Property Management's Market Update for October

October was a rewarding month for Toop&Toop Property Management.

We saw a 14 per cent increase in applications received with a steady number of 340. The team leased 43 properties, nine more than during September, further proving that Adelaide's rental market is heading for strong demand towards the end of 2020.

Our open home attendance also grew significantly. Last month, we welcomed 535 groups through open homes, a 35 per cent rise from September.

Toop&Toop's most popular rental locations were Salisbury with 195 properties, Hawthorn (145) and Blakeview (103).

Family homes priced at an average of $430 per week located in the east and north-east were most attractive to tenants in October. Apartments, however, received the lowest level of interest in comparison to properties offering suitable space and amenities for growing families.

There was also an increase in activity due to interstate relocations. This demographic was primarily looking for properties in the eastern suburbs.

The latest report from property market analyst Core Logic, showed that South Australia's annual change in rental rates remained at 2.6 per cent, again highlighting the stability of Adelaide's rental market. The report also detailed a 6 per cent growth in Adelaide's gross rental yields, a 1.6 per cent increase from the previous month.

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Toop&Toop landlords were saved $2,800 in maintenance and call out fees through our ToopHome app in October.

"We have been fortunate in Adelaide with the containment of COVID alongside a healthy sales and rental market," Toop&Toop General Manager of Property Management Jane Looker said.

The steady growth of owners who have purchased investment properties for the transactional purpose of receiving great returns has kept consumer confidence at a high.

"Adelaide's market across the board has been solid," Jane said.

"Even though some renters have chosen to stay in their current homes, many have decided to upgrade with confidence and have kept the middle bracket of rentals strong through October."

Toop&Toop