Adelaide, Melbourne report low vacancies

Posted on 25/02/2010  

Adelaide’s vacancy rate tightened to 1.17% in January but an increased number of landlord inquiries in recent weeks is expected to help ease the rental situation, the Real Estate Institute of SA (REISA) says.

 

 

The REISA says a large number of tenants were searching for properties in January, especially university students keen to set themselves up for the year.

 

 

“The supply and demand balance has been out of kilter in recent years but hopefully more investors will come back into the market,” the institute says.

 

 

“Property managers indicate they have seen a higher level of landlord inquiry this year and new rentals have come on to their books this month with sales to investors increasing.”

 

All six sectors of the Adelaide metropolitan market recorded vacancy rates below 1.5%, with the Hills district the lowest at 0.58%.

 

 

Melbourne also has low vacancies, according to the Real Estate Institute of Victoria, which reports a vacancy rate of 1.5% in January, down from 1.6% in December.

 

 

The REIV says it is five years since the rental market was “in balance”.  The last time the vacancy rate was above 3% was in January 2005.

 

 

ENDS

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