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Average weekly rent up 7.4% in year to June

The average weekly rent rose 7.4% in the year to June 2011, and 35% of New Zealand households made rent payments over that period.

Monday, November 28th 2011, 12:00AM

by The Landlord

The figures were revealed in Statistics New Zealand's Household Economic Survey, which also found in the two years to June 2011 the proportion of households spending 30% or more of their income on housing increased from 19.5% to 21.8%.

For households in rental accommodation that figure increased from 33.8% of households to 39.1%.

The survey revealed that for households in rental accommodation the average weekly rent increased 7.4%, from $242 in 2009/10 to $260 in 2010/11. This increase followed a slight decrease in 2009/10 resulting in a 6.6% increase over the two years from 2008/09 to 2010/11.

In 2010/11, 38% of households made weekly rent payments of $300 or more, up from 33% in 2009/10, and 34% in 2008/09.

In 2010/11, 8% of households made weekly rent payments of $450 and over, relatively unchanged from 2009/10 and 2008/09.

The survey found that when it comes to mortgage rates, average weekly payments were little changed.

In the year to June 2011, 31% of all households made mortgage payments.

Over the two years from June 2009 to June 2011, average weekly mortgage payments fell slightly, down 1.8% from $376 to $369, with Statistics NZ citing a decrease in mortgage interest payments for the fall.

While rents have risen, and mortgage payments remained relatively unchanged, there has been little change in income over the last two years.

The average household income increased slightly from $76,584 in the year ended June 2010 to $79, 159 in the year ended June 2011. However, the median annual household income decreased slightly from $63,237 to $62,853.

 

 

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Full Rates Table | Compare Rates

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 - - - -
Heretaunga Building Society 4.99 3.85 3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.55 2.65 2.79
Kainga Ora 4.43 2.93 3.07 3.24
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
SBS Bank 4.54 3.05 3.19 3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.55 2.69 2.75
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 3.15 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.00 3.13 3.02

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