Darwin’s tough rental market easing – realestate.com.au

News Corp Australia Network

Darwin’s rental market remains tight across all price points despite a slight easing in the vacancy rate.

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The Darwin vacancy rate remains low however latest figures show a slight easing in the rental market.

The latest PropTrack Market Insight report found the vacancy rate in the NT capital rose by 0.07 percentage points in July to sit at 1.72 per cent.

The vacancy also increased 0.07 percentage points for the quarter and 0.08 percentage points compared to July 2022.

PropTrack economist and report author Anne Flaherty said while the rental market had stabilised, it still remained tough for potential tenants.

“Compared to pre-pandemic in March 2020, vacancy levels have decreased by 64 per cent,” she said.

PropTrack economist Anne Flaherty. Picture: Supplied

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In regional NT, the vacancy rate was the highest of any regional area across Australia, up 0.07 percentage points in July to sit at 2.23 per cent.

“Over the past quarter, rental conditions in regional NT have tightened, recording a 0.43 percentage point decrease in vacant rentals,” Ms Flaherty said.

“However, vacancy rates have risen by 0.84 percentage points year-on-year.”

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Nationally, rental vacancy rates decreased slightly in July, down 0.04 percentage points to 1.43 per cent.

Regional areas also saw the supply of rental properties fall during July, with the vacancy rate dropping 0.04 percentage points to 1.51 per cent.

“Vacancy is now close to half the level seen since the start of the pandemic,” Ms Flaherty said.

“Lower rental vacancy rates are bad news for renters and reflect fewer rental properties coming to market.”

The Darwin vacancy rate is the highest of any capital city in Australia. Picture: Che Chorley

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Sydney saw rental conditions deteriorate in July, with vacancy rates falling 0.09 percentage points to 1.65 per cent.

Melbourne’s rental vacancy rate held steady at 1.41 per cent in July, however, was sitting 0.82 percentage points lower than 12 months ago – the largest annual drop of any capital city.

Brisbane’s rental vacancy rate was largely unchanged over the month, rising just 0.01 percentage points to 1.15 per cent.

Adelaide and Perth continued to see the tightest rental market conditions, with vacancy still sitting below 1 per cent in these cities.