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 |