REAL ESTATE ROBIN TURNER President - Real Estate Institute ADELAIDE ­ a better place to invest in property 40 Adelaide is well known for its few years, with the December 2004 Becoming a landlord out all the commissions, charges, relaxed lifestyle and housing quarter finishing at 2.3 per cent. fees and other services to be Police Journal affordability. Although house In comparison, Melbourne's When buying an investment provided by the agent. prices have risen in the past few residential vacancy rate has moved to property and taking on the role of a The property manager or agent will years, our housing affordability is still the higher level of 3.8 per cent, while landlord, there are many things one carry out inspections on the property, much more reasonable than the Sydney's sits at 2.4 per cent. must consider. Being a landlord is not but the landlord is responsible for the just about buying a property and April 2005 eastern states, and this is helping to Good news to property investors is repairs and maintenance and, ultimately, keep our property market healthy. that weekly rental prices are also renting it out ­ it means understanding ensuring the property is safe. Adelaide is also an excellent location moving forward in Adelaide. Our the legal responsibilities and rights of Your management agency agreement to buy an investment property. Not median weekly rental price is $210, both oneself and one's future tenants. will outline to what extent the tenants or www only is property more affordable, but with growth of 7.7 per cent over the It is recommended that you use a agent can arrange for repairs. .policejournalsa.org.au the market continues to move forward. past 12 months. qualified property manager or agent to If you decide to manage the property Unlike the eastern states, Adelaide's In comparison, Sydney and Brisbane's look after your rental property, as and tenants yourself, you must follow house prices did not experience any prices have not changed at all, while such a person takes a lot of the several rules and processes under the negative growth in 2004. Melbourne's has risen by just 2.3 per responsibilities out of your hands. Residential Tenancies Act 1995. Median house prices in Adelaide cent. Also in the eastern states, the An agent would be familiar with the There can be a lot of time involved in rose by 10.7 per cent over the past entry price to invest in property is provisions of the Residential dealing with tenants and organizing year to reach a median of $270,000 in higher, in line with property prices. Tenancies Act 1995, and responsible repairs, and you will have to handle any the December 2004 quarter. Adelaide has defied the trends of for arranging inspections and reports, complaints yourself. Meanwhile, Sydney and Melbourne's the eastern states by avoiding the advertising the property for lease, house prices decreased by 10.2 per downturn which hit these cities Other things to think about if you are selecting the tenant (with your cent and 1.2 per cent respectively. following the housing boom. planning to buy an investment approval), chasing rental arrears and These drops take Sydney and Adelaide's steady and reliable property are capital gains tax, GST, dealing with any complaints. Melbourne's median house prices to market has allowed both sale and insurance, land tax, security and A "management agency $471,000 and $382,000. rental prices to grow at a more stable maintenance on the property. Your agreement" should be negotiated Getting good returns for an pace, rather than have sharp local property manager or real estate and signed by you and the property investment property is more favourable increases and then sharp drops; and agent is a good source of advice for manager before renting out the in Adelaide. The rental vacancy rate the outlook for the property market all of these important issues. property. This agreement would set has been consistently low for the past remains positive. Award Winning Rental Property Team Hundreds of homes Enough said sold over 19 years Many references available including police officers. 8261 9191 Happy to appraise your home personally. For All Your Property Management Needs Scott Murphy REAL ESTATE Regent Gardens/Modbury/ Scott Murphy Member REISA 8322 6666 or 0419 855 955 Tea Tree Gully & Golden Grove Principal Director A proud supporter of the Police Association of S.A. 497 North East Rd Hillcrest 5086 Real Estate www.elders.com.au/regentgardens