Landlords with real estate in Adelaide may be pleased to learn that the city’s property market is currently balanced in their favour.
According to the latest Australian Property Monitors Rental Price Series Quarterly Report, house and unit rents in Adelaide increased slightly over the December quarter.
As of December 2013, the median weekly asking rent for a house in Adelaide was sitting at $350, up 2.9 per cent year on year from $340 in December 2012. The median weekly asking rent for units saw even greater growth, from $275 in December 2012 to $285 in December 2013.
Adelaide’s gross rental yields for houses and units also remained steady, hovering at around 2.92 per cent and 5.28 per cent respectively.
These statistics are further evidence of the benefits of owning property in Adelaide, especially when compared to other capital cities such as Melbourne and Sydney, which both saw slight decreases in median weekly house rental prices.
That said, despite this growth, “Adelaide remains the most affordable of all the mainland capitals”, says Australian Property Monitors’ Senior Economist Dr Andrew Wilson. This suggests Adelaide will continue to attract homebuyers for a long time to come, offering both affordability and excellent potential for return on investment.