The property market in South Australia has seen wonderful return on investment over the course of the last 12 months, with median house prices reaching $389,000 and median unit prices reaching $300,000 across the state.
Looking to the state capital, cultural monolith, Adelaide, host of Rundle Mall and world class wineries in Barossa, property values have gone through a growth spurt, soaring 4.6% for houses and 3.9% for units over the year, showing promise for lower property management fees. Regional opal mining town, Coober Pedy, has retained their assets, with only 9 properties being sold throughout the year.
There is a general trend in South Australia, where a property manager will usually charge 1 – 4 weeks rent as an initial fee and 5 – 10% as a recurring fee thereafter. This is subject to various forces, as metropolitan cities, like Port Lincoln, leaning in the Great Australian Bite, will have generally higher property prices and more agents in the area, leading property management fees to be lower than the state average. This is not the case in rural and regional areas, however, as those same factors can cause higher fees.
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