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Demand for Darwin rental properties has turned around, with a leading property specialist finalising leases on more than 60 properties in February.
Raine & Horne Darwin says rental yields for Darwin houses are currently at 5.1 per cent, the highest in Australia.
“Consequently, the Darwin apartment market is also starting to pick up some pace,” Raine & Horne Darwin’s general manager Glenn Grantham said.
Mr Grantham pointed out that the Darwin rental market is still above the 2 per cent vacancy achieved a few years ago, with vacancies running at more than 7 per cent today.
“Investors need to be sensible about presentation and pricing to ensure a vacant investment property is tenanted as quickly as possible.”
Rental day -on market have fallen to an average of 32 days.
“Vacancies are headed in the right direction, which is a good sign. However, it means investors shouldn’t be complacent about pricing and presentation,” Mr Grantham said.
Property prices are rising in the region, following two consecutive quarters of strong sales activity.
Earlier, REB reported Mr Grantham saying that a bounce in buyer activity in the second half of 2016 had triggered an uptick in the prices of quality properties in Darwin’s northern suburbs.
He said houses in suburbs such as Jingili, Karama and Anula were attracting as many as 30 to 40 interested parties to open homes in the summer selling season, with many selling within three weeks of hitting the market.
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