Property Management's market update for August

Toop&Toop Property Management received 232 rental applications and leased 42 rentals over a four-week period. We also welcomed 435 groups through open homes, with an average of four groups per inspection.

Toop&Toop’s most popular rental locations in August were Mitchell Park with 129 enquires, West Beach (120) and Morphettville (104). These numbers underline the emerging popularity of Adelaide’s southern suburbs which provide renters with affordability, more space and close vicinity to some of Adelaide’s best beaches.

According to realestate.com.au, there has been increased demand for rentals in the Adelaide Hills, as well as the eastern and western suburbs.  

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The August report from property market analyst Core Logic showed that South Australia’s annual change in rental rates grew 2.5 per cent in comparison to falling values around the country. The report also highlighted Adelaide’s 4.4 per cent growth in gross rental yields, despite changes to the JobKeeper and JobSeeker payments.

Unlike other states and territories that had vacancy rates of up to 3.6 per cent, Adelaide held steady with a rate of 0.9 per cent, further proving the resilience of South Australia’s real estate industry, as well as the demand for high-quality rentals.

Moreover, August results from Toop&Toop’s custom-built app ToopHome showed that landlords saved $2800 in maintenance and call-out fees after using our smart technology.

August has shown that Adelaide’s rental market held strong and will continue to grow as we progress further into spring and summer.

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