The four-bedroom home at 167 Zuccoli Pde, Zuccoli, is for rent for $700 per week. Picture: realestate.com.au
Darwin is the second most expensive capital city to rent a house in with new data showing tenants are forking out $50 more a week on average compared to a year ago.
The latest PropTrack Market Insight Report showed the median dwelling rent in Darwin was sitting at $600 per week.
This figure was unchanged across the September quarter but up 2.6 per cent, or $15 per week, compared to a year ago.
PropTrack director of economic research, Cameron Kusher said house rents in Darwin rose 2.9 per cent, or $20 per week, over the quarter to $700 per week.
“This marked a 7.7 per cent increase compared to September 2023, costing renters an additional $50 per week,” he said.
This placed Darwin as the second most expensive capital city for house rentals, behind Sydney ($780 per week) and tied with ACT.
PropTrack director of economic research, Cameron Kusher. Picture: Supplied
In the unit market, rents were sitting at $560 per week, up 1.8 per cent across the quarter and 5.6 per cent year-on-year.
In regional Northern Territory, the median rent was $500 per week in September, up 2 per cent in the past three months but unchanged compared to a year ago.
House rents in regional NT had increased 1.8 per cent in the year to September to sit at $580 per week while unit rents dropped 4 per cent to $408 per week.
The PropTrack report found national median weekly advertised rents were $610 in September, up 1.7 per cent for the quarter and 7 per cent year-on-year.
This represented the weakest annual rental growth since September 2021.
“While the cost of renting remains higher than a year ago, the pace of price growth has slowed,” Mr Kusher said.
“This reflects an easing of rental market pressures, which we expect to continue.
“With more stock available for rent, and the cost of renting rising at a pace above inflation over recent years, the capacity to pay rent is now impacting demand.”
The property at 32 Kapool Cres, Malak, is for rent for $590 per week. Picture: realestate.com.au
Mr Kusher said Sydney remained the most expensive capital city to rent a home, with the median advertised rent unchanged over the quarter and 5.8 per cent higher across the year, taking rents to $730 per week.
“Perhaps surprising to many would be the fact that the median advertised rent in Melbourne, at $570 per week, was cheaper than all other capital cities except Hobart,” he said.
“Although the pace of rental growth is slowing and more stock is available for rent, supply remains low.
“However, we anticipate more balanced conditions in the coming months.”
ANNUAL CHANGE TO WEEKLY MEDIAN RENTS
Darwin dwellings: $600 (+2.6%)
Darwin houses: $700 (+7.7%)
Darwin units: $560 (+5.6%)
Regional NT dwellings: $500 (0%)
Regional NT houses: $580 (+1.8%)
Regional NT units: $408 (-4%)
National dwellings: $610 (+7%)
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