Regional NT November 2017

The month in review: Regional NT

By Herron Todd White
November 2017

Alice Springs Property Update

The residential rental market for Alice Springs is generally spread evenly across the residential suburbs for both detached housing and units.

The demand from tenants is also fairly broad with a mix of essential services personnel (education, health and emergency services), trades and the professional services sector.

The bulk of the single dwelling rental market is a 3-bedroom, 1-bathroom home with the median rent being $500 per week (September quarter) but typically ranges from $440 per week depending on location and improvements.

At the upper end of the market, a typical rental property is a 4-bedroom, 2-bathroom home in the suburbs of Desert Springs, Mount Johns, Araluen and Stirling Heights in Larapinta. The 4-bedroom, 2-bathroom market within these areas provides a median weekly rent of $700, however usually ranging from $650 per week.

The largest segment of the unit rental market in Alice Springs is within the 2-bedroom, 1-bathroom market, with weekly rents starting from as low as $260 per week and up to $450 per week. The second biggest unit market is within the 1-bedroom sector with rents generally starting at $250 per week.

We have seen an increase in new supply of units in the rental market for Alice Springs in recent years which has caused lower rents and increased vacancy levels in older stock, creating a need for landlords to make the decision to sell the property or to update and renovate in order to maintain rent levels.

Overall the rental market in Alice Springs is considered to be balanced at present, although we do note seasonal vacancies increase towards December, usually lowering again in late January to early February.

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DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.