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Adelaide rental market remains tight but affordable

20 April 2004

Adelaide rental market remains tight but affordableThe Adelaide rental market remains tight with a vacancy rate of just 1.3% for March 2004 according to the latest statistics released by the Real Estate Institute of South Australia Inc. (REISA).

“This is the seventh consecutive month that the vacancy rate in the metropolitan area has been below 2%,” according to REISA President Robin Turner.

Mr Turner said that the Adelaide rental market has been very stable in recent months which demonstrates the long-term stability of the market.

“Even though the rental market is tight, new properties are constantly coming on the market in all areas and these are being quickly snapped up by renters looking for quality accommodation,” Mr Turner said.

“Quality rental properties are available in Adelaide in all price groups and compared to the eastern states, Adelaide is extremely affordable.”

“For example, a quality three-bedroom home in the outer suburbs of Adelaide can be rented for between $150-$180 per week. In the outer areas of Sydney, renting a similar property would cost between $210-$270 per week.”

“Likewise, in the inner areas of Adelaide, a two-bedroom apartment can be rented for $180-$250 per week, whilst a similar property in inner Brisbane would cost at least $215 per week and range up to $300.”

The survey is broken down into five main areas. The parameters and statistics during March 2004 were:

  1. City - all city and North Adelaide only. – 0.4%
  2. West – suburbs west of West Terrace and South Road, and up to Port Road. – 1.4%
  3. South – suburbs south of South Terrace, between Glen Osmond Road and the beginning of the ANZAC Highway, turning into South Road. – 0.6%
  4. East – suburbs east of the city square, between Payneham and Glen Osmond Roads, including the Hills area. – 1.2%
  5. North – Suburbs north of North Adelaide, between Port and Payneham Roads, turning into Lower North East Road. – 2.0%
REISA conducts its exclusive residential vacancy rate survey monthly. Around 5000 properties were included in the survey undertaken for March 2004 with statistics provided by REISA member property managers across the metropolitan area.

 

 

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