Uptick in rental property market presents golden opportunities for the NT

REPORTS of competitiveness for rental properties is some of the best news the Darwin property market has had in a long time, and presents multiple golden opportunities for the Territory.

• Victorians escaping coronavirus driving up rental prices in the Top End

REPORTS of competitiveness for rental properties is some of the best news the Darwin property market has had in a long time.

Prior to the coronavirus pandemic, the power lay in the tenant’s hands. Many rental property owners were forced to dramatically drop their prices to keep tenants, or have any hope of finding new ones.

Now it appears the tide has turned.

Raine & Horne general manager Glenn Grantham has revealed applicants are now competing for properties, making offers above the asking rental price.

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It seems property owners can now sit back and watch potential tenants fight it out to see who has the best offer, thanks to the influx of southerners escaping to the Territory.

This presents multiple golden opportunities for the Territory.

If you’re a rental property owner, with rental yields in Darwin at 5.4 per cent for houses and 6.8 per cent for units according to CoreLogic, there are some handsome returns to be made.

For the broader Northern Territory, it is the opportunity for a population boost we’ve been searching for.

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We need to do everything in our power to show that the NT is the best place in Australia to live.

We have incredible job and study opportunities. Darwin is the most affordable capital city in Australia. We have beautiful nature and unique people. Why wouldn’t you want to live here?

So let’s take advantage of this opportunity.

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