Adelaide has seen some seriously impressive growth over the last 12 months, as house prices have risen 4.6% and unit prices have risen 3.9%. In the metropolitan eastern suburb of Glenside, containing shopping destination, Burnside Village, auction clearance rates have hit close to 70%. To the southeast, regional suburb, Mount Barker, has performed beyond expectations as well, with 270 properties being sold in the last month. It’s possible that real estate agents will flock to areas with high market activity, increasing property manager competition and thus lowering property management fees.
In the South Australian capital, property management fees typically consist of two fees: the initial fee is a one-time payment of 1 – 4 weeks rent, followed by continual fees that range between 5 – 10% of the monthly rent. In metropolitan and high value areas, like the South-Western beachside suburb of Glenelg, a property manager is likely to charge lower fees, as they require lower percentages to justify taking the listing and there is less competition between property managers. In rural and regional areas, however, the property management fees are often higher, owing to fewer agents, lower housing prices and a lower density of properties.
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