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

 


A Stable Year for Auckland Rental Prices

Media Statement
April 16, 2014

A Stable Year for Auckland Rental Prices

The Auckland rental market has experienced a steady year, with a four percent increase over the last 12 months.

Figures released by Barfoot & Thompson show that the average rent ‘in force’* for a three bedroom property in Auckland in March was $464 a week.

“We have seen a steady, moderate increase in rental prices across Auckland, which is good news for the tenants,” said Kiri Barfoot, a director of Barfoot & Thompson.

“It would be easy to make the assumption that higher property costs across Auckland would be passed on through the rental market, but this is not happening. Landlords have long recognised the value in retaining good long-term tenants.

“While the past 12 months has been solid, the rental market is not immune to wider market trends. As demand for property in Auckland continues to increase and we wait for new consents to be completed and come into the market, the rental sector will experience even greater demand and it is inevitable prices will rise.

“We are already seeing larger numbers of people choosing to rent rather than join the property ladder. The 2013 Census indicated that less than half the population now own their own home and that Auckland has the second lowest rate of home ownership in the country.

“LVR restrictions brought in by the Reserve Bank in October, along with the anticipated rise in mortgage rates and the increasing demands on the Auckland property market, are some of the reasons we are seeing more people opting to take a long-term perspective when renting.”

The most expensive location in which to rent a three bedroom home is the Eastern Suburbs, where the average weekly rent is now $541 while the least expensive location is Franklin and rural Manukau, where the average rental cost is $365.

Properties with five or more bedrooms have on average only increased by two percent over the past 12 months. However, in West Auckland these properties have increased by eight percent, whilst in the Eastern suburbs they experienced a five percent decrease in the average weekly rental.

*The average in force rental is the sum of all rentals for three bedroom homes. It is not the rent for new contracts signed in March. As of 1st April Barfoot & Thompson was managing 4498 three bedroom homes on behalf of landlords.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news