Vacancy rates improve in Adelaide
Recent figures from the Real Estate Institute of South Australia (REISA) have shown that the rental market in Adelaide is tightening, with vacancy rates falling to 3.06 per cent during the September quarter.
The figures are likely to be welcomed by those who lease property in the capital city, with the data indicating increasing demand in Adelaide's residential real estate market.
REISA said the latest vacancy rates, which are now at their lowest level in 12 months, show the rental market has strengthened in the region, with western and southern areas of Adelaide recording the biggest improvements.
"Properties, particularly new developments, were holding the rental vacancy rate a little higher than average in the west and southern metropolitan areas in the past quarters, but some of this stock appears to be moving now, and this has seen the overall vacancy rate drop," REISA president Greg Moulton explained on November 9.
"REISA members have said that getting the price right to meet the market is one of the most important things when offering property to the market as overpriced rental properties will not attract potential tenants in this marketplace."
The regional vacancy rate increased during the quarter from 3.74 per cent to 4.02 per cent, with Fleurieu Peninsula and the York Peninsula recording the highest vacancies.