The home at 3 Morice Ct, Larrakeyah, is newly for lease for $900 per week. Picture: realestate.com.au
The Darwin rental market eased in September but was still tighter compared to a year ago.
The latest PropTrack Market Insight Report showed the vacancy rate in Darwin increased 0.29 percentage points to 1.21 per cent last month.
REA Group senior economist, Anne Flaherty said this was the greatest monthly increase in rental vacancy of all markets.
“Even so, Darwin saw the second largest decline in rental vacancy over the year (down 0.76 percentage points) of all markets behind only Hobart (down 0.83 percentage points),” she said.
In regional NT the vacancy rate dropped 0.11 percentage points in September to sit at 1 per cent – the third lowest vacancy rate of all markets last month.
RELATED: Sold! Parents auction home to save daughter’s life
Brinkin beauty hits Darwin property market
Less choice for Darwin homebuyers
REA Group senior economist, Anne Flaherty. Picture: Supplied
Regional NT saw the greatest annual decline in rental vacancy of all regional markets, down 0.55 percentage points from September 2023.
“Darwin and regional NT have seen the most significant decline in the share of rental properties vacant and available since the pandemic onset in March 2020 (down 75% and 73% respectively),” Ms Flaherty said.
Of the capital cities, Hobart had the tightest rental market at 0.63 per cent, followed by Adelaide and Perth (1.06%), Brisbane (1.13%), Darwin (1.21%), Sydney (1.56%), Melbourne (1.67%) and ACT (1.74%).
In the regional areas, the tightest market was in Tasmania (0.96%) followed by regional NT (1%), regional Queensland (1.08%), regional Victoria (1.09%), regional South Australia (1.1%), regional NSW (1.18%) and regional WA (1.22%).
The three-bedroom unit at 105/130 Esplanade, Darwin City, is for rent for $1,100 per week. Picture: realestate.com.au
“In unwelcome news for renters, market conditions deteriorated further in September, with vacancies down in both capital city and regional areas,” Ms Flaherty said.
“The easing in rental conditions seen over the first half of the year appears to have come to an end, with the proportion of rental properties sitting vacant trending lower since July.
“Despite the decline seen in September, vacancies are still higher in most capital cities compared to a year ago, with the combined rate up 0.22 percentage points year-on-year.”
Ms Flaherty said in contrast, regional markets have persistently seen vacancies fall, with the combined regional vacancy rate sitting 0.09 percentage points lower than 12 months ago.
“The gap between capital city and regional vacancy rates has consistently widened over the past five months, with regional vacancy now sitting 0.31 percentage points below capital city levels,” she said.
“Compared to March 2020, there were 46 per cent fewer rental properties sitting vacant in September.”
English (US) · 