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Expats being forced to return home due to the COVID-19 pandemic are driving up the rental market in a major city, agents reveal.
Raine & Horne revealed rental yields in Gawler Adelaide are increasing as Aussies return home due to travel restrictions.
“Our market has been impacted over the last few months, with the numbers of tenant enquiries down, yet the overall rental days on market and vacancy rates have held their line,” said Gwen Levesque, co-principal of property management specialist Raine & Horne Gawler.
“Also, our rental prices haven’t softened either as tenants from outside our region continue to recognise that Gawler and surrounding areas such as Craigmore, Andrews Farm, Riverton, Blakeview and Balaklava offer excellent bang for buck.”
Ms Levesque said the Gawler rental market was benefiting in part from the return of Australian expatriate workers to suburbs closer to the Adelaide CBD.
“Expats are returning to Adelaide because they have recognised South Australia’s excellent health record,” she said.
“As a result, there are slimmer pickings for tenants to rent closer to the CBD, so they have broadened their searches to Gawler, where they are finding quality, affordable properties.”
The property expert believes the area is likely to continue to see good yields for investors after the COVID-19 pandemic.
“Over the last few years, there has been an explosion in new developments in our region that have attracted first home buyers but also plenty of investors,” she said.
“These developments have contributed to an increase in the pool of affordable and new three-, four-bedroom rental properties priced between $350 and $400 a week.”
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