Buyers find fountain of youth on city fringe

Buyers find fountain of youth on city fringe

THE popularity of apartment living on Adelaide’s city fringe has skyrocketed in recent years, due in part to the youthful image generally associated with the increasingly sought-after form of housing.

Based on suburbs within 5km of the city centre that have had at least 10 apartment sales in the past 12 months, Bowden, just 3km from the city, will provide you with the youngest neighbours.

The median age of Bowden apartment residents is just 33, according to CoreLogic data.

Connekt Urban Projects’ Sam Moten, who is selling properties at the 354 Bowden development, said the youthful image of city fringe apartments appealed to first-homebuyers.

“It’s a suburb that’s been regenerating and people are seeing the lifestyle,” Mr Moten said.

“The first-homeowner grants have really helped make it an attractive option for young buyers.”

He said Bowden apartments had been a hit with all ages, not just the young.

“The ever-increasing popularity of lock-up-and-leave for those who want to travel is not just appealing for young people, but it’s also hugely attractive for older residents looking for convenience and security,” Mr Moten said.

The median age of apartment-dwellers in Wayville, 2km southwest of the city, and Kent Town, 2km east of the CBD, is one year older at 34. Most apartments in city fringe suburbs have a median resident age of less than 40 years.

At the other end of the spectrum, the median age of apartment residents in Leabrook, 5km east of the city, is 57 – possibly driven by the large number of retirees that favour the suburb.

In Walkerville, 4km from the city centre, it is 45.

Real Estate Institute of South Australia president Brett Roenfeldt said apartment living was the way of the future, driven by lifestyle choices and urban growth restrictions.

“There is still a place for conventional housing, but it all gets back to pricing,” Mr Roenfeldt said.

“If you’re looking for something on the city fringe, it’s going to cost you a lot of money. A lot of buyers can’t afford that sort of money, so the apartment is an excellent alternative.”

Auditor Georgia Frantzis, 27, has recently bought an apartment at 354 Bowden and will move into it with her business owner partner Iden Rahbar, 29.

She said the suburb’s youthful feel, coupled with its city fringe convenience, was a huge drawcard. “I loved the culture here – there are so many young people around and it’s a nice place to be,” she said.

“The apartment lifestyle really suits us at the moment – it’s the perfect size for us.”

Adelaide’s CBD has the youngest apartment residents in the state, with a median age of 29, driven by its large number of students.


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