Artwork for regional rents story
Rents have soared right across the state in the past year but growth for units in one area is nothing short of staggering.
Latest PropTrack figures show the median advertised rent for a unit in regional SA surged 18.3 per cent in the 12 months to the end of March to $355 per week.
It was the highest rate of growth recorded among not only all the regional areas across the country but also the capital cities.
Despite the growth, regional SA was still the most affordable place to rent.
Real Estate Institute of South Australia chief executive Andrea Heading said there were several reasons behind the rise.
Real Estate Institute of South Australia chief executive Andrea Heading. Picture: Supplied.
Affordability was a major factor, she said, as people moved to regional areas seeking cheaper places to live.
Industries, particularly in areas like Port Augusta where workers were needed, were also luring tenants.
Ms Heading said both had led to an increase in demand, which was bumping rent prices up.
“We’ve seen an increase in what household size looks like now too,” she said.
“We’re certainly seeing more applications, if the house allows, for more people sharing accommodation costs.”
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Ms Heading said interest rate rises were also playing a part because some landlords were having to up rents to cover that increased cost.
The state government had taken several steps to minimise those rises though, she said, like limiting bond payments and capping rent increases.
“The big thing with the rental tenancies reform that came into affect from 2024 is that there can only be one rent increase per year, and that has to be in proportion to what’s happening in the market,” Ms Heading said.
Turner Real Estate chief executive Emma Slape. Picture: Brad Griffin.
House rents were also up across regional SA – 7 per cent for the year to $460 per week – as were rents across Adelaide, but not as much.
Turner Real Estate chief executive Emma Slape said last week that the rises weren’t impacting everyone.
“I think it really comes down to the price point,” she said.
“In some areas it’s still really hard and in other areas we’ve got properties sitting there and can’t move because they’re overpriced.
“If a property is overpriced for the area, they don’t let.”
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