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


80% increase for Wellington rents

Media Release

Economist Shamubeel Eaqub produced a study, believed to be Wellington's first, on the city's specific rental history.

The purpose of the study was for The Wellington Company to understand where the city's rental market was going based on how the market has trended historically, so that The Wellington Company can make informed decisions about how best to tackle housing supply and affordability.

This morning we are releasing the findings from the report (attached).

At a high level, the points are as follows:

-Rents typically increase faster than CPI
-House prices are not a significant factor
-We have enough evidence that household income is the key determinant of rent and a constraint (if no money left, leads to crowding or people leaving for elsewhere)
- Rents can fall in specific cases (oversupply, economic weakness, or both), but never over long periods
- Since 1995 in Wellington City: Rents have increased by 4%pa
(interquartile range of 2%-6%)
15 years to 2018, cumulatively Wellington City rents have increased by 80% and CPI has increase by 37%


© Scoop Media

Business Headlines | Sci-Tech Headlines


Marine And Freshwater Reports: EDS Calls For Urgent Action On Marine Management

“There are some big issues to address. These include many marine species and habitats that are in serious trouble. Of the sample investigated, the report finds that 22% of marine mammals, 90% of seabirds and 80% of shorebirds are threatened with or actually at risk of extinction..." More>>


$7.5 Billion Surplus: Government Accounts "Show Strong Economy"

“The surplus and low levels of debt show the economy is in good shape. This allows the Government to spend more on infrastructure and make record investments in health and education,” Grant Robertson says. More>>


New OIO Application Trumps Judicial Review: OceanaGold Cleared To Buy Land For Waihi Tailings Expansion

In a surprise turnaround, the government has given OceanaGold a greenlight to buy land to expand its Waihi mine after the application was previously turned down by Land Information Minister Eugenie Sage. More>>


Christchurch Rebuild: Fletcher Sued For $7.5m Over Justice Precinct

Fletcher Building is being sued for $7.5 million by utilities contractor Electrix, one of the subcontractors on the Christchurch Justice and Emergency Services Precinct. More>>

Three New Drugs: PHARMAC Signs Bundle Deal For More Cancer Medicines

420 New Zealanders with lung cancer, breast cancer, multiple sclerosis and respiratory disease will benefit each year from a bundle deal PHARMAC has finalised with a medicine supplier. More>>