A new batch of stylish townhouses has landed in Prospect, and they’re priced to surprise. At $675,000 with shared equity options available, they’re going for hundreds of thousands below the suburb’s typical property price, giving first-home buyers and middle-income earners a rare opening into one of Adelaide’s most popular postcodes.
Eight double-storey homes are now listed for sale at Prospect Corner, a project under Renewal SA’s watch. They’re up on the HomeSeeker SA site, the State Government’s platform that targets people who often find themselves locked out of the traditional housing ladder. With shared equity of up to 25 per cent via the HomeStart scheme, the numbers add up for buyers struggling to make that full down payment stretch.
Compare that with Prospect’s median price for a two-bedroom home—$955,000, according to realestate.com.au—and the difference is impossible to ignore. That’s a near $300,000 gulf, making this collection of new releases a very different kind of entry point into the inner north.
The properties are designed to deliver more than just a place to sleep. With two bedrooms and a study nook on the second floor, plus a full bathroom upstairs and a separate toilet on the ground level, the layout covers both comfort and function. Open-plan kitchens blend into dining and lounge areas downstairs, and every townhouse includes a generous backyard. A single garage rounds out the design, making the homes practical and tidy.
Proximity doesn’t disappoint either. Just 100 metres from Islington train station, the development makes commutes into the CBD easy and car-light living a real possibility.
For those who need a bit more room to move, two larger townhouses have been included in the mix. Priced at $850,000, these homes step it up with three bedrooms—complete with a main bedroom boasting an ensuite and walk-in robe—a second upstairs bathroom, and a larger study area. Downstairs opens into a bigger living space flowing out onto a decked dining area and larger backyard. A drive-through garage and dedicated laundry bring even more liveability.
The homes are being constructed by family-owned national builder Burbank and are being sold through the Adelaide-based Taarnby sales agency, adding a local touch to what is shaping up to be a significant piece of the area’s urban evolution.
This isn’t Prospect Corner’s first rodeo. It’s the fourth housing release on the site since the initial rollout in September 2023. That first stage vanished from the listings in a matter of weeks. Since then, 50 homes have been snapped up, and the first 17 began construction in late 2024. The inaugural residents are expected to get the keys by September.
While people begin to move in, there’s plenty going on outside the home too. At the centre of the development sits Payinthi Reserve, currently under construction. This planned park will include a wide central lawn, plaza space with shelters, barbecues, and even bike racks and drinking fountains. Designed as a central hub for residents, it will offer spots to relax, exercise, and gather once it’s ready in July.
The western part of the park is expected to be more active, with fitness equipment and nature play areas for kids, plus even more infrastructure to support bike-friendly lifestyles. Seating walls and thoughtful landscaping will give residents and visitors alike places to pause and enjoy the outdoors.
That’s only the beginning. Two more green spaces are planned for later stages of the development, further supporting Prospect Corner’s ambition to integrate homes with accessible public environments.
There’s already talk of another upcoming release: premium townhouses that face the new park. These are set to launch later in the year, and interest is expected to be high.
All of this is happening just seven kilometres from Adelaide’s city centre. Prospect Corner lies at the crossroads of Churchill and Regency Roads, giving it a location that connects it to both the city buzz and suburban calm. Once everything wraps up in 2028, the site will contain 208 homes across 2.36 hectares. More than half will fall under the “affordable” category, a rare figure in developments so close to the heart of the city.
It’s a mix of townhouses and apartments planned across two residential buildings, designed with variety in mind and aimed at creating a multi-generational, accessible neighbourhood that resists becoming exclusive.
The model being used here leans on partnership: the government’s involvement through Renewal SA, the shared equity HomeStart option, and a mix of private builders and agencies. This blend has allowed Prospect Corner to punch above its weight and deliver something many housing projects can’t—affordability without cutting corners on quality.
Nick Champion, who has been at the forefront of the project’s rollout, sees Prospect Corner as a practical response to a growing problem.
“This is an incredible opportunity for first-home buyers and families on low to moderate incomes to secure a home in one of Adelaide’s most sought-after suburbs paying significantly less than the local median price,” he says.
Champion sees this as more than a one-off. “Prospect Corner demonstrates our innovation in housing policy, offering affordable homes with shared equity and helping more South Australians achieve the dream of home ownership.”
As other releases continue to sell out quickly, it’s clear the demand isn’t slowing down. “The ongoing success of Prospect Corner shows the strong demand for high-quality, affordable homes close to the city and we are committed to delivering more opportunities like this across the state,” Champion adds.
The idea of buying a home for under $700,000 in a location like Prospect might have seemed far-fetched not long ago. But with this latest release, that reality is walking distance from the train station, close to shops, and includes your own backyard.
For those eyeing the listings, more information is available through realestate.com.au and on the HomeSeeker SA platform. Whether you’re searching for your first property, need more space, or want to downsize while staying close to the action, the new homes at Prospect Corner are worth a serious look.
Support independent community journalism. Support The Indian Sun.
Follow The Indian Sun on X | Instagram | Facebook
Support Independent Community Journalism
Dear Reader,The Indian Sun exists for one reason: to tell stories that might otherwise go unheard.
We report on local councils, state politics, small businesses and cultural festivals. We focus on the Indian diaspora and the wider multicultural community with care, balance and accountability. We publish in print and online, send regular newsletters and produce video content. We also run media training programs to help community organisations share their own stories.
We operate independently.
Community journalism does not have the backing of large media corporations. Advertising revenue fluctuates. Platform algorithms change. Costs continue to rise. Yet the need for credible, grounded reporting in a multicultural Australia has never been greater.
When you support The Indian Sun, you support:
• Independent reporting on issues affecting migrant communities
• Coverage of local and state decisions that shape daily life
• A platform for small businesses and community groups
• Media training that builds skills within the community
• Journalism accountable to readers
We cannot cover everything, but we work to cover what matters.
If you value thoughtful reporting that reflects Australia’s diversity, we invite you to contribute. Every donation helps us maintain the quality and consistency of our work.
Please consider making a contribution today.
Thank you for your support.
The Indian Sun Team
