SA’s biggest rental winners and losers revealed in PropTrack report

Rents have increased by almost $13,000 a year in one SA suburb, a new PropTrack report shows. See the 40 biggest rental winners and losers here.

Ever-climbing rental prices across Adelaide paint a grim picture of the state’s market, with renters in some suburbs paying almost $250 more per week – or almost $13,000 more than they were this time last year.

According to new PropTrack data, houses in Glen Osmond have seen the biggest increase in weekly rents over the past 12 months, up a whopping $245 per week to $875 from $630 this time last year.

That’s an increase of 38.9 per cent.

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Hazelwood Park homes – a combination of houses and units – in Adelaide’s leafy eastern suburbs had the second-highest jump, with weekly rents up $235 to $650.

This time last year they were sitting at $415 – 56.6 per cent below where they are now.

Two other suburbs recorded rental increases of $200 per week – Medindie houses on Adelaide’s northern fringe and Stirling homes in the Adelaide Hills – while Kensington Gardens and Stirling houses nipped at their heels with a $190 per week increase.

Data supplied by PropTrack.

PropTrack economist Angus Moore said while bad news for renters, the market is performing strongly for investors.

“The Adelaide rental market is one of the tightest in the country at the moment, and that’s evident in vacancy rates,” Mr Moore said.

PropTrack economist Angus Moore. Pic: PropTrack

“This measures the number of currently available rentals on realestate.com.au relative to the total number of rental households across Adelaide.

“At the moment they are below 1 per cent, or, for every 100 renter households there are fewer than one available rental.

“We’d consider anything below 2 per cent as pretty tight, and anything below 1 per cent as extremely tight.”

Adelaide’s rental market continues to kick goals, which is great for investors, but not so crash hot for renters. Pic: iStock.

Mr Moore said while not every suburb had seen the sort of growth of the aforementioned suburbs, Adelaide’s market was growing at a fast pace.

“Looking across Adelaide broadly we’ve seen growth in the order of 10 per cent for advertised rents over the past year, which is extremely quick growth,” he said.

Data supplied by PropTrack.

But it wasn’t all good news for investors. Goolwa South houses took a $390 per week, or 48.8 per cent hit, with weekly rents dropping to $410 from $800 this time last year.

Homes in Goolwa South – again, a combination of houses and units – copped the second biggest blow, dropping $300 per week to $400.

Weekly rents for Kingston Park homes dropped by $105 per week to $620, while rents for both Henley Beach South and Unley Park dropped by $100 per week.

Some of Adelaide’s investment property owners raked in an extra $13,000 over the past year. Pic: iStock

Despite drops in some areas, Mr Moore said rental prices were tipped to hold.

“There’s probably not a lot of relief for renters in the near term, just because of how low vacancy rates are at the moment – there are strong demand for rentals and just not a lot of available supply,” he said.

“The possible silver lining is that we are starting to see a bit more investor activity than was the case during the pandemic, and the number of new investment properties coming into the market is higher than what we had been seeing and we are seeing fewer investors sell out.”