Potential home buyers urged to consult mortgage advisers

He says many tenants might be surprised at what can be available with the help of mortgage advisers who can provide information on government schemes and pulling resources together.

His comments come after Trade Me Property revealed Auckland is now the most expensive region in the country to rent, after the median weekly asking price rose to $660 in May - up 10% in just 12 months. At the same time, nationwide, median weekly asking rents are up to a record high of $610, meaning tenants are paying an extra $35 a week or $1,820 more a year than in 2022.

“It appears that after large pay increases in many industries throughout last year, landlords are still feeling confident to ask for more, says Gavin Lloyd, Trade Me’s property sales director.

But he expects rents to taper off later in the year as landlords respond to stalling wages and tenants’ lack of disposable income. “Until then, renters' wallets will feel the pain,” he says.