While this is a small increase on the month of March, it offers little relief to prospective tenants who are trying to get their foot in the door.
Real Estate Institute of South Australia (REISA) President, Mark Sanderson, said investors were reaping the rewards of the tightest rental market in a decade.
“It is vital that more investors get in on the property scene to help alleviate the shortage of properties.”
“If people are considering property investment there is no better time.”
“The whole nation is gripped in a rental shortage and we are one of the most affordable states, so Adelaide is definitely a good place to consider for property investment.”
Properties in the $250 per week or lower range were still being noted as the hottest property.
“Anything that is on the market for $250 per week is being snapped up immediately and properties in the $250-$300 range are also very popular.”
“A lot of the current vacancies are being noted in the $300 and above bracket.”
Offering advice for tenants in this tight market, Mr Sanderson that being organised with references and being ready to act quickly was important.
“Suitable properties are out there and are coming on the market all the time – you just have to look frequently, have your references in order and act immediately when you see something suitable.”
The REISA vacancy rate survey is broken down into six main areas. The parameters and statistics for April 2007 were:
City – All city and North Adelaide only – 0.28%
West – Suburbs west of West Terrace and South Road, and up to Port Road – 1.47%
South – Suburbs south of and bounded by South Terrace, Glen Osmond Road, ANZAC Highway, and South Road – 0.92%
East – Suburbs east of the city square, between Payneham and Glen Osmond Roads, excluding the Hills area – 1.07%
North – Suburbs north of North Adelaide, between Port and Payneham Roads, turning into Lower North East Road – 1.00%
Hills – Suburbs from Crafers to Nairne – 0.00%
REISA conducts its exclusive residential vacancy rate survey monthly. Around 5000 properties were included in the survey undertaken for April 2007 with statistics kindly provided by REISA member property managers across the metropolitan area.