Question 1

Is Prospect a nice place to live?

Accepted Answer

Prospect sits along Prospect Road, a lively inner-northern Adelaide strip of cafes, restaurants, small bars and independent shops. Tree-lined streets mix Victorian and Edwardian cottages with newer townhouses and low-rise apartments, and the suburb is centred on community hubs such as Prospect Oval and the town hall. Several parks provide green space for families and weekend sport, while regular bus services and close proximity to North Adelaide and the city make it popular with professionals, families and people who prefer a village feel close to urban amenities.

Demographically Prospect reads as a suburb of families, with couple families with and without children accounting for 85.0% of families, and owner-occupiers the majority at 64.5%. Major local projects are planned or under way, including the Prospect Lifestyle Precinct for upgraded sporting and recreational facilities, a new indoor sport and community hub and more public green space, and the Prospect Corner development delivering about 208 homes with a targeted affordable housing component.

Question 2

Is it expensive to live in Prospect?

Accepted Answer

Housing costs in Prospect (SA 5082) sit noticeably above what local households were earning at the last Census. A median house price of $1,325,000 is about 12.7 times a typical local household's annual income at the last Census, while the median unit price of $595,000 is about 5.7 times that annual income. On those figures, buying a house sits well above local incomes and units sit somewhat above them.

If you're looking at renting, a house rent of $670 a week would take about 33.5% of a typical local household's weekly income at the last Census, and a unit rent of $530 a week would take about 26.5%. That means rent for a house would be a sizeable share of local income, while unit rent is a more moderate share; which matters most depends on whether you plan to rent or buy.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Question 3

Is Prospect a good place to invest?

Accepted Answer

Unit values in Prospect rose 22.9% over the past 12 months, a strong increase that far outpaced growth in house values, which climbed a more modest 4.3%. Rents were quieter, rising 3.1% for houses and 2.3% for units over the same period.

For someone weighing Prospect as an investment, these figures mean the year’s capital growth was concentrated in the unit market, while rental income increased only modestly and rose a little more for houses than for units. Which of those outcomes matters most depends on your own goals and circumstances.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.

	Houses	Units
Median price Past 3 months	$1.32M	$595K
Change in value Past 12 months	4.3%	22.9%
Sold Past 3 months	57	19
Median days on market Past 12 months	65	56
Average rent Past 12 months	$670	$530
Change in rent Past 12 months	3.1%	2.3%

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