The Million Dollar Question

Words Tom Bowden

Paying “only” $1 million for a one-million-dollar view has become a rarity in Melbourne and Sydney where property prices have shot through the roof. Not in Adelaide.

Here, luxurious penthouse-living in the heart of a buzzing CBD and only half-an-hour drive to the beach or the Adelaide Hills still costs about $1 million.

It’s no wonder Adelaide real estate is capturing the attention of the rich and powerful who, despite being able to live anywhere in the world, choose to call South Australia home. Real Estate Institute of South Australia president Alex Ouwens says Adelaide’s changing face makes it highly desirable to the business elite. “The most recent survey has Adelaide as the fifth most liveable city, and the only reason it wasn’t the first most liveable city was because our wages weren’t as high as Melbourne, so if you can earn an overseas or interstate-type salary and live in Adelaide, that’s the best of both worlds,” Mr Ouwens says. “Our education sector punches above its weight and the wealthy business people, particularly the Chinese, see Adelaide as a great place to put their kids through education.” In terms of value for money, Mr Ouwens says Adelaide property is hard to beat. “Property prices in Adelaide now have the furthest gap from Melbourne and Sydney than they have had in the past 15 years, and what would cost you $3 million here in Sydney would probably cost you around $15 million,” he says.

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142-150 Franklin St, Adelaide
$1.348 million

What the agent says: “One of Adelaide’s most sought after residences, West Franklin Apartments truly offers more choice and flexibility; all with balconies. New York inspired, locally designed, West Franklin is more than an apartment building, it’s a vibrant little city in its own right. Innovative and world-class, this desirable address on the corner of Franklin and Elizabeth Streets is the largest single residential site in Adelaide’s CBD. Here you’ll have more than a stunning designer home. You’ll have every amenity you’ve ever dreamt of with a level of convenience and luxury never seen before in this part of the city.

Size: 192sqm

Features: intercom, floorboards, gym, broadband internet available, built-in wardrobes, dishwasher, reverse-cycle air conditioning, balcony, courtyard, outdoor entertaining area, stunning communal glass pool, sauna and steam room, roof top bar, private lounge and dining areas, cinema, golf driving simulator, retail and cafe on the ground floor. 12km to Glenelg beach. 11km to Belair National Park and Adelaide Hills. 30km to Adelaide Hills wine region

Bed: 3 / Bath: 2 / Car: Optional





203/53 Spencer St, Melbourne
$1.2 million

What the agent says: “Fully renovated, this loft apartment inside a 120-year-old building with high ceilings and large foyer is located at the corner of Spencer St and Flinders St in Melbourne’s CBD. Surroundings are train, tram and shops, and only minutes walk to sports centre and Crown Casino.”

Size: 115sqm

Features: indoor spa, study, gym, hydronic heating. 8km to St Kilda beach

38km to Churchill National Park. 45km to the Yarra Valley wine region.

Bed: 2 / Bath: 2 / Car: 1

Real_Estate Sydney


42/57 York St, Sydney
$1.275 million (buyer’s guide)

What the agent says: “Wonderfully spacious and perfectly presented, this stylish penthouse apartment presents the perfect CBD address or investment opportunity, complete with new kitchen and bathrooms. We love the master bed with WIR, ensuite, the generous glass-embraced living area and the chic new Caesarstone kitchen.”

Size: 162sqm

Features: all bedrooms and living area with undercover balconies, modern stone kitchen, polished timber floorboards, impressive views of the city skyline, lift access and ducted airconditioning. 9km to Bondi Beach. 16km to Lane Cove National Park. 160km to Hunter Valley wine region.

Bed: 3 / Bath: 2 / Car: 1