‘COVID-19 refugees’ drive surge in demand for NT rental properties

DEMAND for rental properties in the NT has surged to the highest level in about eight years, according to professionals

DEMAND for rental properties in the NT has surged to the highest level in about eight years as southerners fleeing their coronavirus-impacted home states snap up an increasingly large share of available stock.

The latest Real Estate Institute of the NT (REINT) quarterly statistics show the rental vacancy rate in the greater Darwin area has plunged from 7.8 per cent at the start of the year to just 1.5 per cent — and figures for the rest of the Territory are similar.

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REINT chief executive Quentin Kilian said the Darwin real estate market hadn’t seen such high demand for rentals since the peak of the Inpex construction in 2013.

Mr Kilian said the shift, which had accelerated in the past two quarters, appeared to be fuelled by greater demand from “COVID-19 refugees”, coupled with a reduction in stock.

Raine & Horne Darwin general manager Glenn Grantham said the average number of people attending rental property inspections had increased “times 10” in the past three months, with 80 turning out to one of his most recent inspections.

He said the explosion in demand was also putting the squeeze on prices.

Raine & Horne Darwin general manager Glenn Grantham. Picture: Keri Megelus

“It’s crazy. It was only six months ago at the start of COVID that everyone was being encouraged to apply for reduced rent, and now all of our landowners are reinstating the original rents, but they’re adding $100 a week to them,” he said.

“The range of increase is anywhere from 15 per cent to 30 per cent.”

Prospective renter Rachel Barry and her three daughters have relocated to Darwin from Koroit in regional Victoria so the girls can pursue netball professionally, and plan to stay for at least 12 months.

But after weeks of searching for a four-bedroom, two bathroom rental, they are yet to secure a place.

“It’s been very difficult to get into. Every house inspection we go to, there can be anywhere from 10-25 people there,” she said.

“It’s certainly not what we were expecting.

Rachel Barry, right, and her daughter Zahli Adams. Picture: Che Chorley

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“We are still looking at the moment, but hopefully we’re a bit closer to finding a place.”

The NT government estimates up to 4000 people have relocated to the Territory since the coronavirus pandemic began.