THE Real Estate Institute of South Australia is calling out for investors as residential rental vacancies fell under 1% again in March.
The March vacancy rate was 0.9% down from February’s slightly improved 1.03%.
According to national benchmarks, any vacancy rate of less than 2% is considered to be extremely tight.
March is the 21st month in a row in which
REISA president Mark Sanderson said the current rental shortage was pushing up rents across the metropolitan area, especially for family homes.
“We need people to investment in property,” he said. “It’s as simple as that.”
“In some areas, average rents for three bedroom houses have risen by 3-7% in the last quarter alone.
“Popular suburbs near the city have had big jumps, with the average rent for a three bedroom house in
Three bedroom houses in the city are now being rented for an average of $380 a week, up from $349 in December, while in
Sanderson said renters would continue to feel the sting of shortages until more homes were made available for lease.
The REISA vacancy rate survey is broken down into six main areas. The parameters and statistics for February 2007 were:
City – All city and
West – Suburbs west of West Terrace and
South – Suburbs south of and bounded by South Terrace, Glen Osmond Road, ANZAC Highway, and South Road – 0.5%
East – Suburbs east of the city square, between Payneham and Glen Osmond Roads, excluding the Hills area – 1.11%
North – Suburbs north of North Adelaide, between Port and Payneham Roads, turning into Lower North East Road – 1.03%
Hills – Suburbs from Crafers to Nairne – 2.05%
Australian Property Journal
