10 Feb Now is the best time for Adelaide Property Investment
Adelaide Property Investors benefit from rental demand
Adelaide Property Investors benefit from big crowds hitting open inspections. Rental demand rises to highest level in decades
Real estate agents say hundreds of would-be tenants are checking out their properties, as rental demand skyrockets.
Demand for rental properties across Adelaide is the highest in more than a decade, evidently with hundreds of inquiries per home. Big crowds show up at open inspections and as a result scores of people lodge applications. Adelaide Property Investment companies say the demand is driven because fewer people are leaving South Australia. This is due to the COVID-19 pandemic and more choosing to call the state home.
Property Asset Property Management Senior Property Manager, Sue Rehbein said the industry was working its way through a 10-year peak in demand, which was in turn driving prices up.Property Asset Property Management vacancy rate has dropped considerably in the last 3 months. Ms Rehbein says that within days of our Adelaide Investment Properties going live online, it’s snapped up by tenants.
“In fact, right now. We are 100% leased! We have New build Adelaide Investment Properties going on the market this month, which already have a large tenant waiting list”.
Demand had not been higher since the GFC in 2007/08, according to The Real Estate Institute of South Australia.
Indeed, the latest figures released by the Office of Business and Consumer affairs show rent increases of greater than 5 per cent in the council’s areas of Burnside (10.39 per cent), Holdfast Bay (10.19 per cent), Mitcham (6.15 per cent), Onkaparinga (6.06 per cent), Tea Tree Gully (5.63 per cent), Charles Sturt (5.41 per cent) and Unley (5.33 per cent).
Rental house hunters could expect to pay $20-$30 per week more on a family home if they were new tenants to the property, or $10-20 per week for renewal, she said. For units this would be $10-$20 for a new tenancy, and $5-10 for a renewal.
Adelaide Property Investors should be celebrating and further more, long may it continue. Incidentally Property Asset Planning are thrilled to have unlimited cash flow positive, full turn-key properties at the ready for this boom.
REISA chief executive Barry Money said there was a desire to stay in or return to SA because of the state’s strong record handling COVID-19 and its economic outlook. While this also had contributed to a reversal of the state’s brain drain.
“Adelaide is a centre of innovation and that is attracting workers and organisations to the state,” he said.
“It is increasing the need for rental and sales properties, and decreasing the time they are on the market.”
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Source: The Advertiser