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Published on October 16th, 2012

APM shows huge rent growth in Darwin

Australian Property Monitors (APM) has revealed statistics that show Darwin has seen the highest growth for rental rates in the last three months.

Increases in median weekly rent for units went up 10.4 per cent, while rent for houses went up by 7.7 per cent for the quarter. The national median for houses rose by 1.6 per cent and units by 0.2 per cent, highlighting the vast difference between Darwin and the rest of the country.

Perth and Sydney followed suit, coming second and third with respective increases of 4.7 and four per cent rises in weekly house rental rises over the last quarter to September.

Melbourne renters were the winners, with units and houses seeing no growth in rental prices – signifying that the Melbourne market is stable.

It comes as the Housing Industry Association applauded the announcement from Jay Weatherill, the premier of South Australia, that there would be an expansion of the state's new housing grant. An $8,500 grant for all buyers of new homes will conclude at the end of the 2012-13 financial year and the First Home Owner Grant (FHOG) will increase from $7,000 to $15,000

This growth in the grants is hoped to create a trickle-down effect that will impact a wider range of people and ensure a stimulus of the economy as well as the industry.

HIA regional director for South Australian Robert Harding said that the state government is leading the way with aiding the construction industry through fiscal policy and ensuring a strong recovery.

"This action by the state government, along with the promise to consider Private Certification and more rapid approval processes, should go a long way to restoring public confidence in the housing market," he said.

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