Property Management's market update for September

September has proved the consistency of Adelaide's rental market and how demand for high-quality, spacious rentals is at an all-time high, despite the changes brought on by COVID-19.

Last month, Toop&Toop Property Management received 295 rental applications and leased 34 properties.

Our open homes welcomed 396 groups over the same period, with an average of 3.7 groups per inspection.

Toop&Toop's most popular rental locations for the month were Christies Beach with 93 enquiries, Munno Parra (84) and North Adelaide (78). These numbers highlight the continuing trend of people choosing to move further from Adelaide's CBD in search for more spacious living in the suburbs. Moreover, properties located away from the city and priced below $400 per week were our most popular rental segment for September.

The latest report from property market analyst Core Logic showed that South Australia's annual change in rental rates grew 2.6 per cent in comparison to falling values in states impacted by COVID-19. The report also highlighted a 4.4 per cent growth in Adelaide's gross rental yields, displaying a slow but steady return to pre-pandemic conditions on the market. Furthermore, Adelaide's vacancy rate dropped again in September to 0.8 per cent, a level unseen since October 2018 and comparable to numbers in 2010.

Moreover, last month's results from our ToopHome app showed that landlords were saved $2000 in maintenance and call out fees.

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"I am pleased to say that Adelaide is holding its own and marching through to a strong finish to 2020," Toop&Toop General Manager of Property Management Jane Looker says.

"Rents have held and days on market have been minimal in most areas. The city, especially, has began to see some light at the end of the tunnel."

Communication, property presentation and exceptional service will be required for great results at the end of 2020 and the beginning of 2021.

"Legislative rent restrictions were lifted in South Australia. Only those financially impacted by the pandemic will experience rent freezes. This means the rest of the market will be able to move freely without any increases," Jane says.

"Moving forward, owners and agencies need to be assertive as competition for tenants in the last quarter of 2020 and into 2021 will be high.

"Only those who take the extra steps to build relationships with clients and provide great service will see results."

Toop&Toop