A collection of stylish new townhouses in Prospect have hit the market, offering contemporary living for hundreds of thousands of dollars less than the suburb’s median home price.
Eight double-storey townhouses are now for sale at Renewal SA’s Prospect Corner, each listed on the state government’s HomeSeeker SA website for $675,000 including up to 25% shared equity through the HomeStart scheme.
According to realestate.com.au, the median sale price of a two-bedroom home in Prospect is $955,000.
Peter Gatsios, Executive Director of Residential Project Delivery and Assets at Renewal SA, said today’s release presented an outstanding opportunity for buyers to enter the housing market in one of Adelaide’s most sought-after suburbs.
“Prospect is a highly regarded area, rich with diverse housing, schools, retail, hospitality, and easy access to both the CBD and northern suburbs,” Mr Gatsios said.
“House prices in the area have surged in recent years, and we’re proud to be able to offer high-quality homes at a range of price points through our Prospect Corner development.”
Homes listed on the HomeSeeker SA website are considered ‘affordable’ and are specially priced to support first-home buyers, families, and individuals on low to moderate incomes to achieve home ownership.
Each townhouse includes two bedrooms and a study nook on the second floor, a main bathroom upstairs with an additional toilet downstairs, a single garage, an open-plan kitchen, dining, and living area on the ground floor, and a generous back yard.
The homes are located on the northern edge of the development, just 100 metres from Islington train station.
In addition to the affordable homes, two larger townhouses have also been released for sale at $850,000.
These larger homes offer three bedrooms including a main bedroom with ensuite and walk-in robe, two additional bedrooms, a second bathroom, and a study nook upstairs.
The ground floor features an expansive open-plan kitchen, living, and dining area that opens onto a large decked outdoor dining space and generous sized backyard. There is also a laundry and a drive-through garage with space for a second car in the back yard.
All homes in this release will be built by family-owned national builder Burbank and sold by locally owned sales agency Taarnby.
This marks the fourth release of homes at Prospect Corner since the first stage launched in September 2023, which sold out within weeks.
To date, 50 townhouses have been sold. Construction on the first 17 homes began in late 2024, with the first residents expected to move in by September this year.
Meanwhile, construction is underway on Payinthi Reserve, the central park of Prospect Corner and the first of three planned green spaces.
Scheduled for completion in July, the reserve will feature a large central lawn, a plaza with all-weather shelters, BBQ facilities, bike racks, and drinking fountains.
To the west, there will be an active zone with fitness equipment, a nature play area, additional bike racks and drinking fountains, and low seating walls.
“We’ve worked closely with the City of Prospect and consulted with local schools and residents to shape the park plans, and we believe the new community will be really pleased with the result,” Mr Gatsios said.
A range of premium, park-facing townhouses will be released later this year.
Located just seven kilometres from the Adelaide CBD, Prospect Corner sits at the intersection of Churchill and Regency Roads.
Once complete in 2028, the 2.36-hectare site will deliver 208 new homes, 55% of which will be affordable, including a mix of townhouses and apartments across two buildings.
Find out more about Prospect Corner and the latest sales release here.