- Darwin ended 2020 with one of the strongest rental markets in the country
- House rentals tied with Sydney for the highest median rental asking price in the county
- Vacancy rates in the city are at extreme lows
Darwin’s house and unit rental prices reached the highest they have since 2017 according to Domain‘s December Rental Report.
The capital city ended 2020 with one of the strongest rental markets in the country. This comes in contrast to the roughly six years of declining rental asking rates.
House rentals tied with Sydney for the highest median rental asking price in the county. It surged $60 over the December quarter to reach $550 a week. This is $81 more than the national median.
Changes in unit rental asking prices in Darwin are comparatively less drastic. The median asking price for rentals rose $30 to $420 a week. This falls marginally below the national median of $432.
Annual gains in house and unit rents are at their highest since the lead up to the 2013 peak. However, house rents remain 21% below the 2013 highs while, and unit rents are 26% below these highs.
Domain attributes the increase in demand to the Nothern Territory’s success in containment during the pandemic while other states suffered outbreaks. This might mean some tenants have decided to remain in Darwin longer than expected.
The vacancy rate has been on the decline since late 2019. This January shows vacancy rates at 0.8% for Darwin according to SQM Research.
This level is comparatively low looking at January in 2020 with a 3.2% vacancy rate or January in 2019 with a 3.8% vacancy rate.