Weekly rents in Darwin are rising faster than selling prices, pushing up the city's rental yields, according to Domain's latest report.
Rental yields reach 5.63% for houses and 7.3% for units. Rental yields on homes are at their highest level since 2004, while unit rental yields are currently at their highest level since the launch of Domain records.
"The rise in gross rental yields suggests that rents are increasing at a faster rate than selling prices. The sustainability of the rental rebound in Darwin is questionable, given that short-term factors could be at work. 39; origin of the upturn in rental demand, "said Nicola Powell, senior research analyst at Domain.
Darwin's rental market recorded its largest annual rental increase since 2013. Weekly house rents jumped 14.6% to $ 550, while weekly unit rents rose 13.2% at $ 430.
"Renters are spending $ 70 more per week to rent a house and $ 50 more for a unit than a year ago," said Powell. "It costs the same to rent a house in Darwin and Sydney – rents have not been at the same level in these two cities since 2017."
A separate report from CoreLogic showed that prices in Darwin increased 2.3% on a monthly basis to reach $ 451,408. On an annual basis, the city recorded the largest gain with 14.2%.
Top suburbs:
mt colah
,
fern ravine
,
Kawana
,
Wall
,
Narara
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