Adelaide vacancies fall to 1.6%
Adelaide’s vacancy rate tightened to 1.61% in March, according to the Real Estate Institute of South Australia. It says price is still the major factor dictating the rental market. “Anecdotal evidence from property managers suggests that the higher end of the rental market has slowed in recent months with more expensive properties remaining vacant longer,” REISA president Robin Turner says. “Suburbs in the East, South (including Glenelg) and West all had vacancy rates above the 2% mark and it is generally in these regions that higher rents are sought.” Data from the March quarter recorded Adelaide’s median weekly rent for houses at $290/week, up from $260 a year ago. Units are now attracting $240/week on average, compared to $210 this time last year. As is often the case, the Hills precinct had the lowest vacancy rate - at 0.65%.
