Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Rents on the rise again

Rents on the rise again

Residential rentals are on the rise for the first time in two years.

The latest statistics from the Massey University Real Estate Analysis Unit show that the weekly national level of median rent moved from $260 to $265 in August, to $270 in October and remained at $270 for November.

The unit’s director Professor Bob Hargreaves says before September this year the national median had been level at $260 a week since 2004.

He says the increases over the last quarter are most likely attributable to demand pressure from strong migration figures.

In percentage terms, median national weekly rents increased by 3.8 per cent over the past 12 months, marginally ahead of the consumer price index. “Also, record house prices are thought to be keeping potential buyers in the rental market for longer, adding to demand,” Professor Hargreaves says.

The strongest annual rent increases occurred in Gisborne (24.7 per cent), Palmerston North (14.2 per cent), Invercargill (13.3 per cent), New Plymouth (12.5 per cent), Wanganui (11.1 per cent) and Wellington (10 per cent).

No cities recorded a decline in rents.

The full report can be accessed at http://property-group.massey.ac.nz

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>