Construction commenced on $16.5 million residential development in Adelaide
Adelaide’s popular new Everard Park development Third Avenue has recently commenced construction, with building led by Centina. The Arcadian Property development has already nearly sold out, which real estate agent Alex Ouwens believes could be indicative of the growing strength of Adelaide’s property market.
“While cities like Sydney and Melbourne have an oversupply of new homes, we have the opposite problem here in Adelaide where there is a lack of high-quality new housing stock in the marketplace… So we’re seeing enormous demand from local buyers for quality new homes across Adelaide, with Third Avenue being a great example of this.”
Alex Ouwens, Ouwens Casserly Real Estate
Having facilitated the sales of Third Avenue, Ouwens also noticed a rise in owner-occupier purchasers including first home buyers.
“And it’s not just wealthy property investors buying up available stock. In fact, all bar one of the purchasers at Third Avenue are owner-occupiers, which is a significant indicator for the broader market, while also being great for new residents of the development in terms of enhancing the vibrancy of Everard Park even further.”
Alex Ouwens, from Ouwens Casserly Real Estate
The Studio Nine Architects-designed town-home collection will feature 27, two to three-level homes, each featuring three bedrooms, a balcony, and a private garden. Located within the leafy inner western suburbs, Third Avenue is only 2km from Adelaide CBD, and 10 minutes to Glenelg Beach.
Arcadian Property CEO Warwick Mittiga explains that the homes have been popular due to their design and location.
“We’re thrilled at how quickly the project has sold, which really is testament to the high-quality benchmarks we’ve set for the development, as well as the outstanding location of Everard Park between the city and the coast.”
Mittiga has announced that the project construction has been commenced ahead of schedule than originally planned, meaning purchasers may be able to move in sooner than anticipated. Completion of Third Avenue is slated for September 2020.