Darwin Housing Market Tight

Recent figures released by the Housing Institute of Australia for the June Quarter 2007 reveal that in the past two years rents in Darwin have increased by a staggering 36%, making Darwin the second most expensive Australian city to rent in.

Darwin residents now pay a media weekly rent of $340 per week for a 3 bedroom house. That's $70 more than Sydney, Perth and Brisbane and $90 a week more than Adelaide and Melbourne.

"How are young families meant to save a deposit for a home with rents at these exorbitant levels?” says Terry Mills, Deputy Opposition Leader.

"When you match Darwin's rental market against its housing market, it's obvious young families trying to save for their homes are now further away than ever from reaching their dreams.

"Strong demand combined with slow land release rates have choked the market forcing up prices for home buyers and renters.

"The Martin Government's approach to land release is wrong and has exposed the very people they claim to champion, forcing them into a very expensive rental trap.

"Only Canberra is more expensive than Darwin, averaging $2.50 per week more for a three bedroom house. But even that figure needs to be considered in context.

"The ACT has the highest Average Full Time Weekly Earnings (AWE) in the country ($1,286 per week). Compare that with the Territory's AWE of ($1,093 per week) and you quickly realise that we are the most expensive place in the country to rent.

"Canberra residents make nearly $200 dollars per week more but pay only $2.50 more per week in average rent.

"The Territory Government is growing fat on the increased revenue from stamp duty.

"It is time for Delia Lawrie to wake up to herself and stop re-announcing Bellamack and start to look for some real solutions that will take the pressure off, sooner rather than later.”

2007-09-07