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Landlords not passing on higher costs: Barfoot

Auckland rent prices have increased 4% over the past 12 months, Barfoot and Thompson says.

Wednesday, April 16th 2014, 12:00AM

by The Landlord

The Auckland real estate agency said the average rent in force for a three-bedroom property on its books in Auckland in March was $464 a week.

“We have seen a steady, moderate increase in rental prices across Auckland, which is good news for the tenants,” said director Kiri Barfoot.

“It would be easy to make the assumption that higher property costs across Auckland would be passed on through the rental market, but this is not happening.  Landlords have long recognised the value in retaining good long-term tenants."

She said prices would start to rise as the demand for property in Auckland increased.

“We are already seeing larger numbers of people choosing to rent rather than join the property ladder.  The 2013 Census indicated that less than half the population now own their own home and that Auckland has the second-lowest rate of home ownership in the country.

“LVR restrictions brought in by the Reserve Bank in October, along with the anticipated rise in mortgage rates and the increasing demands on the Auckland property market, are some of the reasons we are seeing more people opting to take a long-term perspective when renting.”

The most expensive location in which to rent a three bedroom home is the eastern suburbs, where the average weekly rent is now $541.

The least expensive location is Franklin and rural Manukau, where the average rental cost is $365.

Properties with five or more bedrooms have experienced average rent increases of just 2% over the past 12 months. 

But in West Auckland those larger properties have had rental increases of 8%. In the eastern suburbs, they became 5% cheaper.  

« Dunn Funds put on holdRegional buyers not unfairly disadvantaged: Alexander »

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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 5.50 - - -
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 3.35 3.85 -
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 3.29 3.39 3.85
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 3.45 ▼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 3.35 3.49 3.79
TSB Special 4.54 2.55 2.69 2.99
Wairarapa Building Society 4.99 3.65 3.69 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.10 3.19 3.12

Last updated: 7 August 2020 5:51pm

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