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Adelaide Rental Crisis: Adelaide's rental market tightest in three years

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Adelaide Rental Crisis: Adelaide's rental market tightest in three years

November 2006

Adelaide’s residential vacancy rate is at its lowest level in three years, the Real Estate Institute of South Australia (REISA) has reported.

REISA President Mark Sanderson said the metropolitan vacancy rate for the month of October was at 1.02 per cent.

“The current rental market is one of the tightest we've seen in many years,” Mr Sanderson said.

“Tenant demand is huge at the moment. Property managers are saying that they sometimes have over 10 applications for just one property.

“Some agencies have to turn away potential tenants because there is nothing available, especially in the lower price range of between $200-250 a week. This is unfortunate because these prices attract the most enquiries.

“We desperately need some more rental properties on the market,” he said.

Mr Sanderson said October was the 16th month that the vacancy rate had been below 2 per cent.

“And I think the market is only going to get tighter over the next few months as many people look to secure accommodation for 2007,” he said.

The REISA vacancy rate survey is broken down into six main areas. The parameters and statistics during October 2006 were:

  • City – All city and North Adelaide only – 0.93 per cent.
  • West – Suburbs west of West Terrace and South Road, and up to Port Road – 1.41 per cent.
  • South – Suburbs south of and bounded by South Terrace, Glen Osmond Road, ANZAC Highway, and South Road – 0.70 per cent.
  • East – Suburbs east of the city square, between Payneham and Glen Osmond Roads, excluding the Hills area – 0.98 per cent.
  • North – Suburbs north of North Adelaide, between Port and Payneham Roads, turning into Lower North East Road – 1.18 per cent.
  • Hills – Suburbs from Crafers to Nairne – 0.00 per cent

REISA conducts its exclusive residential vacancy rate survey monthly. Around 5000 properties were included in the survey undertaken for October 2006 with statistics kindly provided by REISA member property managers across the metropolitan area.

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