Prior to European settlement in 1838, the Prospect area was a tiny part of the traditional lands of the Kaurna people, who lived in small bands across the Adelaide Plains.

[6] As early as November 1838, plots of land "fronting the new road to the harbour" had been created from subdivisions in the new village of Prospect and were being publicly advertised for sale.

Early attempts to garden in the vicinity of Prospect failed as the soil is naturally dry, the nearest source of water then being the River Torrens.

[8] In 1853 the District Council of Yatala was established and included, at its extreme south centre, the future area of the City of Prospect.

As such it retained the five pre-existing wards of Nailsworth, Kingston, Fitzroy, St. John's Wood and Highbury, each represented by two councillors.

The councillors named in the June 1933 proclamation were: Elder George Whittle as mayor, Leonard Andrew Day for Nailsworth, William Henry Verco for Kingston, Richard Angwin for St. John's Wood, and William Thomas Smith for Highbury, with an instruction that the remaining six vacancies be filled by elections later in that year.

A greater-than-average proportion of the area's population are professionals (30.4%), with 32.6 per cent having received tertiary education of a bachelor's degree or above, compared with the average of 18.5%.

Named in honour of renowned local artist Ann Newmarch OAM, it functions as a place to show a diverse range of contemporary art with a community focus.