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Darwin Sees Unit Rent Growth

By Nick Syrimi

Recently released data spells good news for investors eyeing property in Berrimah and other suburbs surrounding Darwin.

On a national basis, data regarding asking rents was mixed, according to an April 10 release from Australian Property Monitors (APM).

“There has been some relief for tenants generally over the March quarter with flat or falling rents reported in most capitals,” said Dr Andrew Wilson, senior economist at APM.

“Sydney, however, continues to record unit rent increases as affordability barriers impact on house rent growth. Melbourne has reversed the recent lengthy trend of flat or falling rents but rises are coming from a low base in what remains a generally tenant-friendly market.”

Meanwhile, while median asking rents for houses remained flat during the March quarter in Darwin, unit rents increased 7.1 per cent on a year-over-year basis. This shows that units represent a lucrative investment in the Northern Territory’s capital city – great news for prospective investors in the region.

Additionally, gross rental yields for units in the Darwin area rose 3.2 per cent quarter-over-quarter, beating out every other capital city except Melbourne on a quarterly basis.

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