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Rents hit new high in Auckland

Good news for landlords as new data shows rents in a number of markets – including Auckland - are on the rise again.

Wednesday, December 16th 2015, 12:43PM

by Miriam Bell

After several months of stalled rental prices, the latest Trade Me Property data shows the median asking rent rose nationwide in November.

Excluding Auckland, the median asking rent edged up slightly from $360 per week in October to $370 per week in November, which is a year-on-year rise of 5.7%.

The results from different markets around the country were mixed.

While Bay of Plenty, Northland, Manawatu/Wanganui, and Dunedin all recorded strong rental price rises, other markets showed a decline.

For example, in Christchurch, median asking rents fell for the seventh consecutive month when compared to the same time a year ago.

Head of Trade Me Property Nigel Jeffries said the most action-packed rental market was the Bay of Plenty, where rents rose by $50 per week in the past year.

This was a 15.2% year-on-year increase and a five-year increase of 27%.

However, rents were not going up at the pace of selling price expectations which are up 13% year-on-year, and have seen growth of 28% since November 2010, he said.

Meanwhile, Auckland’s median asking rent was on the rise again.

In October, it eased back slightly to $495 per week from 499 in August and September.

But, in November, it bounced back.

Jeffries said the cost of renting in our largest city hit a new high in November, surpassing $500 per week for the first time.

Auckland’s median asking rent has gone up by 9% over the past 12 months and by 26.6%, or by $105 per week, over the past five years.

Despite the lift, rents were not rising as fast as selling price expectations in Auckland, which were up 16.9% last month, Jeffries said.

“The pace of increase in asking prices for properties for sale is slowing however, and median asking rents are catching up.

“This is especially evident when compared to this time last year, where the increase in asking rents was a far more modest 2%.”

 

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Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 4.05 3.95 4.39
ASB Bank Special - 3.55 3.45 3.89
BNZ - Classic - 3.55 3.45 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 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 4.30 4.20 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.45 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.55 3.39 3.89
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 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.34 4.04 4.09 4.39

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