DOMA expands into South Australia with $250 million Adelaide residential project

DOMA has made its first residential investment in South Australia, acquiring a prominent East End site in Adelaide’s CBD for a proposed $250 million mixed-use development.

The project, planned for 215–231 Grenfell Street, will deliver 236 apartments across two residential towers designed by leading architecture firm SJB. It marks DOMA’s first residential development in the state and is expected to be the first of several South Australian investments as the group expands its national pipeline.

The acquisition reflects a broader shift underway in Australia’s property market, with Adelaide increasingly attracting the kind of institutional and private capital traditionally directed towards Sydney and Melbourne. As the nation’s housing supply crisis, affordability pressures and government-backed infrastructure investment reshape where capital flows, a growing number of eastern states developers are turning their attention to South Australia.

After many years outside the focus of large-scale institutional and interstate investment, the city is now drawing significant attention on the strength of its population growth, infrastructure spending, comparatively affordable housing market and clear government support for development, fundamentals that together create a compelling investment environment.

The investment follows a series of Federal Government initiatives designed to increase housing supply and unlock residential development, alongside substantial state investment in defence, innovation, education and city-shaping infrastructure. More than $100 billion worth of projects are currently underway or in planning across South Australia, helping to drive employment growth and housing demand.

DOMA views Adelaide as entering a new phase – one shaped by a convergence of population growth, economic diversification, sustained infrastructure investment and strengthening housing demand. With supply remaining constrained and the city attracting both residents and businesses seeking alternatives to Australia’s larger capitals, Adelaide is increasingly being regarded not as a secondary market but as a city capable of attracting significant national and international capital.

The Grenfell Street acquisition builds on DOMA’s recent entry into Adelaide’s hotel market, with Little National Hotel Adelaide scheduled to open on North Terrace in October 2026.