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City Bay a riser while Devonport sinks

The average median rent for a two-bedroom property in City Bays rose 13% in the year to July 2011, while the same size property in Devonport saw an 8% fall.

Thursday, August 18th 2011, 12:00AM

by The Landlord

The figures are revealed in the latest Crockers Auckland rental price table.

While nationwide in the year to July the average median weekly rents for  one, two, three and four-bedroom properties rose 2% (one and two bedrooms), 3% (three bedrooms) and 5% (four bedrooms), across the Auckland region there were some large variations across suburbs and property sizes.

The largest rise was seen in the one-bedroom market in Glen Innes/Panmure/ Mount Wellington, where the average median weekly rent rose 28% from $200 to $255.

The largest one-bedroom fall was recorded in City Bays, down 7% from $320 to $297.

Of the 24 suburbs recorded in the one-bedroom market, 19 saw rents rise, four saw falls and one location remained static.

Bucking the trend for one-bedroom property, City Bays saw the largest rise in average weekly rents for two-bedroom properties, up 13% from $400 to $450.

The largest fall was seen in Devonport, down 8% from $387 to $357.

Of the 30 locations two-bedroom rent figures were available for, 24 saw rents rise, two saw falls and four locations remained static.

Within the three-bedroom market the largest increase in average median rents over the year to July was seen in Remuera,  up 13% from $600 to $680.

The City Centre (Parnell, Grafton and Newton) and Birkenhead saw the biggest falls, both down 6% from $600 to $565 and $470 to $442 respectively.

Of the 31 locations in the three-bedroom market, 24 saw rents rise, two recorded falls and four locations remained at July 2010 levels.

The four-bedroom market saw some of the sharpest yearly movements, with the average median weekly rent up 24% in Remuera, from $850 to $1,050, while in Ponsonby there was a 25% fall, down from $960 to $720.

Of the 27 suburbs included in the four-bedroom market figures, 16 saw rises, four falls and seven remained at last year’s levels.

« REINZ July 2011 Report - the regions $30,000 fine for property finder “sets a clear precedent” »

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Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online 2.95 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.45 2.65 2.79
Kainga Ora 4.43 2.93 3.07 3.24
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 3.05 2.99 2.99
SBS Bank Special - 2.55 2.49 2.49
The Co-operative Bank - First Home Special - - - -
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 3.29
TSB Bank 5.34 3.29 3.45 3.59
TSB Special 4.54 2.49 2.65 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 ▼3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.49 2.69 2.79
Median 4.55 2.94 2.99 2.80

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