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$3billion worth of development hits Adelaide

ByBrett Pilgrim

All of Australia's capital cities are growing, and don't think Adelaide's left out of the fun. When it comes to brand spanking new infrastructure and shiny new developments, Adelaide can keep up with the best of them.

You need only look at the recent news that 65 applications for potential projects in Adelaide's CBD are coming through the pipeline. The projects have a total estimated value of $3billion, with $1billion worth of projects having been approved since the introduction of planning reforms two years ago in March. 

If this glut of investment comes to fruition, it will likely expand the opportunities for purchasing property in Adelaide.

"We need to work with private investors and support them to invest. These projects have the potential to create thousands of new jobs," said Planning Minister John Rau in a 14 July release.

Mr Rau pointed to the rejuvenation of the old Westpac Building at 2 King William Street as an example of the positive results in facilitating investment that can be achieved when industry and the government partner up. The state government of South Australia has invested more than $9 billion in projects which have supported local industries, spurring private investors on into starting their own projects.

"More than 30 projects are approved and ready to begin and currently we have nine projects under construction with an estimated value of $182 million," he continued.

One of the significant projects headed towards Adelaide as of last month is a new high-rise tower containing apartments and retail space above the heritage-listed Queen Adelaide Club, a ladies restaurant club which has sat on Adelaide's Stephen Place for over 100 years. 

These projects will help accommodate the city's growing population. In the year to 2013, according to the Australian Bureau of Statistics, greater Adelaide's population grew by 1 per cent, double the state's growth rate.

With so much development taking place, don't be surprised to find new real estate in Adelaide popping up by the handful soon.

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