Demand for Darwin rental properties appears to be booming, with Raine & Horne Darwin saying they have leased more than 60 properties in February this year.
“This result follows the 60 properties we leased to tenants in January,” Glenn Grantham, General Manager, Raine & Horne Darwin said.
“Consequently, rental yields for Darwin houses have improved and are currently 5.1 percent, 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 percent vacancy rate sweet spot achieved a few years ago, with vacancies running at more than seven percent.
“That said, the vacancy rate for properties managed by Raine & Horne Darwin is only 4 percent, which is well below the city’s average,” Grantham said.
“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.”
Grantham said rental days-on-market have fallen to an average of about 32 days in Darwin.
“Vacancies are headed in the right direction, which is a good sign, however its means investors shouldn’t be complacent about pricing and presentation,” he said.