Where median rents have dropped in the past year
New data from PropTrack’s latest quarterly rent report show there are 11 suburbs and towns in South Australia where weekly rents have dropped over the past 12 months.
While that might be true on paper, real estate experts say it doesn’t mean tenants are seeing rental relief, and that some market insight is needed to provide context to any data reporting median rent declines, particularly in metropolitan markets.
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According to the data, Findon units have seen the greatest decline in median weekly rents over the past 12 months, down 8.5 per cent from $470 last February, to $430 last month.
Hectorville unit median weekly rents are also down 5.3 per cent from $520 to $493, and the median weekly rent has also dropped for Semaphore houses, Semaphore Park units and Sellicks Beach houses.
Turner Real Estate chief executive officer Emma Slape said the data should not immediately be interpreted as tenants receiving rental reductions.
| Where weekly rents have dropped (12 months) | ||||
| Suburb | Property type | Weekly Rent Feb 2025 | Rent Feb 2024 | YoY decrease |
| Findon | Unit | $430 | $470 | -8.5% |
| Roxby Downs | Unit | $320 | $340 | -5.9% |
| Risdon Park | House | $330 | $350 | -5.7% |
| Hectorville | Unit | $493 | $520 | -5.3% |
| Port Augusta | House | $300 | $315 | -4.8% |
| Semaphore Park | Unit | $490 | $510 | -3.9% |
| Whyalla | Unit | $250 | $260 | -3.8% |
| Roxby Downs | House | $380 | $390 | -2.6% |
| Semaphore | House | $670 | $678 | -1.1% |
| Port Lincoln | House | $450 | $455 | -1.1% |
| Sellicks Beach | House | $540 | $545 | -0.9% |
* Source PropTrack
“Certainly a lot of stock that has been sold to owner occupiers over the last two to three years were previously rentals,” Ms Slape said.
“In the case of family homes, they would have been the higher priced rentals, but they are not as many left in the rental stock now.
“The data needs to viewed from all angles.”
Ms Slape said she was seeing a flattening of prices, but not a consistent pattern of rental drops.
“We are seeing properties being listed for rent and the price dropped after being on the market for a period of time, but the price at which the property is leased is generally in line with what we would have let the property for 12 months ago,” she said.
Turner Real Estate chief executive Emma Slape. Picture: Brad Griffin
“Of course many tenants may be hoping for a fall in rental prices, but the reality is more around stability than growth, after three years of some considerable rises.”
Regionally, the data shows median weekly rents have dropped for Roxby Downs units and houses, Risdon Park, Port Augusta, and Port Lincoln houses, and Whyalla units, with the biggest drop of those being 5.9 per cent for Roxby Downs units.
Raine and Horne Roxby Downs Property principal Craig Sumsion said the figures didn’t represent tenants having their weekly rents slashed, rather they painted a picture of the overall pool of properties available.
| Where weekly rents have increased the most (12 months) | ||||
| Suburb | Property type | Weekly Rent Feb 2025 | Rent Feb 2024 | YoY increase |
| Noarlunga Downs | House | $580 | $480 | 20.8% |
| Murray Bridge | Unit | $325 | $270 | 20.4% |
| Payneham | Unit | $480 | $400 | 20.0% |
| Elizabeth Grove | House | $450 | $380 | 18.4% |
| Unley | Unit | $550 | $465 | 18.3% |
| Pooraka | House | $565 | $480 | 17.7% |
| Kensington | Unit | $550 | $470 | 17.0% |
| Seaton | Unit | $468 | $400 | 16.9% |
| Evanston Gardens | House | $540 | $463 | 16.8% |
| Brahma Lodge | House | $560 | $480 | 16.7% |
* Source PropTrack
“We have a transient town – people come and go all the time – and what we’re seeing is rental prices haven’t moved a real lot.
“There are less of the more expensive properties available at the moment, as people who move into these are staying put and not moving around.
“People who taken on the cheaper rentals are more likely to move – because we have a lot of movement throughout the town – we’ll see 20 per cent of the town turn over in a 12 month period.
“There are far more three-bedroom, one-bathroom homes being rented as opposed to four-bedroom, two bathroom homes, and that naturally pulls down a median.”
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