The State’s only rental market survey has revealed vacancies and activity has been steady over the past quarter, recording little change in vacancies and finishing the quarter with a State wide rate of 3.3%, according to the Real Estate Institute of SA.
REISA President, Mr Moulton said that the 3.3% vacancy rate for the December quarter was only a fraction above the September rate of 3.21%.
Segmented into metropolitan and regional, our city areas recorded a vacancy of 3.4% (up from 3.08% in the last survey) and regional areas tightened to 2.83% (down from 3.91%).
“The level of activity in the rental market has been steady, but REISA members are saying that it’s generally a little flatter than previous years at the same time,” Mr Moulton said.
“Over the past 12 months, we have seen a slower economy and that has led to people moving less and waiting to see what happens a little more.”
“However, REISA property managers are clearly saying that when the property is well located, in good condition and priced to meet the market, it will quickly rent.”
“Pricing has definitely been a key to the vacancies from our last survey. In the outer suburbs, above $300 makes it a little slower to lease and closer to the city, we’re seeing that $350 is generally a critical price point.”
“The data also shows that more properties have entered the rental pool as vendors who’ve not been able to sell at their optimum price have chosen to hold on to the investment and rent it to the private market.”
Turning to median rentals, there has been little shift over the past 12 months with the median house rental price only moving up by $5 per week to $315 for metropolitan and by $15 per week to $240 for houses in regional towns. There was little movement over the quarter in median house price rentals.
The story is similar for units with the median in metropolitan Adelaide being $270 per week (up from $260 twelve months ago and $265 in the September quarter) and $180 in regional towns (up from $175 at the same time last year with no change over the quarter).
Rental vacancy rates
| City/ North Adelaide |
3.6% |
| West |
3.5% |
| South |
3.3% |
| East |
3.9% |
| North |
3.3% |
| Hills |
2.3% |
| Eyre Peninsula |
1.5% |
| Upper Spencer Gulf |
4.6% |
| Mid North |
1.1% |
| Fleurieu/Kangaroo Island |
3.8% |
| South East |
3.8% |
| Riverland |
3.2% |
| Yorke Peninsula |
5.1% |
Media comment – REISA President – Greg Moulton – 0418 661 888
Background information – Emma Slape – 0423 88 11 20
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