Darwin rental market tightens in 2024

The Darwin rental market tightened across 2024 but while demand increased, rental prices remained somewhat stable.

Elders Top End Group leased this Parap home off market for $850 per week. Picture: realestate.com.au

The Darwin rental market tightened across 2024 but while demand increased, rental prices remained somewhat stable.

The latest REA Group Rental Report showed Darwin recorded the greatest annual rise in new listings of all capital cities in December, up 18.4 per cent.

However, overall supply dropped 6.5 per cent year-on-year to sit 39 per cent below the decade average.

In the same time, total rental listings were up 23.3 per cent in Melbourne, 22.1 per cent in Adelaide, 16 per cent in Perth, 14.6 per cent in Sydney and 4.4 per cent in Brisbane, and down 21.5 per cent in Hobart and 3.2 per cent in Canberra.

The report showed rental demand was up in Darwin with the average enquiries per listing on realestate.com.au increasing 31.3 per cent across 2024 and average days on market dropping by one day to 23.

The home at 16 Trainer St, Muirhead, is for lease for $715 per week. Picture: realestate.com.au

REA Group executive manager, economics, Angus Moore said despite the increase in demand, Darwin’s median advertised rent saw one of the smallest increases among capital cities.

“(It rose) 1.7 per cent over the year to $600 per week in December, the same rate of growth that was recorded a year prior,” he said.

Elders Top End Group senior residential property manager, Michelle Carrington said Darwin was experiencing a healthy rental market with high occupancy rates and fewer available listings.

“The vacancy rate is remaining steady and in our agency the available days on market is roughly about two weeks,” she said.

“The better presented and competitively priced properties have a really quick turnaround and most are leasing after the first showing.

“(In January) our agents leased 12 properties off market without having to advertise.”

Ms Carrington said homes in the $550-$600 price bracket and northern suburbs properties were proving the most popular.

“We have also seen a huge influx in buyer’s agents sourcing the perfect investment properties,” she said.

Elders Top End Group senior residential property manager, Michelle Carrington. Picture: Supplied

Ms Carrington said the current trends in the Darwin rental market would likely continue into the usually buoyant dry season market.

“If the demand and vacancy rates keep up, I think there will be an increase in rents,” she said.

In regional NT, demand for rental properties increased in 2024 with the average enquiries per listing up 23.9 per cent year-on-year in December and the average days on market down three days to 22.

“Availability for regional renters worsened in regional NT, with new rental listings down 23.9 per cent year-on-year in December, and total down 25.5 per cent compared to a year prior,” Mr Moore said.

The REA Group report showed nationally, the median rent was up 6.9 per cent in 2024 to $620 per week.

New listings were up 4.1 per cent and total listings were up 9.5 per cent year-on-year while the average number of enquiries per rental listing was 19.5, down from 24.1 in December 2023.

This was the largest annual fall in average enquiries per listing (-19.1%) since March 2020.

The home at 21 Hopbush Rd, Zuccoli, is for rent for $735 per week. Picture: realestate.com.au

“Over 2024, we saw rental price growth slow and the availability of properties improve, indicating that conditions are gradually beginning to ease for renters,” Mr Moore said.

“While rent prices recorded annual growth of 6.9 per cent in December 2024, outstripping that of inflation or wage growth, we did see the pace of rental price growth slow to less than half of that of 2023, marking the slowest annual increase since late 2021.

“Slowing national rental price growth was largely driven by tempering capital city markets over the past year; meanwhile regional rent growth outpaced capital cities and availability tightened further.

Mr Moore said despite some easing of rental pressures, the market remained far tighter than pre-pandemic levels, and availability was still strained.

“Rents are expected to keep rising in 2025, though at a more moderate pace,” he said.