News

Data on average weekly rentals

The Real Estate Institute of SA (REISA) just released a joint publication with BDO Accountants compiling statistical data from all REISA Tenancy and Sales Agreements, providing an interesting insight into the letting and sale activity across the state for the March 17 Qtr.

The report showed that average rent across the state for the following months were;

Jan 17 $344

Feb 17 $339

Mar 17 $315

Qtr Average $333

Average weekly rents are comparable across the Southgate Property Management portfolio.  Interesting to note was that average rent paid per week across the state increased by 16% from Dec 2015 qtr to Dec 2016 qtr. 

The downward trend in the average rent paid from January to March correlates with the reduction in tenancy agreements, suggesting that the decrease demand in rentals have required an adjustment to the weekly rental amount to counter this decline.

The data surrounding the number of tenancy agreements written in Jan, Feb & Mar was not surprising with 20.4% more tenancy agreements written in the Mar Qtr when compared to the Dec Qtr.  This is an ongoing industry trend with less activity in the lead up to Christmas, increasing with the onset of the New Year.

Excluding Adelaide CBD and the rural areas, highest performing suburbs included Mawson Lakes, Morphett Vale (109), Prospect (108), North Adelaide (103) and Aldinga Beach (98).

To see the full report and some other interesting stats on the Sales Agreements written - click here.