Their footy team suffered a heartbreaking last-second elimination from the AFL finals last week, but things aren’t all doom and gloom.
Port Adelaide may be set to boom with a number of large projects underway and others in the pipeline.
Work has officially begun on Techport Australia, a $535 million surface shipbuilding yard that will serve as home to Australia’s largest naval projects.
According to Defence SA, Techport Australia is the confirmed build location of the $50 billion Future Submarine program and the $35 billion Future Frigate fleet.
Construction of the naval vessels is scheduled to begin next year and continue well into the 2020s.
Local real estate agents are reportedly catering to interstate investors looking to cash in on investments in the Osborne and Taperoo areas.
“When I drive past (Techport) and I see one childcare centre and one auto-repair shop on the corner and I have to drive 1km for lunch… I can’t believe we are not going to see an explosion,” outgoing Defence SA chief Andy Keough said.
Keough added that the area needs to start preparing for the 6000 workers who will be at Techport by the mid-2020s.
This year, Starfish Developments will also begin construction on Dock One, a housing community that will feature 750 homes. The master plan also involves a Dockside Piazza and Boardwalk, pavilions, a Central Park with BBQ and picnic lawns, sporting facilities and an exercise area.
According to Starfish, the centrepiece of the Dock One project will be the redevelopment of the Port Harbour Building into the Port Harbour Collective. The Collective will include space for artisan food producers, high-tech working spaces, boutique apartments a rooftop observation deck and outdoor cinema.
Port Adelaide also has some interesting things in the pipeline. Last month, local businessman and developer Hans Ehmann lodged a development application to build a $40 million-dollar apartment complex at Queens Wharf, known as Dock 27.
Also last month, a feasibility study found that a $60 million fish market in Port Adelaide could create more than 300 jobs and become a major tourist attraction.
The study was funded by the Port Adelaide Enfield Council and the State Government’s Northern Economic Plan, and is the first step towards including the fish market in the master plan for Dock Two.
Currently, the median house price in Port Adelaide is $375,000, below the state median of $411,501 and well below Adelaide’s $591,875 median.
Realestate.com.au lists Port Adelaide as a “high demand market” with 1495 visits per property compared to the state average of 676.