Premium Rentals in High Demand

Demand for high-end homes, particularly those priced above $1,000 per week has surged. Larger properties with 4+ bedrooms, luxury amenities, and pools are especially sought after. TOOP+TOOP’s premium listings are receiving 43% more views on realestate.com.au.

This demand is driven by:

Interstate and International Migration:

Professionals relocating to Adelaide due to its expanding job market and relative affordability compared to other capital cities.

Limited Options when Buying:

Adelaide has seen a 9% annual decline in available properties to purchase which has pushed potential buyers toward premium rentals as a temporary solution.

Mid-Range Properties Losing Momentum

The market is seeing a decline in inquiries for properties priced between $600 and $800 per week and as a result, these properties are spending a longer time on the market. As rising living costs continue to stretch tenant’s budgets, many are being driven toward more affordable options or out of the rental market entirely.

Rentals Under $600 Per Week Remain Hot

The sub-$600 per week market remain in high demand, with strong interest across both units and houses, particularly in Adelaide’s north-east and eastern suburbs. At TOOP+TOOP we have noticed that units in suburbs like Hectorville, Paradise, and Norwood have become hotspots for tenants. However, limited availability and ongoing financial pressures are pushing renters to make adjustments, such as moving back home and looking for shared accommodation.

Market Stabilises as Affordability Hits Its Limit

The Adelaide rental market is beginning to stabilise as it approaches an affordability ceiling, driven by significant rent increases in the past two years. With a 11.8% rise over the past year, the median rent now stands at $570 per week pushing many tenants to their affordability limits, indicating the pace of rent growth is likely to slow in the coming months.