Darwin's highly fluid rental population

Darwin's highly fluid rental population
Darwin's highly fluid rental population

The recent Domain report reveals residents in the Northern Territory have lived in more properties relative to other Australians with 81% living in five or more properties and 11% more than 20 properties.

The Northern Territory has the highest percentage of renters in the country.

Some 62% of Northern Territory residents indicated that they believed that owning their own home was no longer attainable. 

More than half (51% of NSW and VIC (52%) residents are also negative towards the attainability of property ownership.

Domain senior economist, Dr Andrew Wilson says the high number of renters in the Northern Territory reflects low homeownership rates. 

“High housing costs in the Northern Territory remain a significant barrier to home ownership resulting in the highest proportion of renters to total households of all Australian states.

"Darwin house prices are behind only Sydney of all the state capitals, and although Territory incomes are the amongst the country’s highest, local rents are clearly the highest providing another significant barrier to home ownership for those saving for a deposit. 

“Predictably, Northern Territory has the highest proportion of those believing home ownership is no longer attainable.

“That said, the number of recent new developments in the Northern Territory means we may see a shift in the future.

"Supply is slowly catching up to demand and we may see a gradual increase in the rate of homeownership,” Dr Wilson said.

The Domain Property Research Report, conducted by Nielsen, was an online survey of more than 4,600 Australians during July and August last year.

Percentage of renters per state:

*Northern Territory 43%

*Queensland 37%

*New South Wales 33%

*Victoria 28%

*Australian Capital Territory 33%

*Western Australia 27%

*South Australia 27%

*Tasmania 20%

Source (Domain Property Research Report)

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Tags: 
Darwin Renters

Community Discussion

Be the first one to comment on this article
What would you like to say about this project?