Regional rental vacancies rise slightly
Regional SA recorded the highest rental vacancy rate of all Australian regional areas in October, surpassing the national average.
A new report from PropTrack saw regional South Australia record the highest monthly increase in rental vacancy rates nationally in October, to 1.86 per cent. The regional areas national average rate was 1.17 per cent.
SA was the only state to see any increase in vacancy rates both quarterly and annually, with a 0.28 percentage point quarterly rise and 0.62 percentage point annual increase.
“Rental conditions improved in all capital cities and regional markets over October, with the national vacancy rate now 0.21ppt higher than at the same time last year,” REA Group senior economist Anne Flaherty said.
Adelaide’s rental vacancy rate sat at 1.13 per cent in October, a lower rate than the national capital city average of 1.43 per cent, and the total national average of 1.36 per cent.
There were 28 houses available for rent in Adelaide in the last month and 965 interested renters, according to realestate.com. Median rent was $640 per week – a 12.3 per cent annual increase.
The median weekly rent across metropolitan Adelaide in the June quarter was $450, compared to $300 across the rest of the state.
Units in Adelaide saw high demand in October, with 3041 renters interested in the 199 units available.
“Despite the improvement, rental supply remains well below pre-pandemic levels, with 35 per cent fewer properties available for rent,” Flaherty said.
Adelaide’s rental vacancies remained 23 per cent lower than in March 2020.
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The national vacancy rate reached its highest level since July 2023 at 1.36 per cent, a 0.19 percentage point increase from the previous month.
“While rental supply improved across both capital city and regional markets in October, there has been greater relief for renters in cities,” Flaherty said.
“Over the past year, vacancy rates in capital cities rose by 0.33ppt, while the combined regional areas remain 0.13ppt lower than a year ago.”
Regional SA’s vacancy rate saw nearly double the decrease since March 2020 with a 41 per cent decrease in vacancies.
“Compared to March 2020, there were 45 per cent fewer properties available for rent in Australia’s regional areas compared to a 32 per cent drop in the capital cities,” Flaherty said.
