As a result, an additional thirty-six, 36-storey residential buildings will be required. In response to these projections, the state government and the Adelaide City Council have taken action by allocating $500,000 towards transforming empty CBD buildings into apartments.

To effectively utilise this funding, the state government along with the city council have introduced a two-year plan focused on promoting the reuse of vacant "above shop premises" in the city centre, as office vacancy rates continue to rise.

A comprehensive audit of the city’s buildings will be done to identify those suitable for repurposing as housing, as well as assessing existing incentives that encourage property owners to convert their properties and explore potential planning and regulatory changes to streamline the conversion process.

The anticipated growth has already begun, driven by a recent surge in overseas migrants, particularly international students. This influx has led to substantial growth in the medium to high density housing sector, causing a 3% increase in unit rents in Adelaide over the quarter. As a result, rental yields for units in Adelaide's CBD have reached an attractive 5.9%. This presents an alluring opportunity for astute investors to take advantage of the positive market trends amidst the expected population growth.