmed that “a lot has been happening in terms of luxury sales” around Adelaide and said it still offers great relative value compared to other cities.
“These prestige properties are incredibly attractive, I always talk about the relative value of Adelaide, when you’re buying one of these properties, you’re buying tomorrow’s value today,” he said.
“It’s a city that goes through a cyclical cycle, once one big sale occurs, they all go and reset the market’s expectations.”
He said South Australians have adjusted their lifestyle habits as a result of the pandemic.
“People have more disposable income and are limiting discretionary buys and instead investing in their day-to-day lifestyle because they’re stuck at home,” he said.
“Many buyers are thinking ‘If I’m stuck at home might as well enjoy the space which I’m currently in’,” he said.
Williams Luxury managing director Stephanie Williams said 2020 brought about a distinct shift among Adelaide’s more affluent buyers, who sought larger properties that are better suited to the current “Covid lifestyle,” that include home offices, gyms, theatre rooms and outdoor areas.
“As we are all spending more time at home our needs have broadened somewhat to require these extra living environments and our high profile clients and professionals are now working from home more than ever before,” Ms Williams said.
“We also have a strong level of international relocations and ex-pats returning to Adelaide—as it offers excellent lifestyle options with very low levels of congestion,” she said. “Extremely low-interest rates, improved lending conditions from the banks, government stimulus and an absolute lack of supply in both sales and rental properties are also key fundamentals in driving the current market.”
“It’s very close to the perfect storm for vendors right now, as everyone wants to buy and only a very low number of people actually want to sell.”
Prestige Properties
Reputable and refined, North Adelaide is known for its stunning mansions and tall terraces on leafy lined streets, where a statue of naval officer and the state’s first surveyor-general Colonel William Light stands atop Montefiore Hill, overlooking the city he planned.
North Adelaide’s charismatic old homes and well-to-do residents have long defined the suburb’s distinct social, cultural and geographic differences.
All but one of Adelaide’s 10 most expensive homes were built in the 1800s and they remain highly sought after as proven in late 2020 when the historic North Adelaide mansion at Molesworth Street went under contract within three days of hitting the market.
Sold through Sotheby’s South Australia, the $4.5 million sale price made it one of North Adelaide’s most expensive transactions on record.
Neighbourhood amenities such as grand old pubs, modern hip cafes, gourmet supermarkets and a diverse range of restaurants contribute greatly to the village atmosphere, while the impressive and revamped Adelaide Oval sporting ground lies between the suburb and the central business district.
A walk along the River Torrens leads to the Adelaide Zoo, the city’s aquatic centre, and the education facilities, such as North Adelaide Primary, are not only among the state’s oldest but with Adelaide High School, among the top performers too.
The rich selection of amenities contributes significantly to the appeal, Mr Giordano said, with buyers eager to get into the area.
“Very rarely on the city fringe do you have such green and private living so conveniently laid out. When you’re talking about the Adelaide Hills or beach lifestyle, they’re lifestyle choices at the expense of convenience,” he said. “In North Adelaide, you make no compromise. It’s the closest suburb to the city and it has some of the grandest and most historically resonant properties in Adelaide.”
The exclusive location and quality of housing are what attracts the suburb’s two main demographics, Ms Williams said, with families attracted to the lifestyle and close proximity to elite schools while professional couples appreciate the cosmopolitan lifestyle, golf courses, parklands and close proximity to the Adelaide Oval.
Outlook 2021
Buyer interest in Adelaide is widespread. The number of eyeballs per online listing city-wide increased dramatically between 2019 and 2020, and according to CoreLogic’s head of research Tim Lawless, the city received minimal disruption during the pandemic.
“Adelaide housing values reached a new record high in November after recording five consecutive months of growth,” Mr Lawless said in his review of the 2020 market.
“Adelaide’s housing market has seen minimal disruption through the Covid period so far, only recording one month where values dipped lower—a drop of only 0.2% in June.”
Figures released by realestate.com.au also show suburbs such as North Adelaide are among the most sought-after by online house hunters, recording a 92% increase in views per listing in 2020 compared to 2019.
One of 2020’s hottest listings was an 1878-built sandstone villa on Mills Terrace, North Adelaide, which attracted almost 18,000 views in the leadup to its Dec. 20 auction through Williams Luxury.
Six registered bidders took part in the auction of 52 Mills Terrace, North Adelaide, which sold for $3.3million on December 20.
Williams Luxury
The grand and imposing four-bedroom home occupying a 1200 square metre landscaped block on one of North Adelaide’s most prestigious streets sold at auction for $3.3million and attracted six registered local and interstate-based bidders.
“North Adelaide generally has a very low level of luxury homes available to the market and the most prestigious properties can be tightly held by the same family for generations,” Ms Williams said.
“The market conditions at the end of 2020 were very unusual for the area with several luxury homes coming onto the market around the same time,” she said. “All of these properties have now sold and we are back to experiencing traditional very low levels of new properties coming onto the market.“
CoreLogic figures for North Adelaide show the suburb’s median house price first broke the $1 million barrier in October 2020, while SQM Research listing data highlights the shortage of property available for sale, with 28 houses available in January, the lowest since June 2020.
Mr Fox remains confident about Adelaide’s outlook, particularly given its reputation as a “safe haven” when it comes to health and the economy, two contributing factors that had lured many expats back from overseas as well as new residents from interstate.
“Our inner-city, hills, regional and beachside locations have seen significant growth and are always sought-after, but we have seen demand and growth pretty much across the board,” he said.
“The prestige market is extremely strong and it’s probably the most opportune time to sell in years. Stock levels are relatively low and it’s not unusual to receive a dozen or so offers on a prestige property, and we can’t see it slowing down this year,” he added.
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A vibrant 1954 Palm Springs home featuring eight colorful murals by late artist Shawn Savage is on the market for $2.295 million. The 2,237-square-foot property features bold hot-pink doors, three bedrooms, a pool, mountain views and playful interiors blending modern glamour with classic Palm Springs style.
3 min
A bold 1950s home in Palm Springs, California, adorned with eight colorful murals by the late artist Shawn Savage, is coming to market ahead of the city’s annual Modernism Week.
The white stucco home on El Camino Way, built in 1954 and recently renovated, has an asking price of $2.295 million. Its staggered facade features three playfully abstract murals on either side of double-height hot pink doors.
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The sellers are Los Angeles-based partners John Freeman and Mathieu Faure, who knew it was “the one” when they saw it after several months of searching in the winter of 2023. “It’s a happy house,” Freeman said. “We really liked the feel of the house: the uniqueness, the openness, the brightness—and the art.”
Located in the Mesa neighborhood of Palm Springs, which backs up to the San Jacinto Mountains, the 2,237-square-foot house features three bedrooms, an angled bonus room and a yard with a pool, desert mountain views and another colorful mural running alongside the pool.
“I never thought in my life I would have a house with pink doors,” said Faure, a producer at Apple TV who is originally from Paris. “It’s so colorful, it’s so different. And so Palm Springs.”
The layout of the home creates a smooth flow from the front doors through the open-plan common area—a foyer, bar, and living and dining room—into the kitchen around a fireplace wall and out to the yard. A corridor leads to a private bedroom wing, where the primary suite has floor-to-ceiling windows and the primary bath is only a tad smaller than the bedroom.
Faure has filled the home with Jonathan Adler furniture, rugs and accessories, riffing on the energetic California vibes of the house to create an aesthetic of “modern American glamour,” he said.
“It was enjoyable for me to play with different types of furniture and make this house ‘happy chic,’ as I describe it,” he said.
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“He did a fantastic job,” said Freeman, who is an attorney and consultant. “It does kind of bring a smile to my face whenever I walk into the house.”
Since the furniture and decor were chosen for the particularities of the space, the couple is open to selling them with the home. Their West Hollywood house is already furnished; the collection doesn’t match the vibes of a Houston loft they bought near family; and Faure can’t imagine these pieces in New York—where he’s lived in the past—he said.
The duo bought the Palm Springs house for $1.925 million in 2024, according to property records, and will list the home Monday. They are represented by Stewart Smith, Patrick Jordan and Kevin Stanley of Bennion Deville Homes/Luxury Portfolio International.
The previous owners had purchased the home in 2021 for $975,000 and then spent more than two years and $700,000 on the renovation, according to Realtor.com. They commissioned Savage, a local Palm Springs artist and painter known for his joyful abstract work, to decorate the home.
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Savage, who died in 2024, lived in the Coachella Valley from 2003, and his work can be found in various local institutions and is on exhibit at the Illumine Gallery in Palm Springs. “Some artists pass through a place. Shawn Savage became a part of it,” the gallery’s description states.
Unsurprisingly, the murals invite lots of friendly conversations, as well as guided tours and interested lookers, but never to a degree that it disturbed the peacefulness of their home or the neighborhood, the sellers said. “It felt like living in an art gallery, and you have the exterior that you would share with the world,” Faure explained.
The neighborhood also played a role in their decision to buy, because of its access to the hiking trails of the San Jacinto Mountains, the lack of through-roads and the neighborly environment.
“It’s a very friendly place,” Faure said.
