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


National Rents Increase By 21 Per Cent In 5 Years

New Zealand’s national median weekly rental price finished off the year 21 per cent higher than it was at the end of 2015 according to the latest Trade Me Rental Price Index.

Trade Me Property spokesperson Logan Mudge said the national median weekly rent was $520 last month, marking a 4 per cent increase on the same month in 2019 and a 21 per cent increase on this time in 2015. “November’s median weekly rent matched the all-time high we first saw in February this year.”

Nationally, supply was up by 6 per cent in November when compared with the same month last year. “This is the biggest year-on-year increase in supply we have seen since June. However, with demand sky-high, up by a whopping 20 per cent year-on-year, rental prices around the country have stayed very high.”

As 2020 comes to a close, Mr Mudge said the rental market had seen a turbulent year. “There is no doubt that it has been a stressful year for renters, prices have skyrocketed this year and they’re not showing any signs of slowing down.

“The government did its best to provide tenants with certainty over the lockdown period by introducing the rent freeze and while that helped temporarily the wider issue of supply and demand has continued to see rents climb.”

Auckland rents see year-on-year increase

The Auckland region’s median weekly rent hit $575 in November, up 4 per cent when compared to this time last year. “Narrowing down to Auckland City, the median weekly rent was $550, up 3 per cent year on year.”

Following the national trend, Auckland’s year-on-year supply increase of 8 per cent couldn’t keep up with the market’s soaring demand, which was up by 16 per cent year-on-year.

Mr Mudge said North Shore City was the most expensive district in the Auckland region, followed by Rodney, and then Manukau and Papakura in third equal place.

“The most popular rental in the region was a three bedroom house on Kenderdine Road in Papatoetoe. It was listed for $550 per week, and received 70 enquiries in its first two days onsite.”

Porirua and Wellington City rents neck and neck

In the Wellington region, the median weekly rent in November was $580, up 6 per cent year-on-year.

“The Wellington City average median weekly rent was slightly higher at $595. This put it in first-equal place as Wellington’s most expensive district.

“After overtaking the city as the most expensive district in the Wellington region for the first time in September, the Porirua median weekly rent was once again on par with Wellington City’s in November, at $595.”

Mr Mudge said overall, supply in the region was up by 5 per cent, while demand was up by 14 per cent.

“The most popular rental in the region was a four bedroom house on Dorking Road, Brooklyn. The $895 per-week rental received 81 enquiries in its first 48 hours onsite.”

Regions see a mix

Mr Mudge said every single region in the country was up year-on-year in November. “It’s rare to see increases across the board but that’s just a mark of the New Zealand rental market - it’s hot nationwide.

Mr Mudge said the Bay of Plenty had a stand-out month, with the median weekly rent reaching a new record of $535. “This makes it the only region to hit a new record in November.”

“The biggest supply and demand increases were seen in university cities Otago, Manawatu/Whanganui as students looked to relocate over the summer break and to lock in a spot for the upcoming year.”

In Otago, supply was up by 35 per cent year-on-year, and demand was up by 33 per cent. Manawatu/Whanganui supply increased by 25 per cent, while demand was up by 19 per cent.

New Zealand’s most popular listing of November was in Frimley, Hastings. “The three bedroom house on Ikanui Road was listed for $400 a week and received 102 enquiries in its first two days onsite.”

Rents reach all time highs for medium sized houses

Mr Mudge said rental prices were up across the board when compared with November 2019, with the exception of small (1-2 bedrooms) and large (5+ bedrooms) in Christchurch. “New records were set for medium houses (3-4 bedrooms) around the country, with the median weekly rent reaching $590.”

Looking at urban properties, apartments were the only type to see a year-on-year median weekly rent decline.

© Scoop Media

Business Headlines | Sci-Tech Headlines


TradeMe: Property Prices In Every Region Hit New High For The Very First Time

Property prices experienced their hottest month on record in December, with record highs in every region, according to the latest Trade Me Property Price Index.\ Trade Me Property spokesperson Logan Mudge said the property market ended the year with ... More>>

Motor Industry Association: 2020 New Vehicle Registrations Suffer From Covid-19

Chief Executive David Crawford says that like some other sectors of the New Zealand economy, the new vehicle sector suffered from a case of Covid-19. Confirmed figures for December 2020 show registrations of 8,383 were 25% ... More>>

CTU 2021 Work Life Survey: COVID And Bullying Hit Workplaces Hard, Huge Support For Increased Sick Leave

New data from the CTU’s annual work life survey shows a snapshot of working people’s experiences and outlook heading out of 2020 and into the new year. Concerningly 42% of respondents cite workplace bullying as an issue in their workplace - a number ... More>>

Smelter: Tiwai Deal Gives Time For Managed Transition

Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed to working on a managed transition with the local community,” Grant Robertson said. More>>


OECD: Area Employment Rate Rose By 1.9 Percentage Points In The Third Quarter Of 2020

OECD area employment rate rose by 1.9 percentage points in the third quarter of 2020, but remained 2.5 percentage points below its pre-pandemic level The OECD area [1] employment rate – the share of the working-age population with jobs – rose ... More>>

Economy: Strong Job Ad Performance In Quarter Four

SEEK Quarterly Employment Report data shows a positive q/q performance with a 19% national growth in jobs advertised during Q4 2020, which includes October, November and December. Comparing quarter 4, 2020, with the same quarter in 2019 shows that job ad volumes are 7% lower...More>>

NIWA: 2020 - NZ’s 7th-warmest Year On Record

The nationwide average temperature for 2020, calculated using stations in NIWA’s seven-station temperature series which began in 1909, was 13.24°C (0.63°C above the 1981–2010 annual average). New Zealand’s hottest year on record remains 2016, when... More>>

Quotable Value New Zealand: Property Market Set To Cool From Sizzling To Warm In 2021

Nostradamus himself could not have predicted the strange series of events that befell our world in 2020 – nor the wild trajectory of New Zealand’s property market, which has gone from “doom and gloom” to “boom and Zoom” in record time. Even ... More>>