After a tough 12 months in the rental market, metropolitan Adelaide is starting to show strong movement, according to Real Estate Institute of South Australia (REISA).
The quarterly vacancy rate for metropolitan Adelaide has fallen to just over 3 per cent in the September quarter, the lowest level in 12 months.
Metropolitan Adelaide recorded a vacancy rate of 3.06 per cent for the September quarter, down from 3.91 per cent in June.
Releasing the September quarter data, REISA commented that the market has started to strengthen in the western and southern areas, which were previously recording quite high vacancies.
“Properties, particularly new developments, were holding the rental vacancy rate a little higher than average in the west and southern metropolitan areas in the past quarters, but some of this stock appears to be moving now, and this has seen the overall vacancy rate drop,” REISA president Greg Moulton said.
“REISA members have said that getting the price right to meet the market is one of the most important things when offering property to the market as overpriced rental properties will not attract potential tenants in this marketplace.”
Commenting on the regional vacancy rate, Mr Moulton said that there had been a slight movement upwards to 4.02 per cent from 3.74 per cent last quarter.
“The highest vacancies are being recorded on the Fleurieu Peninsula and the Yorke Peninsula, which often happens at this time of year, so this may correct in the warmer summers months.”
Anaylsing the most recent rental median data shows that prices have moved a little across the state for units.
The metropolitan unit rental price has increased by $5 over the past 12 months to $270 per week, whilst in regional areas, there has been a shift upwards of $10 a week to $190.
In metropolitan Adelaide the median house rental prices remain unchanged over the past 12 months at $320 per week, whilst the regional median has increase by $10 to $250 per week.