 Today the suburb consists primarily of private residences and parks.The Mount Lofty Ranges, which encompass Waterfall Gully, was first sighted by Matthew Flinders in 1802.The gully itself was discovered soon after the establishment of Adelaide, and Colonel William Light, the first Surveyor General of South Australia, was said to have "decided on the site for Adelaide when viewing the plains from the hills near Waterfall Gully".