24 Gray Street, Adelaide SA 5000
24 Gray Street, Adelaide SA 5000
1910 row house | 2-bed compact footprint | heritage overlay | Adelaide High catchment | inner-city demand
What this property offers is increasingly rare in central Adelaide: a genuine heritage row house with a compact, manageable footprint that suits buyers wanting character without excessive upkeep. Its 1910 origins give it a distinct presence on the street, and the 75 m² internal layout is practical for a couple, a single professional, or an investor targeting the inner-city rental market. The 116 m² lot, though modest, is typical of the terrace format and still offers private outdoor space. Its position within the Adelaide High School catchment adds a layer of appeal for families planning ahead, while the walk-to-everything location near the CBD, market precinct, and dining strips makes it a strong option for owner-occupiers who value convenience and neighbourhood texture over sheer size.
The heritage overlay is the main factor that may shape how this property is improved or extended. Any renovation will likely require council approval and careful material choices, which could add time and cost for a buyer planning significant changes. Conversely, that same protection preserves the character that makes the house desirable, and it limits what can be built nearby, which supports long-term value. The absence of on-site parking and the smaller building area may narrow the buyer pool slightly, but for those who prioritise location and authenticity over space, these are acceptable trade-offs. The estimated rental return of $565 per week suggests steady income potential, though the final price will hinge on condition, presentation, and how the heritage constraints align with your intended use.
|| Comparable Sales: 24/131 Gray St townhouse sold $737k; 3/132–136 Gray St unit sold $565k | Property Price Band: $700K–$800K | Value Drivers: heritage character, land size, condition and presentation, school catchment
Detailed Independent Property Report prepared by PropCred Analyst team for 24 Gray Street, Adelaide SA 5000
Checks found:
Value Risk
1
Liquidity Risk
2
Planning Risk
2
Income Risk
1
Execution Risk
2
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Market Insight
Adelaide’s market is defined by exceptionally tight supply, creating a competitive environment that is driving strong price growth across both houses and units. Demand is underpinned by a diversified local economy and relative affordability compared to eastern capitals, attracting both active buyers and new entrants. This supply-demand imbalance, coupled with improving borrowing conditions, supports sustained upward momentum. However, sharply rising entry prices present a significant constraint for first home buyers, while limited new listings and construction timelines continue to pressure overall market activity.
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PropCred Estimated Value
Comparable Sales: 24/131 Gray St townhouse sold $737k; 3/132–136 Gray St unit sold $565k | Property Price Band: $700K–$800K | Value Drivers: heritage character, land size, condition and presentation, school catchment
Bedrooms
2
Bathroom
1
Parking
-
Land
116m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
·
Reviewed by Matt Proctor, Principal Analyst
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