Well we told you it was coming and here it is!!!!
The Darwin Rental Market is ridiculously superheated and climbing faster than we could ever expect……we already have the highest median rental price for an Australian Capital City as at the end of June and this example will show you what to expect in the very near future.In May we rented one of my personal investment properties located at 11/12 Brewery Pl, Woolner for $650/week. This is a fully furnished 3 bedroom, 2 bathroom apartment with water views from the balcony!
This week…..not quite 3 months later we rented my mother’s property located in the same complex at 14/12 Brewery Pl, Woolner. This is a 2 bedroom, 2 bathroom facing in the opposite direction with no views…….The price was $650/week.
In discussion with my Property Manager I spoke about the level of enquiry and also what she felt my 3 bedroom apartment would achieve today…..she said I would have no trouble getting $750/week however she thought more like $800.
To put that in perspective we are talking a 15% to 23% increase on top of ‘Australia’s highest median rentals’ ……… IN 3 MONTHS!!! At that rate they could be double by June next year!!!
I don’t need to tell you what that will do to property prices do I?
We are currently selling 2 bed, 2 bath CBD Apartments ‘Off the Plan’ for $450K……what are they going to be worth by the time you would settle on one if they are getting rental returns in the vicinity of $800 – $1000/week….You do the Math and then contact Byron Wauchope on 0424 181 530 before you miss the boat! (And there will be less of them arriving here now we have the immigration policy sorted to Little Johnny Howard’s policy! But that is a whole different story for a different time)