Property
Issue No. 29 - June/July 2006
Luxury apartments lead the way
by Mr Kel Spencer
Table 1. Overview of Adelaide and Glenelg Apartment Data. Source: Upmarket/Home Price Guide
| 2005 | ADELAIDE | GLENELG |
| Number of Sales | 289 | 129 |
| Median Value | $276,000 | $367,000 |
| Total Value of Sales | $96.8 Million | $62.5 Million |
| % Change in last 12 months | + 13% | - 8% |
| Ave. Days on Market | 59 | 117 |
| % Change First Half 2006 | + 4% | + 8.4% |
In contrast to Glenelg, the city of Adelaide recorded more than twice as many residential unit and apartments sales.
The median price for Glenelg was $367,000, down 8% from the previous December quarter; Adelaide experienced 13% growth during the same period, reflecting a median price of $276,000 at the end of 2005.
Over the 5-year period from 2001 to 2005, Glenelg apartments have experienced 68% growth compared to 24% in Adelaide (Table 2). Sale prices in Glenelg have displayed greater volatility; the increases in median sale values in Adelaide have been more uniform.
Table 2. Source: Upmarket
Strong demand for apartment living in South Australia is evident as Table 3 indicates.
The total value of residential apartments and units sold in Adelaide and Glenelg in 2005 was $158.8 million. Central Adelaide accounted for about 60% of that, with $96.8 million in sales. Glenelg contributed $62.6 million to the total.
Table 3. Source: Upmarket
| Address | Adelaide Developments |
