Darwin, NT (21 March 2017) Demand for Darwin rental properties is booming, with leading property specialist, Raine & Horne Darwin finalising leases on more than 60 properties in February.
“This result follows 60 properties we leased to tenants in January,” said Glenn Grantham, General Manager, Raine & Horne Darwin.
“Consequently, rental yields for Darwin houses have improved and are currently 5.1%, which is the highest in Australia. The Darwin apartment market is also starting to pick up some pace.”
The Darwin rental market is still above the 2% vacancy rate sweet spot achieved a few years ago, with vacancies running at more than 7%.
“That said, the vacancy rate for properties managed by Raine & Horne Darwin is only 4%, which is well below the city’s average,” said Mr Grantham.
“Investors need to be sensible about presentation and pricing to ensure a vacant investment property is tenanted as quickly as possible. It seems our landlords are listening.”
Rental days-on-market have fallen to an average of about 32 days in Darwin, according to Mr Grantham.
“Vacancies are headed in the right direction, which is a good sign, however its means investors shouldn’t be complacent about pricing and presentation,” said Mr Grantham.
For first home buyers seeking to exit the rental treadmill, Raine & Horne Darwin recently held the launch of the Zuccoli Aspire display village.
“There are 22 homes in the village making it the biggest display ever in the Northern Territory,” said Mr Grantham.
“We had 1,500 people visit the display village on Saturday 11 March, which was very impressive.
“Most of the interested parties were first home buyers and they visited the village to inspect the offerings of the 18 builders involved in the project, and to learn more about the land lots available at Zuccoli Aspire, which are selling for as cheaply as $135,000.
“Add the $26,000 First Home Owner Grant, and first timers may need as little as $109,000 of their own, or borrowed funds to secure a lot at Zuccoli Aspire.”