http://www.news.com.au/adelaidenow/story/0,22606,23824911-5006301,00.html
THE western suburbs will be the state's next big real estate hot-spot, tipped to thrive as a result of the State Government's $2 billion pledge to revitalise public transport.
Property prices are set to soar in the west as it sheds its poor cousin image to cater for an expected influx of new residents attracted by the Glenelg tramline extension from the city to West Lakes, Port Adelaide and Semaphore.
The prospect of a burgeoning western suburbs was further fuelled yesterday by the:
RELEASE of the latest plans for the Cheltenham Racecourse redevelopment .
ANNOUNCEMENT of a $50 million plan to upgrade the Entertainment Centre.
But residents of at least one suburb on the new train/tram corridor, Semaphore, are worried about the prospect of developers destroying its historic culture to create Glenelg-style high-rise buildings.
The Property Council of South Australia said it was inevitable that high-rise developments would prosper beyond the $1.5 billion development now transforming Port Adelaide.
"It will allow more medium to high-density developments which will be great for those suburbs," Property Council executive director Nathan Paine said.
"We're already seeing places near good transit routes worth more.
"I would absolutely expect to see an increase in house prices along those routes."
Port Adelaide is already the stand-out western suburb for real estate values. Its median house price is $385,500 – $35,500 more than the wider metropolitan area.
The catalyst has been the Newport Quays development which will result in as many as 3000 new townhouses and apartments, bringing up to 6000 more residents to the port in the next decade.
By the end of this year, Stage 2 will be complete with around 900 new apartments/townhouses and 450 residents.
Real estate agent Anthony Toop expects to witness a western renaissance.
"The west will come alive in the true sense," he said.
"For the 30 years I've been in real estate, everyone has talked about the west going into a boom and this is the sort of catalyst that will get the ball rolling for the entire region.
"Add the corridor to the new developments in the area, the new expressway, all that adds up to a picture of very exciting times for that whole western side of Adelaide."
With Adelaide experiencing an interest rate-led property slowdown, industry experts believe prices in bargain suburbs along the track such as Rosewater ($280,000) and Glanville ($305,000) will jump.
"This is yet another shot in the arm for the west and although the market has plateaued, it would be a good bet to be looking in there if you are an investor," Mr Toop said.
The Real Estate Institute of South Australia agreed.
"This will have a positive flow-on effect right through the western suburbs, right through to Port Adelaide, Ethelton and all those suburbs," REISA president Robin Turner said.
But agents say word is already starting to get out.
"The amount of inquiry we get from interstate and overseas in regards to Port Adelaide is great and this is going to be just another feather in the cap," said LJ Hooker Port Adelaide principal Bryan Sutcliffe.
"Public transport is very important when selling a home, it's a very important sales pitch for everyone.
"Adelaide has never had a development like Port Adelaide and people have to get their head around how big it's going to be – it's going to be a monster."
THE western suburbs will be the state's next big real estate hot-spot, tipped to thrive as a result of the State Government's $2 billion pledge to revitalise public transport.
Property prices are set to soar in the west as it sheds its poor cousin image to cater for an expected influx of new residents attracted by the Glenelg tramline extension from the city to West Lakes, Port Adelaide and Semaphore.
The prospect of a burgeoning western suburbs was further fuelled yesterday by the:
RELEASE of the latest plans for the Cheltenham Racecourse redevelopment .
ANNOUNCEMENT of a $50 million plan to upgrade the Entertainment Centre.
But residents of at least one suburb on the new train/tram corridor, Semaphore, are worried about the prospect of developers destroying its historic culture to create Glenelg-style high-rise buildings.
The Property Council of South Australia said it was inevitable that high-rise developments would prosper beyond the $1.5 billion development now transforming Port Adelaide.
"It will allow more medium to high-density developments which will be great for those suburbs," Property Council executive director Nathan Paine said.
"We're already seeing places near good transit routes worth more.
"I would absolutely expect to see an increase in house prices along those routes."
Port Adelaide is already the stand-out western suburb for real estate values. Its median house price is $385,500 – $35,500 more than the wider metropolitan area.
The catalyst has been the Newport Quays development which will result in as many as 3000 new townhouses and apartments, bringing up to 6000 more residents to the port in the next decade.
By the end of this year, Stage 2 will be complete with around 900 new apartments/townhouses and 450 residents.
Real estate agent Anthony Toop expects to witness a western renaissance.
"The west will come alive in the true sense," he said.
"For the 30 years I've been in real estate, everyone has talked about the west going into a boom and this is the sort of catalyst that will get the ball rolling for the entire region.
"Add the corridor to the new developments in the area, the new expressway, all that adds up to a picture of very exciting times for that whole western side of Adelaide."
With Adelaide experiencing an interest rate-led property slowdown, industry experts believe prices in bargain suburbs along the track such as Rosewater ($280,000) and Glanville ($305,000) will jump.
"This is yet another shot in the arm for the west and although the market has plateaued, it would be a good bet to be looking in there if you are an investor," Mr Toop said.
The Real Estate Institute of South Australia agreed.
"This will have a positive flow-on effect right through the western suburbs, right through to Port Adelaide, Ethelton and all those suburbs," REISA president Robin Turner said.
But agents say word is already starting to get out.
"The amount of inquiry we get from interstate and overseas in regards to Port Adelaide is great and this is going to be just another feather in the cap," said LJ Hooker Port Adelaide principal Bryan Sutcliffe.
"Public transport is very important when selling a home, it's a very important sales pitch for everyone.
"Adelaide has never had a development like Port Adelaide and people have to get their head around how big it's going to be – it's going to be a monster."
