Darwin rents: where tenants are paying the most

The highs and lows of the Darwin rental market have been exposed with new data showing a $500 per week difference between the most expensive and most affordable suburbs.

This property at 13 Conigrave Street, Fannie Bay, is available to rent for $2,500 per week. Picture: realestate.com.au

The highs and lows of the Darwin rental market have been exposed with new data showing a $500 per week difference between the most expensive and most affordable suburbs for leasing a home.

The latest REA Market Trends report showed Moulden and Gray had the lowest median house rent in the wider Darwin region at $520 per week.

Coming in just behind were Bakewell, Driver and Karama with an average weekly rent of $550.

At the other end of the market, Bayview was the priciest suburb to rent a house in with a median weekly rent of $950.

This home at 25 Harrison Circuit, Woodroffe, is for rent for $500 per week. Picture: realestate.com.au

Fellow coastal suburbs, Larrakeyah and Fannie Bay, were the next most expensive at $900 per week, followed by Lyons and Parap at $800 a week.

The most expensive home advertised for rent was 13 Conigrave St, Fannie Bay, which was listed for $2500 per week at the beginning of September.

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In the unit market, Moulden was once again the cheapest ($420 per week), followed by Gray ($425) and Coolalinga, Bakewell and Driver ($450).

The penthouse at 36/4 Myilly Terrace, Cullen Bay, is for rent for $2,000 per week. Picture: realestate.com.au

The most expensive neighbourhoods on average for leasing a unit were Bayview ($700 per week), Darwin City ($600), Larrakeyah ($590) and Stuart Park and The Gardens ($570).

The priciest unit listed for rent in Darwin at the start of the month was the penthouse at 36/4 Myilly Terrace, Cullen Bay, priced at $2000 a week.

Raine & Horne Darwin general manager Glenn Grantham said the cheaper suburbs remained the most popular with tenants purely due to affordability but there was strong interest across all price points in Darwin.

“The rental market is tight, it will continue to be tight and a couple of things on the horizon could make it tighter,” he said.

“The demand now is slightly off compared to 12 months ago.

Charles Darwin University Education and Community Precinct being constructed on Cavenagh St, Darwin City.

“The number of potential new tenants are around about 20 per cent less and days on market drifted up about 10 per cent on the same time last year.

“But in saying that, at the same time last year you could count on having six applications per property and now you might count on only four.

“There is still an abundance of tenants but less of an abundance than 12 months ago.”

Mr Grantham said the biggest concern impacting the rental market was the new Charles Darwin University campus, due to open on Cavenagh St in Darwin City next year.

“With that entering the scene we potentially have a disastrous rental market where we have huge shortfall of properties and upwards pressure on pricing,” he said.

“There is nothing being done across the entirety of NT to accommodate a population increase.”