Yes, location really matters

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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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