News

It has been an interesting time for investors in SA during COVID with demand for sales and rentals remaining strong unlike our counterparts in capital cities of NSW and VIC.

Our lease renewals have increased by 37% for the period March-June when compared to the previous year, primarily due to tenants opting to stay put during this uncertain time. This lack of movement, coupled with a really slow moving investor uptake (not many landlords are buying rental properties) has created a shortage of rentals in our market and demand for housing has sky-rocketed.

Our pre COVID stock levels of 'properties to lease' at any one time was 35. Since COVID this has reduced by a whopping 290% with only 10-12 'properties to lease' at any one time.

Demand for vacancies has increased by 400%. We now receive on average 50 applications per property compared to only 5-10 per property pre COVID, and they are great applicants! This obviously poses the question, 'where are these applicants residing?!' If demand remains strong rental values will increase once the COVID moratorium on rent increases ends on the 30th of September. Whilst this is great news for investors, it will place more pressure on tenants experiencing financial difficulty.

We understand there are a number of investors remaining cautious in this market, however these indicators are positive for investing in SA.

Here at Trove we are actively seeking more properties to lease. If you are thinking of purchasing we can help by assessing any prospective purchase and providing helpful RP Data Core Logic reports that show estimated value, comparable recent sales and more, plus free rental assessments and simple advice and tips on how to maximise your rental return. Contact Amee Thompson or Rebecca Day - we'd love to help.

For those that are looking to get into the investor market, we are currently managing a number of investments in these developments that may be of interest;

Key Central, Seaford Meadows - 2 bedroom apartments selling from $265k (leased investment opportunities available)

354 Bowden - 1, 2 and 3 bedroom apartments now selling from $370k

Norwood Green - 1, 2 and 3 bedroom apartments now selling from $379k

The builder for these developments is BuildTec, an expert in redevelopment and residential fill-in projects. Buildtec is proud to have delivered and developed some of Adelaide's most innovative and award-winning residential developments. Contact Buildtec Sales Manager Chris Ikon on 0488 978 870 or chris@buildtec.com.au