Rents are falling throughout many Auckland suburbs, according to latest figures from the Real Estate Institute and Tenancy Services Bond Centre.
Tuesday, March 29th 2005, 6:52AM
by The Landlord
The falls are being attributed to an oversupply of properties and the rush of investors into residential property since the boom started in 2001.
The biggest decline was a 23 per cent drop for four-bedroom places in Takapuna and Milford, rented last February for $652 a week, but now going for $500.
Next biggest decline was a 20 percent drop for four-bedroom Sandringham properties, rented at $475 a week last February, but now at $380.
Rents for one-bedroom places were down 13 per cent in Ponsonby, St Marys, and Herne Bay, 13 per cent in Birkenhead, Northcote Pt, and 11 per cent in Remuera.
Rents are up in some suburbs, such as Epsom, which showed a 17 per cent price increase for four-bedroom places, which rented last year for $600 a week and are now fetching $700.
Rents for low-quality one-bedroom inner-city apartments let to students have fallen by around $40 a week. In October last year, the average one-bedroom Auckland city apartment rented for $290 compared with $330 15 months earlier.
A spokeswoman for Auckland property management specialist Crockers said luxury housing, going for between $2000 and $3000 a week, had become the hardest to let.
