In this, the last of three papers devoted to urban restructuring and its impact upon the built environment of an Australian city, the spatial focus narrows from the metropolitan region to an inner zone of Adelaide. This is the part of Adelaide that has gained most from the processes of residential reinvestment and gentrification over the last two decades.
The interest in the circulation of capital that has been maintained throughout the previous papers is explored more fully by measuring and evaluating investment activity in the renovation and redevelopment submarkets. The evidence presented on the organizational structure, levels of investment, and returns to investment within the two submarkets makes for a better-informed characterization of ‘property capital’. It also serves to make the accompanying role of public finance in the revitalization process much clearer.
In this paper, the interpretation of capital formation in the renovation and redevelopment submarkets suggests that all three tiers of government in Australia have been thoroughly implicated in the residential transformation of Inner Adelaide during the last two decades. Changes to the Commonwealth States Housing Agreement in 1973 released public funds for rehabilitating terrace housing in the City and inner suburbs, and the Hawke Government restructured taxation policy and the financial markets affecting investment in the home unit and town house submarket in the 1980s. Meanwhile the Dunstan administration in South Australia axed the freeway and high-rise-housing plans of the previous state government, and pressured City Hall to abandon its grandiose plans for commercializing the City's ‘square mile’. The residential development policies conceived in the mid-1970s as part of the replacement City of Adelaide Plan were emulated by other local government bodies in the nearby suburbs. Somewhat uncharacteristically, the state's public-housing agency gave a lead to project developers in the private sector by demonstrating what could be achieved in the submarket of inner-city-home units and town houses.
Get full access to this article
View all access options for this article.
References
1.
ABS, 1973Census of Population and Dwellings unpublished tabulations (South Australian Office of the Australian Bureau of Statistics, Adelaide)
2.
AdrianCStimsonR J, 1984Capital City Impacts of Foreign and Local Investment in Australia AIUS publication number 120 (Australian Institute of Urban Studies, GPO Box 809, Canberra, ACT 2601)
3.
AIUS, 1975Incentives for Inner City Living AIUS publication number 54 (Australian Institute of Urban Studies, GPO Box 809, Canberra, ACT 2601)
4.
BadcockB A, 1982, “Removing the spatial bias from state housing provision in Australian cities”Political Geography Quarterly1195–215
5.
BadcockB A, 1984Unfairly Structured Cities (Basil Blackwell, Oxford)
6.
BadcockB A, 1989a, “An Australian view of the rent gap hypothesis”Annals of the Association of American Geographers79125–145
7.
BadcockB A, 1989b, “Homeownership and the accumulation of real wealth”Environment and Planning D: Society and Space769–91
8.
BadcockB A, 1989c, “The role of housing expenditure in state development: South Australia, 1936–88”International Journal of Urban and Regional Research13438–461
9.
BadcockB A, 1991a, “Neighbourhood change in Inner Adelaide: An update”Urban Studies28553–558
10.
BadcockB A, 1991b, “Where has financial deregulation and structural reform got the housing sector in Australia?”Australian Geographer22129–131
11.
BadcockB A, 1992a, “Adelaide's heart transplant, 1970–88: 1. Creation, transfer, and capture of ‘value’ within the built environment”Environment and Planning A24215–241
12.
BadcockB A, 1992b, “Adelaide's heart transplant, 1970–88: 2. The ‘transfer’ of value within the housing market”Environment and Planning A24323–339
13.
BadcockBBrowettM, 1991, “The responsiveness of the private rental sector in Australia to changes in Commonwealth taxation policy”Housing Studies6182–192
14.
BeauregardR A, 1989Atop the Urban Hierarchy (Rowman and Littlefield, Totowa, NJ)
15.
BeerA P, 1983, “Townhouse development in Inner Adelaide”, degree thesis, Department of Geography, University of Adelaide, South Australia
16.
BondiL, 1991, “Gender divisions and gentrification: A critique”Transactions of the Institute of British Geographers: New Series16190–198
17.
CarchediG, 1977On the Economic Identification of Social Class (Routledge, Chapman and Hall, Andover, Hants)
18.
CarmadyTDerodyBIronmongerDSheehanP, 1979, “Fluctuations in dwelling construction in South Australia”, TP-13, Institute of Applied Economic and Social Research, University of Melbourne, Melbourne
19.
CarthewR A, 1976, “Substandard housing in Metropolitan Adelaide with a case study of Bowden-Brompton”, degree thesis, Department of Geography, University of Adelaide, South Australia
20.
ChongF, 1989, “The risks and rewards of negative gearing”Business Review Weekly1151–53
21.
City Messenger1990, “Big city housing proposal”, volume 2, page 1
22.
DalyM T, 1982Sydney Boom Sydney Bust. The City and Its Property Market 1850–1981 (Allen and Unwin, Sydney)
23.
DITAC, 1988Indicative Planning Council for the Housing Industry: Resources Report 1988 Department of Industry, Technology and Commerce (Australian Government Publishing Service, Canberra)
24.
DunstanD, 1972, “Government in planning”Proceedings of the Royal Australian Planners Institute Congress (Royal Australian Institute of Planners, Brisbane) pp 1–22
25.
GibsonJ R, 1967, “The residential pattern and mobility of Dutch and Greek migrants in the Adelaide Metropolitan Area”, degree thesis, Department of Geography, University of Adelaide, South Australia
26.
HamnettC, 1984, “Gentrification and residential location theory: A review and assessment”, in Geography and the Urban Environment. Progress in Research and Applications Eds HerbertD TJohnstonR J (John Wiley, Chichester, Sussex) pp 283–319
27.
HamnettC, 1991, “The blind men and the elephant: The explanation of gentrification”Transactions of the Institute of British Geographers: New Series16173–189
28.
HamnettCRandolphB, 1988Cities, Housing and Profits. Flat Break-up and the Decline of Private Renting (Hutchinson Education, London)
29.
HarveyD, 1978, “The urban process under capitalism: A framework for analysis”International Journal of Urban and Regional Research2(1) 101–131
30.
HorvathREngelsB, 1985, “The residential restructuring of inner Sydney”, in Living in Cities Eds BurnleyIForrestJ (Allen and Unwin, Sydney) pp 143–159
31.
JaegerM, 1986, “Class definition and the esthetics of gentrification: Victoriana in Melbourne”, in Gentrification of the City Eds SmithNWilliamsP (Allen and Unwin, Winchester, MA) pp 78–91
32.
LeyD, 1980, “Liberal ideology and the postindustrial city”Annals of the Association of American Geographers70238–258
33.
LloydC JTroyP N, 1981Innovation and Reaction. The Life and Death of the Federal Department of Urban and Regional Development (Allen and Unwin, Sydney)
34.
LoganJ RMolotchH L, 1987Urban Fortunes. The Political Economy of Place (University of California Press, Berkeley, CA)
35.
LowN PMoserS T, 1991, “The causes and consequences of Melbourne's central city property boom”Urban Policy and Research95–27
36.
MATS, 1968, “Report on Metropolitan Adelaide Transportation Study”, De Leuw, Catner and Co, Rankine and Hill, Alan M Voorheer and Associates Inc., Adelaide, SA)
37.
MillsC A, 1988, “‘Life on the upslope’: The postmodern landscape of gentrification”Environment and Planning D: Society and Space6169–189
38.
MullinsP, 1982, “The ‘middle class’ and the inner city”Journal of Australian Political Economy1144–58
39.
O'ReillyL, 1976, “Rehabilitation by the South Australian Housing Trust”, unpublished paper presented to the Residential Change in the Inner Suburbs Workshop, 26–27 November; Urban Research Unit, Australian National University, Canberra, ACT
40.
ParkinAPatienceA, 1981, “Urban policy and metropolitan Adelaide”, in The Dunstan Decade. Social Democracy at the State Level Eds ParkinAPatienceA (Longman Cheshire, Melbourne) pp 91–114
41.
Premier's Department, 1973, “Report of the enquiry into finance for residential development and redevelopment”, mimeograph, South Australian Government, Adelaide
42.
PughC, 1972, “The economic considerations in the processes and policies of urban renewal”, in Inner Suburbs: Their Future Ed. WhitelockD (Department of Adult Education, University of Adelaide, Adelaide) pp 13–28
43.
RoseD, 1984, “Rethinking gentrification: Beyond the uneven development of marxist urban theory”Environment and Planning D: Society and Space247–74
44.
SAHT, 1988South Australian Housing Trust. Annual Report Year Ending 30 June 1988South Australian Housing Trust, Riverside Building, North Terrace, Adelaide
45.
SandercockL, 1975Cities for Sale. Property, Politics and Urban Planning in Australia (Melbourne University Press, Parkville, Victoria)
46.
SavitchH V, 1988Post-industrial Cities. Politics and Planning in New York, Paris and London (Princeton University Press, Princeton, NJ)
47.
SayerA, 1989, “The ‘new’ regional geography and problems of narrative”Environment and Planning D: Society and Space7253–276
48.
SheridanK (Ed.), 1986The State as Developer. Public Enterprise in South Australia (Wakefield Press, Netley, South Australia)
49.
SmailesP J, 1967, “Manufacturing industry in Adelaide's inner suburban ring”, RP-12, Geographical Society of New South Wales, PO Box 602, Gladesville, Sydney
50.
SmithN, 1982, “Gentrification and uneven development”Economic Geography58139–155
51.
SmithN, 1986, “Gentrification, the frontier, and the restructuring of urban space”, in Gentrification of the City Eds SmithNWilliamsP (Allen and Unwin, Winchester, MA) pp 15–34
52.
SmithN, 1987, “Of yuppies and housing: Gentrification, social restructuring, and the urban dream”Environment and Planning D: Society and Space5151–172
53.
SmithNWilliamsP, 1986Gentrification of the City (Allen and Unwin, Winchester, MA)
54.
StrettonH, 1970Ideas for Australian Cities (Georgian House, Melbourne)
55.
Town Planning Committee, 1963Report on the Metropolitan Area of Adelaide (Government of South Australia, Adelaide)
56.
TurnerJ A, 1987, “Adelaide's home unit submarket: Impact of negative gearing and capital gains tax 1984–86”, degree thesis, Department of Geography, University of Adelaide, South Australia
57.
Urban Systems Corporation, 1974The City of Adelaide Plan (Moffitt and Associates, Sydney)
58.
WardeA, 1991, “Gentrification as consumption: Issues of class and gender”Environment and Planning D: Society and Space9223–232
59.
YoungE, 1981, “Socio-economic change and the ‘downzoning’ of residential areas in the inner suburbs of Adelaide, 1966–76”, degree thesis, Department of Geography, University of Adelaide, South Australia
60.
ZukinS, 1982Loft Living. Culture and Capital in Urban Change (The Johns Hopkins University Press, Baltimore, MD)
