Adelaide’s vacancy rate continues to creep upwards, increasing by almost 0.4 per cent in the June quarter.
Metropolitan Adelaide recorded a vacancy rate of 3.91 per cent for the quarter, up from 3.55 per cent in March this year, according to data released by the Real Estate Institute of South Australia (REISA).
However, the regional vacancy rate for South Australia tightened slightly, dropping to 3.74 per cent in the June quarter, down from 4.43 per cent in the earlier quarter.
Yet the trend may be set to switch, with SQM Research reporting a tigher residential vacancy rate for Adelaide in July, coming in at 1.6 per cent.
Releasing the June quarter data, the REISA said that the state's residential vacancy rate had been sitting above three per cent, the rate that is seen as balanced, for more than a year.
“In tougher economic times, both in sales and rentals, we see a pattern of people staying still a little more and not moving unless they really need to,” REISA president, Greg Moulton, said.
“Our members have definitely found this in the rental market in recent times and it would seem there still may be a little longer to wait until the market starts to heat up.”
“The main pattern to vacancies definitely relates to price and REISA members are commenting that this is the critical factor in leasing property quickly.”
“Once the price gets a little high for the area, the inquiries are very slow which really highlights the importance of being in touch with the local market through using a REISA member.”
The most recent rental median data shows that prices have stabilised in metropolitan Adelaide over the past 12 months, with no change in the rental median which sits at $320 per week.
The rental median in metropolitan areas for units has risen over the past 12 months from $265 to $275 per week.
In regional areas, there has been a shift upwards of $15 over the past 12 months for houses to $250 per week, and for units in regional areas, the median has moved from $170 to $180 per week.