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Auckland rents' slow rise

Average Auckland rents have increased between $10 and $25 a week over the past year, Barfoot and Thompson says.

Thursday, July 17th 2014, 12:00AM

by The Landlord

The real estate agency has issued its latest rental report, which shows properties of all sizes on its books are now able to command more rent than they were this time last year.

Compared to May 2013, Auckland one-bedroom properties’ rents have increased by an average $10 a week, to $308.

The average rent charged for two-bedroom homes has increased by $16, to an average $382.

Three-bedroom properties reported an increase of $21, to an average $467, four-bedroom rents went up by $25, to an average $596, and properties with five or more bedrooms had their rents increase by $20 to an average $718.

South Auckland remained the cheapest place for one-bedroom properties, renting for an average $260 a week, the report said. The Franklin-Manukau region was the cheapest for all other house sizes.

A three-bedroom home in Franklin-Manukau was $368 a week, on average, compared to $505 on the North Shore.

One- and two-bedroom homes were most expensive to rent in central Auckland, where they were let for an average $343 and $467, respectively. Three-bedroom apartments in central Auckland were particularly pricey, compared to other property types in the area. A three-bedroom apartment would rent for an average $877, the report said.

The eastern suburbs were the priciest for bigger properties. A four-bedroom eastern suburbs home rents for an average $684, the report said. The area also had the most expensive three-bedroom properties, at an average $565 per week in May.

Three-bedroom properties are still the most common type of rental.

Barfoot and Thompson said the biggest rental price increase between June 2013 and May 2014 for three-bedroom properties was in Rodney, where prices went up 4.56%.  

It was followed by Franklin-Manukau Rural, up 4.22%, then the eastern suburbs, where rents were up 4.17% for three-bedroom properties.

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Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.15 4.09 4.49
ANZ Special - 3.65 3.59 3.99
ASB Bank 5.20 4.15 4.09 4.39
ASB Bank Special - 3.65 3.59 3.89
BNZ - Classic - 3.65 ▼3.54 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
Housing NZ Corp 5.19 ▼4.15 ▼4.09 ▼4.39
HSBC Premier 5.24 3.35 3.35 3.35
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.30 4.34 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.59 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 5.30 4.86 4.14 4.19
Lender Flt 1yr 2yr 3yr
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.69 3.69 3.99
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.65 3.59 3.99
The Co-operative Bank - Standard 5.15 4.15 4.09 4.49
TSB Bank 6.09 4.65 4.59 4.85
TSB Special 5.29 3.85 3.79 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.34 - - -
Westpac Special - 3.65 3.59 3.99
Median 5.35 4.15 4.09 4.19

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