Property Management’s market update for January

During January, we received 528 applications and leased 47 homes. We saw many keen renters at our open homes, with 708 groups in attendance. 

Toop&Toop’s most popular rental locations in January were Anzac Highway, Plympton, which received more than 220 enquiries and Murray Terrace, Oaklands Park, with almost 130 enquiries.  

The average weekly rental amount for newly leased properties was $484. We are seeing a high level of enquiry for properties in the $300 to $400 bracket.  

The South has been our most competitive market, with more than 30 groups at some open homes. This has been  driven by low stock levels and high demand for affordable rentals. 

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The January report from property analyst CoreLogic demonstrated Adelaide’s strong position in the nation’s real estate market.  

Adelaide’s rental rates grew four per cent from 3.3 in December to  3.7 in January.  

Adelaide’s gross rental yield remained at 4.3 per cent, demonstrating the stability of the rental market in the early months of 2021. 

 “Adelaide’s vacancy rate remains low and there is a strong demand for properties around in the affordable bracket of $300- $550 per week,” General Manager of Property Management Jane Looker said.  

“During the pandemic, we have found that many of our tenants have remained in their properties, keeping rental options tight”.   

“Owners reassessing their financial situations, with many selling to relocate funds, has also made the market in Adelaide as they take advantage of SA’s very buoyant sales market”. 

“I believe that people are choosing to rent in Adelaide because of its affordability, the rise of remote working and South Australia’s effective management of the COVID- 19 pandemic.” 

Toop&Toop