02/11/2007
A 5.9% increase in available rental stock over the last year has had little impact on Adelaide’s vacancy rate, which stands at 1.49% for September, according to the Real Estate Institute of South Australia (REISA).
The influx of interstate and overseas investors has contributed to the strong demand, according to REISA president Mark Sanderson.
“Investors know that vacancy rates are low here as there’s high demand from tenants,” he said. “SA is also attractive to migrants, which plays a big factor in the rental market as they search for housing.”
Sanderson said the state’s mining sector had already had a big impact on the rental market, with the Nairne and Kanmantoo region achieving the best results over the last year.
The number of rental properties in the postcode of 5252 – which includes the suburbs of Nairne and Kanmantoo – achieved huge growth, rising by 152.5% over the past year to 557 properties.
“This is a direct result of the expansion of the Kanmantoo Mine which has rejuvenated the area and created huge employment opportunities,” Sanderson said.
In metropolitan Adelaide, Mawson Lakes had the most significant rise of 21.4% to 1,036 properties.
“Housing development and employment options in the north have had a big influence on the growth of this area,” said Sanderson.
