Listings under $400/week in Darwin drop significantly

The latest property data shows a significant decline of listings in one section of the residential market.

New data has showed the number of properties listed for rent under $400/week in Darwin has drastically declined in the past two years.

The latest PropTrack Market Insight showed in September 2022 on realestate.com.au, just 9.6 per cent of rental listings for dwellings were under $400/week in Darwin.

This is well down from 47.4 per cent of dwelling listings under this price in March 2020.

In March 2020, houses under $400/week dominated 29 per cent of listings.

This figure dropped to 3.2 per cent in September 2021 and 2.1 per cent in September 2022.

For units, the number of listings sat at 59.9 per cent in March 2020. In September 2021, this figure declined to 25.9 per cent and 15.4 per cent in September 2022.

The data recorded the rest of the NT sitting at 32.2 per cent of listings in the same period.

The Australian Capital Territory had the lowest number of under $400/week listings, with dwellings at 2.6 per cent in September 2022.

The highest was Adelaide at 24.9 per cent for dwellings during the same period.

Raine & Horne Darwin general manager Glenn Grantham said the current rent climate had not been seen since the Inpex era of 2013 and 2014.

“We’ve had huge demand from rentals and our vacancy rates since Covid have been almost zero. It’s what we call a virtual zero,” he said.

“What that does is put a lot of pressure on upward movement of prices. It’s stemmed by a combination of that, as well as interest rates effecting the lower end of the market.

“For existing owners, interest rates and payments have gone up. They’re taking the opportunity to offset that by increasing rents.”

Mr Grantham expected the current market to continue, with no increase in the number of properties coming to the market despite the increased requirement for workers to the NT.

He said private developers were not yet confident in the current market to commit to building.

Originally published as Listings under $400/week in Darwin drop significantly