- The Adelaide rental market appears to be generally stabilising.
- Some areas, however, recorded notable vacancy rates falls between June and July.
- Several top 20 suburbs have featured on previous lists for desirability and livability.
Adelaide rental properties are tough to find and are becoming more expensive.
Recent CoreLogic data revealed that out of all Adelaide rental suburbs analysed, 100% recorded an annual rent rise.
Prices for Adelaide property rentals have also jumped some 10.3%, annually, according to PropTrack data, with regional South Australia also recording a 9.4% jump in rents.
Adelaide property rentals are far and few between, with Adelaide vacancy rates sitting below 1% since late 2020, according to SQM Research, and slipping below 0.5% in early 2022.
Renters had a glimmer of hope earlier this year when rental vacancy rates across the nation moved up from 0.8% in April to 0.9% in May, then 1% in June, according to Domain data. Those hopes were quickly dashed when the July results found national vacancy rates dipped back down to 0.9%.
Adelaide’s rental market was a little more varied but remained well under the 0.5% mark. Domain recorded a 0.3% vacancy rate for Adelaide in March this year, which moved up to 0.4% in April. May saw the rate dip back down to 0.3%, with June and July both recorded 0.4% vacancy rates.
Adelaide vacancy rates
While finding a rental property in Adelaide appeared to become marginally easier, some suburbs still saw significant dips in rental property availability, according to Suburbtrends.
Top 20 falls in vacancy rates for Adelaide
- Fleurieu – Kangaroo Island,
- Outback – North and East,
- Port Adelaide – West,
- Burnside,
- Holdfast Bay,
- Adelaide City,
- Eyre Peninsula and South West,
- Tea Tree Gully,
- Gawler – Two Wells,
- Charles Sturt,
- Playford,
- Onkaparinga,
- Mitcham,
- Unley,
- Salisbury,
- West Torrens,
- Campbelltown,
- Adelaide Hills,
- Port Adelaide – East, and
- Limestone Coast.
Suburbtrends analysed rental markets around the nation and identified key regions that recorded substantial falls in vacancy rates over the past four weeks. The fall comes despite the small uptick in rental availability recorded a few months earlier.
“Our analysis shows a significant drop in vacancy rates across 50 regions,” said Suburbtrends’ founder, Kent Lardner.
“Contrary to the uptick we observed in June, it seems that trend was more of a blip. The market has adjusted downwards again, with decreases recorded in every capital city.”
The report details the changes in vacancy rates across different Statistical Area (SA3) regions.
“We’ve strategically used SA3 data to provide a stable, reliable view of the rental market trends month-to-month, while incorporating suburb-level data to highlight local nuances,” Lardner explained.
Top 20 South Australian vacancy rate falls between June and July 2023
| Rank | State | Area (SA3) | Suburbs with falling vacancies to watch | Area vacancy June 2023 | Area vacancy July 2023 | Change |
|---|---|---|---|---|---|---|
| 1 | SA | Fleurieu – Kangaroo Island | Victor Harbor(-4), Encounter Bay(-4) | 1.7% | 1.1% | -0.6% |
| 2 | SA | Outback – North and East | Port Augusta(-5) | 3.1% | 2.6% | -0.5% |
| 3 | SA | Port Adelaide – West | Largs North(-5) | 0.9% | 0.5% | -0.4% |
| 4 | SA | Burnside | Linden Park(-4), Kensington Gardens(-4) | 1.6% | 1.3% | -0.3% |
| 5 | SA | Holdfast Bay | Seacliff(-4) | 1.6% | 1.3% | -0.3% |
| 6 | SA | Adelaide City | Adelaide(-17) | 1.3% | 1.1% | -0.2% |
| 7 | SA | Eyre Peninsula and South West | Whyalla Norrie(-7), Whyalla Norrie(-7) | 1.2% | 1.0% | -0.2% |
| 8 | SA | Tea Tree Gully | Modbury Heights(-2), Modbury North(-2), St Agnes(-2), Greenwith(-2) |
0.8% | 0.6% | -0.2% |
| 9 | SA | Gawler – Two Wells | Two Wells(-3) | 0.9% | 0.7% | -0.2% |
| 10 | SA | Charles Sturt | Henley Beach(-5), Seaton (-6) | 0.9% | 0.8% | -0.2% |
| 11 | SA | Playford | Davoren Park(-4), Munno Para West(-5), Angle Vale(-5) |
0.8% | 0.6% | -0.2% |
| 12 | SA | Onkaparinga | Aberfoyle Park(-4), Flagstaff Hill(-4), Christies Beach(-5) |
0.9% | 0.7% | -0.1% |
| 13 | SA | Mitcham | Lower Mitcham(-2), Urrbrae(-2) | 1.0% | 0.9% | -0.1% |
| 14 | SA | Unley | Goodwood (-5) | 1.4% | 1.3% | -0.1% |
| 15 | SA | Salisbury | Paralowie(-7) | 0.8% | 0.7% | -0.1% |
| 16 | SA | West Torrens | Glenelg North(-7) | 0.8% | 0.8% | -0.1% |
| 17 | SA | Campbelltown (SA) | Tranmere (-5), Athelstone(-5) | 1.1% | 1.1% | -0.1% |
| 18 | SA | Adelaide Hills | Mount Barker(-3), Mount Torrens(-2) | 1.2% | 1.2% | -0.04% |
| 19 | SA | Port Adelaide – East | Windsor Gardens(-4) | 0.6% | 0.6% | -0.04% |
| 20 | SA | Limestone Coast | Naracoorte(-2), Kingston Se(-2), Robe(-2), Millicent(-2), Southend(-2) |
1.4% | 1.4% | -0.03% |
Source: Suburbtrends.
Are they Adelaide’s best places to rent?
Several Adelaide areas and suburbs that appear on the above list have repeatedly featured on other lists for affordability, livability, desirability, and more.
Onkapargina was one standout suburb that featured on several previous lists, including top 20 best investment suburbs in Adelaide, top 20 suburbs where investment performance outpaced inflation and interest rates, suburbs that will perform well in 2023, top 10 most undersupplied markets, suburbs most impacted by interest rate hikes, and tightest vacancy rates.
The region of Playford also commonly featured, and is pleasingly, one of the most affordable locales. Playford likewise featured in various investment performance lists, and is tipped for growth this year. Playford was another SA3 region that hit vacancy rates as low as 0.1% in 2022.
Unley commonly featured in various ‘most expensive’ lists, including most expensive suburbs in Adelaide, most expensive streets, and most expensive houses. The area is also commonly considered to be one of Adelaide’s premier places to live, and a very safe area.
