Rental market starts to heat up
“Property managers have noticed that tenant enquiries are starting to heat up as people try to set themselves up before Christmas,” REISA President, Robin Turner, said.
“Vacant properties are starting to move more quickly, especially if the price is reasonable.”
Mr Turner said the November interest rate rise had not impacted the housing market yet but current high sales prices may cause rents to rise as landlords try to recoup some of the costs.
“Tenants are reluctant to pay inflated prices so rents really do have to reflect the current market conditions. Most properties within the $200-300 mark will attract good interest,” Mr Turner said.
The REISA vacancy rate survey is broken down into six main areas. The parameters and statistics for October 2007 were:
City – All city and North Adelaide only – 0.44%
West – Suburbs west of West Terrace and South Road, and up to Port Road – 0.41%
South – Suburbs south of and bounded by South Terrace, Glen Osmond Road, ANZAC Highway, and South Road – 0.90%
East – Suburbs east of the city square, between Payneham and Glen Osmond Roads, excluding the Hills area – 1.04%
North – Suburbs north of North Adelaide, between Port and Payneham Roads, turning into Lower North East Road – 1.60%
Hills – Suburbs from Crafers to Nairne – 3.33%
REISA conducts its exclusive residential vacancy rate survey monthly. Around 5000 properties were included in the survey undertaken for October 2007 with statistics kindly provided by REISA member property managers across the metropolitan area.
