Official Opening of Avenue, St Clair
Today (June 25, 2015), Adelaide-based Starfish Developments officially open Avenue – a five storey, 59 apartment building at St Clair, which completely sold within weeks of going to market in October 2013. The first residents will start to move in this weekend.
Approvals for apartments and townhouses (multi-unit homes) as a percentage of all home building approvals are rising as Adelaide buyers continue to embrace higher density living.
This year in Greater Adelaide, the latest ABS figures show that 40% of all residential building approvals were for dwellings other than detached houses (units, townhouses and apartments).
The figures also show that over the last 3 years that approvals for units, townhouses and apartments rose as a percentage of overall residential approvals from 25% to 31%. It’s not only in the city where buyers are being attracted to apartment living but also in inner metropolitan Adelaide suburbs like St Clair, Bowden and Lightsview.
Starfish Developments Managing Director Damon Nagel said home buyers are increasingly being attracted to apartment living because it’s more affordable, convenient and low maintenance.
“However, people need good infrastructure and amenities on their doorstep which is why they’re buying in the city and suburbs like St Clair,” said Mr Nagel.
“Starfish Developments has developed or sold 700 townhouses and apartments over the last 4 years because of growing demand.”