Adelaide's residential rental vacancy rates remain tight

November 2003

The Real Estate Institute of South Australia Inc. (REISA) has further progressed its Residential Vacancy Rate survey of residential properties managed by its members. Over 6000 properties are included in the survey undertaken for September and October 2003.

REISA President Robin Turner said, "The statistics for September and October 2003 have revealed excellent news for property investors. For the past two months the majority of metropolitan Adelaide area has continued to record vacancy rates consistently below three percent. The exception has been the inner city area."

The good news for tenants is that while the residential rental market has remained tight, according to the survey, the median rental price asked for a three bedroom home in Adelaide has hovered at the $190-$200 per week rate for the last quarter.

During September, Adelaide's vacancy rate was 1.47 percent, and in October it has risen slightly to 1.53 percent overall.

The survey is broken down into five main areas. The parameters and statistics during October 2003 were:

1. City/Central - all city and North Adelaide only. - 3.80%
2. North - suburbs north of North Adelaide, between Port and Payneham Roads, turning into Lower North East Road. - 2.54%
3. East - suburbs east of the city square, between Payneham and Glen Osmond Roads, including the Hills area. - 1.26%
4. South - suburbs south of South Terrace, between Glen Osmond Road and the beginning of the ANZAC Highway, turning into South Road. - 1.82%
5. West - suburbs west of West Terrace and South Road, and up to Port Road. - 1.65%

According to REISA statistics, the suburbs in east and south Adelaide consistently recorded the lowest vacancy rates in Adelaide for the past three months.

Most of the properties available for rent have changed from last quarter's executive price range ($300 plus rent per week) to the $150-$250 range, where demand is the strongest from tenants.