Written by Brendan Simpkins
It is no secret that Adelaide’s house prices are some of the lowest in the Country.
But how does the City’s rental prices stack up against the rest of Australia’s Capital Cities?
Renting has become a popular housing option given it’s relatively (or perceived) affordability.
As Australia’s population has increased over the last 10 years, it has created growth in the amount of houses and units hitting the market as rentals.
In the last year alone there has almost been a 10% increase in advertising for rental properties.
According to data collected by CoreLogic, from January 2016 up until January 2017, 362,708 houses were advertised for rent and 287,233 units were advertised for rent nationally.
This saw a rise of 8.7% in advertising for houses and 9.3% in advertising for units.
Since January in 2007, the amount of houses listed for rent has risen from just over 100,000 to almost 400,000 in January 2017.
Likewise, the amount of units listed as well has risen since 2007, from under 100,000 up to 250,000 in 2017.
CoreLogic’s data released late last month showed that Adelaide is the 7th most expensive City in the Country, with a median house price of $435,000.
Only Hobart ranks lower with a median house price of $374,000.
It should come as no surprise then that Adelaide has the cheapest average rent prices out of the big 5 Capital Cities.
According to data released by realestate.com.au, Adelaide has an average rent price of $410, slightly cheaper than Perth whose median rent is $420.
By contrast, Sydney averages $700 a week while Melbourne averages $530.
It appears as though people have begun flocking to the city, as visits per property has increased by 12% compared to this time last year.
There has also been an average of 261 visits per property in the CBD as demand continues to grow.
Expect those numbers to steadily increase by this time next year as high rise apartment blocks reach completion all across the city, and new developments hit the pipe line.
Not only is South Australia one of the most affordable states in the country, it also boasts one of the cheapest capitals for those looking to rent.
With affordability across the board, it is only a matter of time before we see an increase in housing investments from the rest of the Country and beyond.