The home at 19, Bul Bul Ct, Ludmilla, is for rent for $850 per week. Picture: realestate.com.au
The Darwin rental market recorded the greatest annual vacancy rate drop in the country last month, despite a slight uptick in October.
The latest PropTrack Market Insight Report found the Darwin vacancy rate rose 0.41 percentage points to sit at 1.39 per cent in October.
REA Group senior economist, Anne Flaherty said this was the greatest monthly rise of all markets.
“However, despite this, Darwin also saw the steepest annual decline, dropping 1.01 percentage points from October 2023 levels,” she said.
In regional NT, the rental vacancy was up 0.2 percentage points to sit at 1.38 per cent in October, but down 0.99 percentage points year-on-year.
REA Group senior economist, Anne Flaherty. Picture: Supplied
“The share of rental properties vacant and available has dropped since the onset of the pandemic in March 2020, down 61 per cent in Darwin and 70 per cent in regional NT,” Ms Flaherty said.
The report showed rental conditions improved in all capital cities and regional markets in October, with the national vacancy rate 0.21 percentage points higher than a year ago to sit at 1.36 per cent.
“Despite the improvement, rental supply remains well below pre-pandemic levels, with 35 per cent fewer properties available for rent,” Ms Flaherty said.
“While rental supply improved across both capital city and regional markets in October, there has been greater relief for renters in cities.
The home at 12 Antoninus St, Bellamack, is for lease for $700 per week. Picture: realestate.com.au
“Over the past year, vacancy rates in capital cities rose by 0.33 percentage points, while the combined regional areas remain 0.13 percentage points lower than a year ago.
“Compared to March 2020, there were 45 per cent fewer properties available for rent in Australia’s regional areas compared to a 32 per cent drop in the capital cities.”
Darwin had the greatest monthly increase (+0.41ppt), followed by Sydney and regional SA, up 0.31 percentage points, regional NT (+0.2ppt) and Brisbane (+0.19ppt).
Regional SA was the only regional market to see an annual increase (+0.62ppt), while regional NT has the greatest annual drop of the regions (-0.99ppt).
Melbourne had a greatest annual increase of the capital cities, up 0.53 percentage points, followed by Sydney (+0.41ppt) and Adelaide (+0.22ppt).
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