1,000 New Homes in Glenside, South Australia

14/02/2017 11:00 am

*Blockbrief members were notified immediately in December of the rezoning information provided below.  

In summary, the DPA applies the Urban Corridor Zone to a portion of the Glenside Hospital site now declared surplus to Government needs and to amend the existing Mixed Use Glenside Zone. The amendments seek to facilitate a greater mix of land uses and higher density infill development across the area. Rezones the 16.6 hectares of surplus Government land from the Mixed Use Glenside Zone to Urban Corridor Zone Transit Living Policy Area. The final numbers are still to be confirmed however the development is expected to provide up 700 apartments and 300 townhouses.

This DPA rezones a targeted area at Glenside to further encourage medium high density mixed use development close to public transport and services at this location as well as the City and Park Lands.  The total land of the site is 166,000 square metres and the changes proposed in this DPA will build lively neighbourhoods by using the already existing infrastructure.

Core Logic identifies the current median sale price of a unit to be $807,000 in Glenside, Australia.  Consequently, 700 new units on its own can add over $ 564M of housing stock to the property market.  In addition, the mediam sale price of a dwelling is listed to be $710,000 as of December 2016.  Therefore, 300 new townhouses may potentially add another $213M of housing stock to the market.  However, as mentioned earlier, an increase in housing stock can affect the area's property value as supply may become much greater than the demand in the area.

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