An artist impression of what will be Adelaide’s tallest building, Realm.

Sales manager for Realm, Ben Small, said sales for Adelaide’s soon-to-be tallest building, the $100 million, 40-storey building at 9-19 Austin St, were going well with 50 per cent of the complex’s 314 apartments sold since November.

A concept image Realm, planned to be built on Austin St in the city. It will be Adelaide’s tallest building.Source:Supplied

“To be 50 per cent sold of that 314 in this short of a period of time is very promising and we look forward to selling the rest,” Mr Small said.

“Things are moving along very quickly and we plan to be at 70 per cent by Easter.

“The demand shown proves there is an untapped appetite in the city for luxury apartment

living.

“A lot of the recent sales have come from downsizers selling a larger house and looking to travel and something they can lock up and leave.”

The apartment complex will feature 110 one-bedroom apartments, 164 two-bedroom apartments and 38 three-bedroom apartments.

Mr Small said the complex’s more affordable apartments were being purchased by investors and parents looking to secure housing for their student children.

Despite The Advertiser recently reporting on the number of apartment complexes that have failed to get off the ground, Mr Small said Realm was definitely happening — a builder will be announced in April and work on the site will begin midyear.

A concept image of the interior of one of the Realm apartments.Source:Supplied

“It’s definitely going ahead, our backers are from the east coast and they have never had an issue with getting a development up,” Mr Small said.

“The apartments will go up, whereas here there have unfortunately been a few developments that haven’t gone up which is a shame because that tarnishes the apartments reputation, but with Realm going up and being twice the size of any other development that has been planned in the past, we feel this will help break the mould there and inspire others to come in and go big.”

Developers Greaton recently announced Built Environs as the builder for its $90 million, 272-apartment Franklin St complex West Franklin.

An artist’s impression of the West Franklin development.Source:Supplied

Greaton national sales manager Cameron Porter said 160 of 272 apartments in the development’s first stage have been sold, with construction set to begin at the end of April.

“It’s been great, we’ve been tracking at around 10 sales a month since we launched it 16 months ago,” Mr Porter said.

“We’re finding over the last couple of months we’ve been getting strong interest from local buyers.

“You will get people from Sydney and Melbourne having a look, but predominantly you’re getting a lot of downsizers or first homebuyers from Adelaide, which is always a good sign.

“There is a strong market in Adelaide and if you price them correctly there are buyers here.”

Mr Porter said the announcement of a builder for the project would boost confidence in the apartment market, especially after a number of proposed complexes by other developers had failed to begin.

Inside one of the apartments in the West Franklin building.Source:Supplied

“I think it sends a positive message to the market and it’s just a good reassurance for the community and buyers and people of Adelaide that the development’s going ahead,” Mr Porter said.

“A lot of people were cautious, especially with the Mayfield not going ahead, and now they can see construction is starting and it gives confidence to the market.”

Originally published as Soaring interest in sky-high CBD living