Adelaide’s beachside suburbs are fast becoming South Australia’s most competitive pockets for high-priced executive rentals.
Property managers say the shift in preference from Adelaide’s leafy eastern suburbs to the western coast is building, with interstate and overseas professionals and corporate executives prepared to pay top dollar to lease a beachside home.
Top of the location wish list for executive rentals was Glenelg, said Cullinan Property Management director Jo Cullinan, who has already received several inquiries for a three-bedroom apartment at 29a Adelphi Tce that she started advertising last week for $1250 a week.
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The Glenelg North property at 29a Adelphi Tce is listed for rent at $1250 per week.
The bond is $7500.
“People (executives relocating) from the UK, especially, are told to live (rent) at Glenelg – they’re told not to live anywhere else,’’ Ms Cullinan said.
“It seems to be that the executives come in and, because they have been given an allowance from their companies (for living expenses), they will say, ‘OK, I can go (rent properties) up to this amount’ and then they start looking and say, ‘OK, I’m going to live on the ocean’.
“I recently had a family coming from America … that found (an executive rental) at Brighton and I’ve had (a rental) at The Oaks (complex at Glenelg) go to two doctors from the UK (who signed the lease agreement) site unseen.
“There’s definitely a demand for (beachside luxury rentals) and they all seem to go to either executives or overseas people on a million dollars a year.’’
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The Tennyson property at 41a Military Rd has an asking rent of $1500 per week with a $6000 bond.
It has four bedrooms and three bathrooms.
Ray White Semaphore property management director Sherrie Stow said executive tenancies comprised about 10 per cent of the rental market, with many premium homes leased before they even reached the open market.
She said a Largs North residence was recently secured off market for $1100 a week by a family relocating from the UK, highlighting the strong competition for high-end rental homes and the speed at which they were being snapped up.
Other rental properties currently listed by Ms Stow include a four-bedroom home at 41a Military Rd, Tennyson, for $1500 a week and a three-bedroom home at 213B Lady Gowrie Drive, Largs Bay, for $1200 a week.
“Traditionally, Adelaide’s east was the drawcard for interstate locations,’’ Ms Stow said.
“But as the western suburbs have seen significant improvement in their high streets, amenities and access to great public and private schooling, the beachside suburbs have become incredibly attractive to this market.
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The Largs Bay rental at 213B Lady Gowrie Drive is listed with a weekly asking rent of $1200 and a $7200 bond.
It has three bedrooms and two bathrooms.
“Interstate relocations tend to be driven by location and their budgets often allow them to secure a quality home.’’
Ms Stow expected demand for premium coastal rentals would increase further over the summer, as relocating families looked to settle into their new home before the start of the new school year.
She said a waterfront location, pools and easy access to cafes and “high streets’’ were top of tenants’ wish lists, however limited supply was proving a challenge for property managers.
“Modern, waterfront properties with swimming pools are the most requested and the lowest-supply product in the market,’’ she said.
– By Lauren Ahwan
English (US) · 