Adelaide vacancy rate tightens

14 March 2005

The Adelaide rental market tightened during February with the vacancy rate dropping to 2%.

Real Estate Institute of SA President Mr Robin Turner said it was a 0.3% reduction from January and December's results and was typical for this busy time of the year.

“Demand is strong for the residential rental market at the moment and tenants are quick to snap up the cheaper properties,” Mr Turner said.

“There has also been a good supply of properties on the market meeting the demands of tenants, particularly within the $150-250 per week price bracket.”

Mr Turner said anecdotal evidence from property managers was mixed during February, with enquiry levels varied across different regions.

“Some places, like the north and the hills, have been quiet throughout February and their usually low vacancy rates have risen slightly,” Mr Turner said.

“However the rest of the regions – the city, east, west and south – have seen a strong level of interest in property rentals and therefore vacancy rates have dropped.”

The REISA vacancy rate survey is broken down into six main areas. The parameters and statistics during February 2005 were:

1. City - All city and North Adelaide only. – 1.3%

2. West – Suburbs west of West Terrace and South Road, and up to Port Road. – 3%

3. South – Suburbs south of South Terrace, between Glen Osmond Road and the beginning of the ANZAC Highway, turning into South Road. – 1.5%

4. East – Suburbs east of the city square, between Payneham and Glen Osmond Roads, excluding the Hills area. – 2.1%

5. North – Suburbs north of North Adelaide, between Port and Payneham Roads, turning into Lower North East Road. – 2.1%

6. Hills – Suburbs from Crafers to Nairne. – 1.3%

REISA conducts its exclusive residential vacancy rate survey monthly. Around 6400 properties were included in the survey undertaken for February 2005 with statistics kindly provided by REISA member property managers across the metropolitan area.