tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Get your tickets to the Mindful Money ethical investment awards CLICK HERE Dismiss
Last Article Uploaded: Sunday, June 26th, 6:01PM

News

rss
Latest Headlines

The staggered rise of big city rents

Rents in Auckland and Wellington are up from this time last year – but they have been flatlining in recent months, according to new data from Trade Me Property.

Tuesday, August 27th 2019, 10:27AM

by The Landlord

The latest instalment of the Trade Me Rental Price Index shows that every region in New Zealand saw an annual increase in rent in July.

Many regions experienced strong double-digit growth in July, with Gisborne (up 16.7%), Manawatu/Whanganui (up 23.3%), Otago (up 11.9%) and the West Coast (up 36.2%) reaching new records.

Trade Me Property’s Aaron Clancy says demand for rental properties continues to rise and there was a 20% jump in the number of enquiries nationwide.

"Supply isn’t keeping up, with the number of rentals dipping 5% nationwide on the year prior.

“With rents remaining high, demand increasing and supply slipping, all the signs are pointing to record breaking rents this summer.”

This meant the national median weekly rent saw a year-on-year increase of 5.3%, which left it at $500 in July.

However, while this is an all-time high, it is now the fourth consecutive month that the national rent has been sitting at $500.

In a similar vein, Wellington rents are up by 10.4% annually, which left them at $530 in July. But this is actually down from June when the region’s median weekly rent was $540 and from December 2018’s record high of $565.

Clancy says that, within the region, Wellington City, Porirua and Lower Hutt had the highest median weekly rents.

“Rents in Wellington City reached $560 in July, rising 7.7% on the year prior. The median weekly rent in Porirua rose 5% to $525 and Lower Hutt saw an 18% jump in rent to reach $530 per week.”

The number of Wellington properties available for rent was down 7% on July 2018 while demand was up 4.5%.

Meanwhile, in Auckland, the median weekly rent was up by 1.8% annually to $560 in July – but it has been sitting at this amount since early this year.

Clancy says there is hot demand for rentals in Auckland with the number of enquiries up 22% on July last year and supply was battling to keep up with available properties dipping by 2% year-on-year.

“While rents in the region have remained unchanged since February, we think this rising demand and falling supply will put pressure on prices, which means we will likely see some big jumps in the coming months.”

Within the region, the highest median weekly rents were in North Shore City (up 3.3% to $620), Auckland City (up 2.7% to $565) and Rodney (up 7.6% to $565).

Clancy adds that the median weekly rent across all house sizes increased on July last year, with the biggest increase being large houses (5+ bedrooms) in Wellington.

“Apartments, townhouses and units are in hot demand and in July we saw a 24% annual increase in the number of enquiries.”

 

Tags: Apartments Auckland landlords median rents property investment property management rental market rents tenants Trade Me Property

« Relationship break-up not cause to end tenancy, tribunal saysGovt must regulate property managers - REINZ »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 5.95 4.85 5.35 5.65
ANZ 5.94 ▲5.95 ▲6.40 ▲6.59
ANZ Blueprint to Build - - - -
ANZ Special - ▲5.35 ▲5.80 ▲5.99
ASB Bank 5.85 ▲5.35 ▲5.80 ▲5.99
Avanti Finance 5.95 - - -
Basecorp Finance 6.95 - - -
Bluestone 5.89 7.49 8.09 8.19
BNZ - Classic - ▲5.35 ▲5.69 ▲5.99
BNZ - Mortgage One 5.94 - - -
BNZ - Rapid Repay 5.94 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 5.94 ▲5.95 ▲6.29 ▲6.59
BNZ - TotalMoney 5.94 - - -
CFML Loans 6.45 - - -
China Construction Bank 5.50 5.40 6.14 6.40
China Construction Bank Special - 4.45 5.19 5.45
Co-operative Bank - First Home Special - ▲4.75 - -
Co-operative Bank - Owner Occ 5.85 ▲4.85 ▲5.35 ▲5.65
Co-operative Bank - Standard 5.85 ▲5.35 ▲5.85 ▲6.15
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 4.95 5.45 -
Heartland Bank - Online 4.10 ▲4.40 ▲4.90 ▲5.10
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 6.10 5.00 5.75 -
HSBC Premier 5.89 4.39 5.15 5.39
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.25 4.39 5.09 5.45
Kainga Ora 5.43 4.57 5.58 5.85
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 5.50 5.85 6.19 6.39
Kiwibank - Offset 5.50 - - -
Kiwibank Special 5.00 4.85 5.19 5.39
Liberty 4.84 - - -
Lender Flt 1yr 2yr 3yr
Nelson Building Society 6.45 ▲5.55 ▲6.15 -
Pepper Money 4.49 - - -
Resimac 6.19 5.60 6.16 6.29
SBS Bank 5.79 5.05 5.69 5.89
SBS Bank Special - 4.55 5.19 5.39
Select Home Loans 4.09 4.29 4.86 5.09
TSB Bank 5.59 5.14 5.79 6.15
TSB Special 4.79 4.34 4.99 5.35
Unity 5.65 4.95 5.55 -
Wairarapa Building Society 5.74 4.95 5.75 -
Westpac 5.94 ▲5.95 ▲6.29 ▲6.59
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.94 - - -
Westpac Special - ▲5.35 ▲5.69 ▲5.99
Median 5.85 5.00 5.69 5.99

Last updated: 23 June 2022 9:02am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com