Darwin landlords should be realistic, says local expert

Font size :
With vacancy rates in Darwin sitting at 5.5%, landlords must be sensible and do more to retain quality tenants, said one expert.

“The reality is that there’s still a surplus of 1,200 rental properties in the Darwin market, the same figure as 6-8 months ago,” said Glenn Grantham, General Manager of Raine & Home Darwin.

“The market is levelling out with virtually the same amount of new tenants and new rental properties hitting the market every month.”

Grantham warns that Darwin’s landlords need to be practical about their weekly rental expectations given the market’s current holding pattern.

Those putting property into the market for the first time, he adds, need to be realistic with their asking prices.

 He urges new landlords to listen to their property manager and check online for how the competition prices its leases.

“If you don’t listen to the market, you’ll be an investor without an income,” he said.

For those landlords facing the end of a lease, Grantham suggests that they approach their tenants before they make a change.

“If you have a tenant who is looking after the property and paying the rent on time, approach them immediately with some carrots, such as a discount on their current weekly rent, to ensure they stay put,” he said.

“Don’t try and convince them to stay after they have decided to move on. By then it will be too late.”

Meanwhile, among the suburbs of Darwin, the northern markets of Millner, Jingili, and Moil remain strong performers. The have posted potential yields of 5.5% and vacancy rates below Darwin’s average. 

 

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Friday, Sep 22, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords