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Thursday 28 March 2024  Add your comment
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Yes, location really matters

Residential rents have remained unchanged for the last two years, with the national median rent stuck at $190 a week.

Wednesday, December 20th 2000, 3:03PM

by Paul McBeth

Residential rents have remained unchanged for the last two years, with the national median rent stuck at $190 per week.

However, while most regions have stayed static, there’s been a slight drop in Auckland rent levels and a slight increase for Wellington over that period.

Massey University’s Real Estate Analysis Unit, in its latest survey of the residential rental market, says that location definitely matters when it comes to setting rents.

"It is no coincidence that the highest median rents are associated with large concentrations of population that are continuing to grow. Conversely, the lowest rental levels are found in rural districts with low concentrations of population.

"In the North Island these (regions with low rents) include Stratford District ($105), Ruapehu District ($100) and Tararua District ($100).

"In the South Island, the lowest rent areas include the Buller District ($100), McKenzie District ($90), Waitaki District ($107), Clutha District ($95) and Gore District ($100)."

The survey says that the rental market follows the same general trends as the ownership market. However, December is usually an above-average month for the ownership market as people rush to complete deals before the Christmas/New Year shut-down.

 

Median rents (dollars per week)

 

 

April

2000

July

2000

October

2000

Whangarei

160

165

165

North Shore

265

260

260

Waitakere

240

240

235

Auckland

260

260

250

Manukau

250

245

237

Papakura

230

220

230

Hamilton

180

180

185

Tauranga

190

190

190

Rotorua

165

165

160

Gisborne

150

150

150

Hastings

160

157

160

Napier

170

175

180

New Plymouth

150

145

150

Wanganui

125

120

125

Palmerston North

180

170

170

Kapiti

190

195

195

Porirua

200

190

200

Upper Hutt

160

182

190

Lower Hutt

200

200

200

Wellington

230

250

260

Nelson

180

175

175

Christchurch

180

180

180

Dunedin

150

150

160

Invercargill

110

110

110

New Zealand

190

190

190

Paul is a staff writer for Good Returns based in Wellington.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

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