SA Hindmarsh Island: Rents surge 95.9% for the quarter, up 246.7% for the year, wow!

Discussion in 'Property Market Economics' started by Robert Chatsworth, 25th May, 2022.

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  1. Robert Chatsworth

    Robert Chatsworth Well-Known Member

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    Calling all investors:

    This is the current rental growth for Hindmarsh Island.


    5214.png
     
    Robert Chatsworth, 25th May, 2022
    #1
  2. Simon Hampel

    Simon Hampel Founder Staff Member

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    LOL - there is exactly 1 property for rent currently on Hindmarsh Island - a 3BR house for $470pw.

    If it rents, the drop in rents for the postcode will be catastrophic.

    It's pretty clear that the previous place to rent was much more expensive.

    This is where understanding volume is critical to analysing numbers - very low volumes can have very extreme impacts on these types of figures.
     
    Simon Hampel, 25th May, 2022
    #2
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  3. Robert Chatsworth

    Robert Chatsworth Well-Known Member

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    SQM (where the above data is from) suggests there are 31 properties for rent, with a vacancy rate of 2.6%

    5214 Vacancy Rates.png
     
    Robert Chatsworth, 25th May, 2022
    #3
  4. Simon Hampel

    Simon Hampel Founder Staff Member

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    RealEstate.com.au has 1 property listed, a genuine long term rental for $470 per week

    Domain has 3 properties listed, all three being short term holiday rentals with the rental price listed as their weekly stay rate.

    One place at 44 Sidney Parade was sold in 2020 for $430,000 and is rented for $271 per night on Stayz and is listed on Domain for $1,557 - which I presume is the weekly holiday rental.

    So I'd suggets that SQM is not getting accurate data when real estate agents are listing holiday rentals in with long term rentals.
     
    Simon Hampel, 25th May, 2022
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  5. Baker

    Baker Well-Known Member

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    Hindmarsh Island was way better before the bridge and you had to get the punt across. In the 80s, there was a caravan park bottle shop there that would sell to teenagers without id check, they were just happy to get the business.

    Ahh, good times. *old man rocks back in chair*
     
    Baker, 25th May, 2022
    #5
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