Darwin Rental Market Update - February 2020
We have the latest Darwin rental market figures which is good news for current landlords, still the best place to invest for future investors and still an affordable market for tenants.
Darwin February 2020 Rental Market Update.
What an end to 2019 and start to 2020 we’ve had. We’ve been leasing properties at market leading rates, and we’re starting to see rents increase. The latest report on the market has just been released by the REINT and here’s some numbers that will make landlords a little bit happier:
The Darwin average rent for a three bedroom house is $471pw, up 12% this quarter and 2.5% from the same time last year. And for a 3 bedroom apartment the average weekly rent is $400pw which us up a huge 5.3% from this time last year. This is great news for investors in the CBD apartments that have endured the downturn.
The Darwin vacancy rate is 7.7% down 1% from this time last year And the Absolute Real Estate vacancy rate has been well ahead of the average Darwin vacancy rate all throughout 2019. Read more about it here. Including a number of properties that were 0 days on market.
Currently our vacancy rate for January is 3.2% and we've let 13 properties in 3 days!
Yields are up in Darwin by about 0.6% compared to this time last year. Which is still great news for investors and represents the best value for money property investment in an Australian capital city; as has been the case for the past few years.
And only yesterday (04 Feb 2020), The NT News wrote about the upturn quoting the REINT CEO, Mr Quentin Kilian as saying
People in the rental market were also taking more action. Mr Kilian said he was more excited for the year ahead than he had been for awhile. “I’m quietly confident that 2020 will be a stabilising year in our market,” he said.
For more information on what the rental market is doing and how to attract the best tenants for your property, please contact us here.