Rents in one Adelaide suburb have reached a staggering height, with weekly prices cracking the four-figure threshold.
Unley Park’s median asking rent for a house is now $1050 per week, according to latest PropTrack data.
It’s well above the $600 per week median for Greater Adelaide, but real estate experts aren’t shocked.
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Unley Park is Adelaide’s most expensive rental suburb, with a median weekly rent of $1050 per week for a house.
The Unley Park property at 9 Glen Ave is one of two houses advertised for rent in the suburb, with an advertised price of $1360 per week.
Turner Real Estate chief executive Emma Slape said it wasn’t unusual for houses in the area to be rented for more than $1000 per week because it was such a sought-after suburb.
“Our agency has listed many in the area for over $1000,” she said.
“Malvern is another good example. There’s always people looking in those areas.
“Paying $1000 a week is a high amount of rent though.”
Unley Park, considered one of Adelaide’s best areas, is the city’s most expensive suburb, with a median house price of $3.65m.
Ms Slape said while many people who wanted to live in Unley Park already owned property in the area, others who were high-paying professionals relocating from interstate or overseas, as well as existing residents keen to stay in the area while renovating or rebuilding were willing to rent there.
She said the fact that there were so few rental properties available in high-end suburbs like Unley Park bumped prices up.
While rents were rising right across Adelaide, Ms Slape said the biggest hikes were in the mid-range areas.
“We’re definitely seeing that the average rental price has started to peter out though,” she said.
There were two properties listed for rent on realestate.com.au at the time of writing, both of which had an advertised weekly rent of $1000 or more.
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The Unley Park property at 52A Northgate St is also for rent, with an advertised price of $1000 per week.
Greater Adelaide’s median advertised rent is $600 per week, according to latest PropTrack data.
Magain Real Estate senior property manager Karli Little, who was advertising one of those listing, said the suburb’s location was its biggest drawcard, not necessarily its larger block sizes or type of homes.
“The most common feedback I’m getting is it’s their closeness to the CBD, even King William Rd,” she said.
Ms Little said some properties were sitting on the market for a lot longer as people weren’t as willing to pay the high rents they have previously.
Meanwhile, rents in Stirling, Malvern and Rosslyn Park were the next closest to reaching $1000 per week at $940, $935 and $935 respectively, PropTrack data shows.
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