Auckland rents rise

Average weekly rents rose by up to 5.4% across Auckland last month compared to the same time the year before, Barfoot and Thompson says.

Monday, November 17th 2014, 12:00AM

by The Landlord

In its latest rental report, it says the average weekly rent for one-bedroom properties has risen by 2.6% (from $305 to $313), two-bedroom by 4.3% (from $373 to $389), three-bedroom by 4.4% (from $455 to $475), four-bedroom by 3.3% (from $579 to $598) and five or more bedroom by 5.4% (from $710 to $748).

The report is based on the agency’s new and current tenancies.

It shows South Auckland remains the cheapest place for one-bedroom rentals ($269), and central Auckland is the most expensive ($351). Central Auckland continues to have the highest rent for one-, two- and three-bedroom properties.

West Auckland reported the biggest increase in rents for one-bedroom properties over the year, up 10.2% to $283.

Average rents in Rodney have grown by the highest percentage in the past 12 months, with rent for 5+ bedroom properties increasing by 14%. Across Auckland, 5+ bedroom properties increased by 5% in the last 12 months.

Otara had the highest rental yield in the month, of 6.31%, based on an average purchase price for a three-bedroom home of $333,692 and rent of $405.

Mission Bay had the lowest yield for three-bedroom properties, with an average sale price of $1,462,500 and a rent of $659.

 

« Auckland median price hits new recordHarcourts: LVRs bad for NZ »

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