This article is from the Australian Property Journal archive
ADELAIDE's residential rental vacancy rate stabilised at 1.10% in October, according to the Real Estate Institute of South Australia.
REISA president Robin Turner said that anecdotal evidence from property managers indicated that tenant enquiries were high for mid-range properties throughout the month.
“Properties in affordable price brackets attracted lots of interest from potential tenants and in some cases these properties were leased within a week.
“Tenant demand for affordable properties has seen vacancy rates in the northern and southern suburbs remain below 1% for the second consecutive month,” he added.
In October, Adelaide city North Adelaide vacancy rates were only – 1.70%. In the western suburbs, rates were 1.33%; suburbs in the south were tight with 0.84%; eastern suburbs reported 1.43%; northern suburbs 0.80% and the Hills did not have properties available, rates were 0%.
Meanwhile Turner said that the amount of properties coming onto the rental market had increased with investors turning to the property market as other financial markets remained unstable.
“We hope that an increase in the number of rental properties coming on to the rental market will provide some relief to the current supply and demand imbalance that is characterising the market at present,” he continued.
Australian Property Journal
