At the time of writing this month’s update there is relief mixed with trepidation after the SA ‘circuit breaker’ lockdown is somewhat lifted.
The planned state-wide ‘circuit breaker’ for Adelaide’s coronavirus cluster seems largely predicated on a lie. DB Philpott moved quickly to put in place contingency plans for the lockdown, but we were well prepared and able to maintain continuity of service to our clients and customers.
The Woodville and Parafield Clusters are still very real. Although we expect the state government’s restrictions on real estate auctions and open inspections to lift from midnight on Saturday, we will be restricting numbers of people through opens. Our ability to trace visitors at auctions, open homes and our office is a priority. At this stage routine inspections for the balance of November will be completed remotely. Maintenance work will go ahead in accordance with our office COVID policy. We are asking non-essential visits to our office to be deferred.
The health and safety of our staff, clients, and customers is the agency’s number 1 priority.
We do not envisage that a tightening of restrictions will dampen the sale or rental market. The stock level of property for sale is down 34% or so on the same time last year. With less stock there will be upward pressure on property prices. The October 2020 Northern Adelaide Vacancy Rate sits at .5% while Greater Adelaide Vacancy Rate sits at .8% – we are feeling the pressure with large numbers through properties and shorter turnaround times on vacant property.
With plenty of demand for rentals some landlords are asking is now the right time to pass on that deferred rent increase. We are saying that landlords should recognise the impact that COVID-19 has had on tenants. Tenants are more likely to work in the casual workforce and less likely to have savings to fall back on. Landlords have been able to increase rent since 8 October 2020 if the tenant is not adversely affected by the pandemic. Most landlords have opted however to leave rent unchanged in 2020 with the view to adjusting rent in 2021 if warranted.
On a less serious note; did you know Australian homeowners are holding onto their properties for longer than they were a decade ago. Rising house prices and transactional costs as well as an ageing population are key reasons why Australians are staying put for longer.
Use the interactive in the link below to discover the average hold period for properties in your suburb
Thank you for your ongoing support!
Regards David, Benjamin & the Team at DB Philpott Real Estate