adelaide property

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Adelaide Auctions top the country

The wet weather was out in force over the weekend in Adelaide but it didn’t stop the buyers. Real estate agents across the city would have been breathing a sigh of relief when the sun shone through the clouds after torrential rain early Saturday morning, and their smiles would have gotten wider as the day wore on.

Though auction numbers were down, Adelaide auction clearance rates were the best in Australia at a very impressive 75.6% from 45 reported auctions. The national capital city weighted average was 69.4% which bettered last week at 66.6% and the 65.1% of this time last year.

Auction volumes were down across the country at a total of 1059 auctions and these numbers combined with the excellent results over the weekend are continuing to support our theory that Winter really is a good time to sell in 2014.

 

*Statistics taken from rpdata.

 

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June Market Update

Australian and Adelaide real estate has been sitting in somewhat of a holding pattern recently, recording very modest growth and realistically only just keeping pace with inflation, according to the most recent release from RPData Rismark.

May 2014 saw the first drop in capital city prices since May last year, and Adelaide did nothing to help that statistic by falling 1.8%. Despite the fall we don’t suggest cause for concern as the quarterly and annual performance suggests the Adelaide market is quite steady (up 1.8% and 4.3% respectively). The combined capitals are up 10.6% with Sydney leading the charge (16.6% growth year on year).

Housing density has also been a hot topic of late so it may come of interest to some that the year on year growth of houses in Adelaide (4.5%) is currently outstripping that of units (1.2%). Rental yields sit at 4.3% for houses and 4.9% for units across Adelaide, both of which compare favourably with the capital city averages.

You can read the entire report at the link below, or contact BLOC Property to see if market conditions are likely to affect your property plans.

RP Data Rismark May Release

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Recent changes to the Residential Tenancies Act

In 2013 a bill amendment was passed that makes dozens of amendments to the Residential Tenancies Act South Australia. The bill came in operation in March 2014 and it has many property managers and landlords asking “How will the new residential tenancies act affect me?”

For our clients and landlords, nothing much changes. As your managers we will adjust to changes in relation to notice periods and ensure compliance in all cases. Access hours to properties will be restricted and a more uniform and stringent approach to notice of entry will be implemented (7-14 days).

One of the more frustrating changes for landlords and property managers alike is that instruction manuals will need to be provided for all appliances in rental properties, including old appliances. This could pose several issues for partly or fully furnished properties.

We will also need to treat abandoned goods and “bad tenants” more carefully. Strict rules regarding entering bad tenants onto databases will apply and accurate records of abandoned goods need to be kept, to avoid fines of up to $2,500.

We believe it is unfortunate that again the law will be further skewed in favour of the tenant and will not provide any extra protection for our landlords. BLOC Property would have liked to have seen better rules around pursuing rental arrears by shortening the period of time before we can issue notices to pursue the tenant, and the allowance for increased bond when pets are being allowed into properties.

You can view a summary of the changes listed by Consumer and Business Services BY CLICKING HERE.

 

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