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Speaker 1: Now the strong demand mid very limited supply is what

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Speaker 1: is creating some pretty tough competition for renters at this

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Speaker 1: point in time, and as a result, rents in Darwin

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Speaker 1: have soared now in some cases as much as sixty

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Speaker 1: dollars per week over the past year in some suburbs.

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Speaker 1: Now joining me on the line to break down the

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Speaker 1: latest figures and the trends for rentals in the Northern

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Speaker 1: Territory from prop Track, the director of Economic Research, Cameron Kusher.

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Speaker 2: Good morning to you, Cameron.

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Speaker 3: Good morning, How are you?

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Speaker 2: Yeah, really well, Thanks so much for your time this morning. Cameron.

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Speaker 1: What is the latest starter showing when it comes to

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Speaker 1: the rental market in Darwin?

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Speaker 3: Yeesh, it's showing that we've seen some large increases in

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Speaker 3: rents over the past year. For houses, we've seen Malak

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Speaker 3: seen the biggest increase in rents, with rents up sixty

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Speaker 3: dollars a week from five hundred and thirty dollars a

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Speaker 3: week a year ago to five hundred and ninety dollars

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Speaker 3: a week now. And then if we look for the

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Speaker 3: unit market, the biggest increase over the year has been

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Speaker 3: seventy dollars a week in Nightcliff, where rents have gone

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Speaker 3: from three to ninety a week to four hundred and

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Speaker 3: sixty a week over the past twelve months. So clearly

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Speaker 3: for people that are renting, Darlin's already one of the

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Speaker 3: more expensive cities to rent in, but the cost is

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Speaker 3: going up quite a lot in certain areas.

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Speaker 1: How do we stack up comparative lead to other states

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Speaker 1: and tear it trace.

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Speaker 3: So in terms of the cost of renting, only Sydney

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Speaker 3: and Canberra have more expensive rents than Darwin. But in

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Speaker 3: terms of the actual increase in rents, even though they're

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Speaker 3: still large, it's actually on the lighter side or the

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Speaker 3: smaller increase side, compared to some of the other capital cities.

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Speaker 3: So if you go to places like Adelaide or Brisbane

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Speaker 3: or even Sydney and Melbourne, a number of suburbs have

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Speaker 3: seen increases in rents of more than one hundred dollars

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Speaker 3: a week, So the rental increases are more similar to

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Speaker 3: what you're seeing in place is like act or Hobart

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Speaker 3: at the moment.

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Speaker 1: Now you touched on Malac and the fact that it's

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Speaker 1: gone up sort of sixty dollars over that period of

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Speaker 1: time the median weekly house rent. What about some of

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Speaker 1: the other suburbs that have that have gone up quite

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Speaker 1: a bit.

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Speaker 3: So if in terms of houses, Zukili seen rent increase

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Speaker 3: by forty dollars a week, Gun has seen a forty

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Speaker 3: dollars a week increase as well, Bellamack rents are up

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Speaker 3: thirty five dollars a week, and Newerhead you've seen rents

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Speaker 3: rise by thirty three dollars a week for houses. In

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Speaker 3: terms of the unit market, we mentioned Nightcliff earlier with

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Speaker 3: a seventy percent increase. Coconut Grove has seen rent rise

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Speaker 3: sixty dollars a week, Rapid Creek has seen a sixty

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Speaker 3: dollars a week increase as well, so has per Rap

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Speaker 3: and Fanny Bay. So those are the markets where you're

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Speaker 3: seeing the biggest increases in rents over the past twelve month.

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Speaker 1: And Cameron, you said that comparatively to you know, to

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Speaker 1: other states, while we do have quite an expensive rental market,

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Speaker 1: that some of those increases aren't as great as what's

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Speaker 1: happened in other states. How much have they gone up

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Speaker 1: in some of those other states.

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Speaker 3: Yeah, So the top performing suburbs so in Brisbane has

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Speaker 3: been houses in New Farm, which is right near the

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Speaker 3: city rents, they're up two hundred and thirty five dollars

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Speaker 3: a week. If you go to Perth. Another inner suburb

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Speaker 3: in Perth, Claremont, rents up one hundred and seventy eight

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Speaker 3: dollars a week. In Sydney, in the eastern suburbs at

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Speaker 3: Rose Bay, rents have gone up six hundred and twenty

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Speaker 3: five dollars a week over the past year, from one

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Speaker 3: three hundred and seventy five dollars a week to two

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Speaker 3: thousand dollars a week. So you can see that in

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Speaker 3: some instances the increases in rents have been very dramatic

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Speaker 3: over the past twelve months.

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Speaker 1: Oh gosha and gee, it makes the difference for people,

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Speaker 1: doesn't it. Like when you talk about that cost of living,

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Speaker 1: when your rent goes up quite significantly, it's just as

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Speaker 1: it can be a real blow, certainly.

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Speaker 3: And I mean maybe sixty dollars a week doesn't sound

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Speaker 3: like that, but if you know figure out what that

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Speaker 3: is over a year, it is a lot of extra

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Speaker 3: money that you have to find to pay the rent

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Speaker 3: in these areas. So it does mean that people that

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Speaker 3: are renting have a lot less money to spend on

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Speaker 3: other things outside of outside of their rental repayments. You

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Speaker 3: don't means they have to cut back on you know, travel,

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Speaker 3: cut back on you know, some of their eating out

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Speaker 3: or food, and just find other ways to save on

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Speaker 3: money so you can continue to keep a roof over

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Speaker 3: your head.

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Speaker 2: Yeah, it's so true, Cameron.

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Speaker 1: Are there different suburbs in the territory that were a

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Speaker 1: little bit more affordable.

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Speaker 3: So if we have a in the areas where we've

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Speaker 3: seen the smallest increases, so over the past year, Gray

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Speaker 3: houses have seen no change in rents, Karama houses have

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Speaker 3: seen no change in rents as well, and for units,

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Speaker 3: Kula Linga has seen no increase in rents over the

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Speaker 3: past year. But every other suburb in Darwin has seen

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Speaker 3: an increase in rent over the past twelve months. And

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Speaker 3: you know that's pretty similar to what we're seeing in

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Speaker 3: other parts of the country as well. Very few, very

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Speaker 3: few places have seen a decline in rent over the

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Speaker 3: past twelve months.

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Speaker 1: And were there any other sort of interesting or surprising

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Speaker 1: findings from the work that you've done with this research, I.

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Speaker 3: Don't think so. Outside of the fact that rents are

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Speaker 3: going up everywhere, I think just the magnitude of some

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Speaker 3: of the increases not necessarily in Darwin, but other parts

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Speaker 3: of the country are just very astronomical and speaks to

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Speaker 3: the fact that we have a lot of demand for

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Speaker 3: rental accommodation but nowhere near enough supply.

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Speaker 1: Yeah, it is a point that is definitely made here

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Speaker 1: in the territory at different times and something that you

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Speaker 1: sort of see, you know, quite a bit people struggling

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Speaker 1: to find somewhere to rental, or they might be renting

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Speaker 1: the same place that they have in previous years, but

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Speaker 1: the rent has gone up, you know, as we've just

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Speaker 1: touched on.

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Speaker 3: It's definitely a challenge and unfortunately for a lot of

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Speaker 3: rent to the solution to this is a lot more

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Speaker 3: supply and that's not something that's happening at the moment,

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Speaker 3: so it's going to get tough at a rent.

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Speaker 2: Well.

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Speaker 1: Cameron Kusher, the prop Track Director of Economic Research, I

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Speaker 1: really appreciate your time this morning. Thanks so much for

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Speaker 1: talking us through that data.

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Speaker 3: No worries, good to have a chat.

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Speaker 2: Thank you.