The shortfall of affordable housing across the Northern Territory is massive according to a peak organisation working in the homelessness and low cost housing sector.
Mike Byrne, co-ordinator North Australia at NT Shelter says with 51 per cent of Territorians already in the rental market, the NT is experiencing the largest decrease in rental affordability of all states and territories.
The Real Estate Institute of the Northern Territory RELM Report for the September Quarter showed Alice Springs was returning rental yields of 6.1 per cent on detached houses and 6.9 per cent on units. As per the report:
“This is miles ahead of what an investor could expect from the major capital city markets, with Sydney, Melbourne and Brisbane all returning around 2 to 3 per cent yields”
The Real Estate Institute of Northern Territory (REINT) says the good news for investors is that with this demand on the market, rising rents and prices remaining stable for now, rental yields are some of the highest in Australia.
Listen to the full interview with Mike Byrne, co-ordinator North Australia at NT Shelter here :