Address bar disappearing

I recently had to reinstall Safari because it was crashing every time I opened it. I think maybe something was wrong with my preferences file.

Now that I've installed it from scratch (version 5.0.3), I cannot make the address bar stay visible. When I open a new window, it always opens without the address bar visible, and I have to go to View > Show Toolbar to make it appear again. I've looked in the preferences but I can't see any option to make the default behaviour to have the address bar visible. I've also tried right-clicking the address bar and choosing "Keep Item Visible" but when I open a new window, the address bar is gone again.

Am I missing something very obvious? If anyone knows how to make address bar visible by default, I'd be very grateful.

Thanks in advance