Rents have been on the rise in Australia over the past few years.
An April 8 report from the Australian Bureau of Statistics (ABS) shows that rental costs have increased significantly across the country.
“Nationally, rental costs increased by more than mortgage repayments with the median weekly household rent rising from $191 in 2006 to $285 in 2011 – an increase of 49 per cent,” said Lisa Conolly, director of rural and regional statistics at the ABS.
“Rental costs have also increased by twice as much as wages with the median weekly household income increasing from $1,027 in 2006 to $1,234 in 2011, up 20 per cent.”
While the Northern Territory’s median household rent was lower than the national average, the local government areas with the highest median rent payments were in Darwin and Palmerston, both of which saw median rents rise to $360 per week. This is much higher than the Australian median of $285 per week, as well as the NT median of $225 per week.
This could lead to a boost in residential real estate in Darwin and surrounding suburbs. After all, if rent is rising higher than mortgage repayments, what’s to stop those seeking accommodation from investing in property in Moil and other regions around Darwin.