Rezoning for attached dwelling demand ripe in Adelaide: Herron Todd White
A preference for attached dwellings and council considerations for further rezoning to allow property development in the Adelaide housing market will see attached housing begin to replace the traditional quarter acre block, according to Herron Todd White.
Herron Todd White's September Month in Review noted parts of Campbelltown have been rezoned for medium density housing as well as Seaton, Brompton and Bowden, and suburbs surrounding the airport are going some type of urban renewal. Many homebuyers, according to HTW, are being priced out of the established residential areas and the options are to move to more affordable areas or to buy a smaller dwellings in an area that is undergoing redevelopment.
"Areas that are probably most suited to attached housing are the middle ring suburbs that have houses that were built duing the 1950s to 1970s but are now in need of either refurbishment or redevelopment," the report noted.
"The tendency is to now look to fitting two or three dwellings on a site that formerlly accommodated a single residence. Competition for these sites is fierce and that benefits the end buyer as developers are working to thin margins resulting in end value price points being kept reasonable.
"Price points are variable and are dependent on the scale of the development. In some higher density developments land components are very small and prices will be in the order of $250,000 to $350,000. Where as the more traditional two or three dwelling development will result in an end value of an attached dwelling being from $300,000 to $600,000."
