Wallaroo takes top spot for all the wrong reasons

Will Hunter, Yorke Peninsula Country Times

Rental properties on Yorke Peninsula continue to be a hot commodity as new data reveals the region continues to be under severe rent stress.

There were only 14 private rentals properties — eight on the Copper Coast and six across the rest of YP — advertised on realestate.com.au as of Tuesday, August 1.

This comes as Wallaroo placed fourth in a ranking of the country’s most rent stressed suburbs, scoring 89 out of 100 in Suburbtrends’ Rental Pain Index.

Kadina and Moonta scored 65 and 73 respectively, while the rest of YP  scored more than 50.

Suburbtrends founder Kent Larder said the analysis compared factors such as the percentage of advertised rentals, vacancy rates, average 12-month rental increases and average rent price as a percentage of income to calculate the rental pain tenants are feeling.

WardleCo Real Estate property manager Renae Shearer said the data was unsurprising as more tenants were competing for a smaller number of properties region wide.

“We’ve normally got a list of clients we notify when something becomes available, so houses never sit empty for long,” she said.

“The demand for these houses clearly outranks the supply and has for the past two to three years.

“I think the market is only going to get tighter — as leases become due, I believe some landlords will sell because the market is so strong, meaning even fewer rentals will be available.”

Ms Shearer said Covid had accelerated a shift of buyers purchasing to occupy their homes or utilise them as holiday rentals rather than letting them to long-term tenants.

“I can’t remember the last property we sold here (in Moonta) which was rented back out,” she said.

“Investment purchases are getting harder with rising interest rates and new reforms favouring tenants, which  makes fewer people inclined to purchase for investment.” 

Moonta Bay resident Lucia Spithoven relocated from Eyre Peninsula earlier this year for a job in real estate.

She said it was extremely difficult to secure a property despite working in the industry.

“I applied through multiple agencies and just could not secure anything,” she said.

“I was due to start work and still hadn’t found anything, so I had to make calls to the local storage companies to see where I could store my furniture — I was prepared to live out of a  caravan park until a property became available just so I could start work.

“None of them had any space available for months.

“I managed to store my items with a company in Tumby Bay, but the owner  quite literally cleared out his own storage locker as they too had no space to  spare.”

Ms Spithoven said she believed the lack of available rentals in the region would deter others from relocating to fill crucial job vacancies.

“Fortunately, I got a call to say there was a property available for me in Moonta Bay, which was a dream come true but, if I didn’t get that call, I would have had to delay my start date,” she said.

“It is crazy how thankful you are to have a roof over your head these days.”

This article appeared in The Buloke Times, 1 August 2023.