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


Auckland’s Rental Market Ends Year Near $600 Per Week Mark

Quarterly Rental Update:

Auckland’s rental market ends year near $600 per week mark

Weekly rents in most areas up $10 or more per week

The average weekly rent in Auckland reached a new high of $595 at the end of 2020, just shy of a long-anticipated $600 per week.

The figure is based on actual rents paid during December 2020 for around 16,500 Auckland properties, including both new and existing tenancies, managed by agency Barfoot & Thompson*.

“We have long suspected the market would hit the $600 mark during 2020. And while this was dampened somewhat by the effects of lockdown, the momentum continued among newly signed tenancies,” explains Barfoot & Thompson Director Kiri Barfoot.

“Activity during this quarter was also not constrained by the rent freeze, which ended in late September, and we’ve seen a slight lift in average prices across the board.”

At $595, the average Auckland rent in December 2020 was up 2.0 per cent year-on-year. This equates to around $12 more per week, or $624 more a year.

Ms Barfoot notes this also indicates a return to a more “normal” pace, being on par with December 2019’s increase of 2.1 per cent year-on-year, which also equated to around $12 more per week.

Three-bedroom homes, which make up the majority of Auckland’s rental stock and are typically used as a market benchmark, attracted rents of $597 per week in December 2020 ($15 or 2.6 per cent more than in December 2019).

Meanwhile, properties with five or more bedrooms were relatively static with less than one per cent movement, albeit still around $7 more per week than the same time last year.

The regions with the highest rates of increase were South Auckland and Rodney, up 3.5 and 3.2 per cent respectively – representing $18 per week rises.

Moving into the New Year, Ms Barfoot says property managers are reporting increased activity and interest in listings, with high volumes of prospective tenants attending viewings.

“The number of available properties is fairly steady, however interest and competition for properties appears to be on the up.

“And while we are seeing some owners choosing to exit the market, we are also seeing an increase in the number of rental appraisal requests from new investors, which is promising.”

Average weekly rent received across Auckland – December 2020   
 No Bedrooms     Year-on-year % increase
 5+ Total 
Central Auckland $413 $592 $992 $510 -1.9% 
Central Suburbs $406 $536 $669 $831 $1,078 $635 2.1% 
Eastern Suburbs $405 $542 $706 $913 $1,119 $675 2.1% 
Franklin/Manukau Rural $336 $401 $483 $589 $713 $505 2.1% 
North Shore $417 $512 $630 $769 $941 $643 0.5% 
Pakuranga/Howick $369 $482 $592 $710 $810 $620 1.6% 
Rodney $374 $482 $576 $702 $845 $595 3.2% 
South Auckland $332 $441 $538 $650 $780 $541 3.5% 
West Auckland $357 $458 $544 $655 $788 $547 2.1% 
Total $391 $502 $597 $726 $887 $595 2.0% 
Year-on-year % increase 1.9% 2.4% 2.6% 1.9% 0.8% 2.0%  

*Based on statistics drawn from a portfolio of 16,500+ Auckland rental properties managed by Barfoot & Thompson during the month of December 2020, and compared to December 2019. All prices have been rounded to the nearest dollar. Please note: While previous Quarterly Rental Updates have drawn figures from the entire three-month quarterly period, this update (and future intended updates) use figures from the final month of the quarter only. This method provides the latest pricing information. Monthly rental statistic reports are also available on the Barfoot & Thompson website under ‘Market Reports’ here.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Reserve Bank: Policy Lessons From A Year Of Covid-19

The Reserve Bank of New Zealand – Te Pūtea Matua was in a sound position to continue to meet its mandate in the face of the COVID-19 induced economic shock. However, we must continue to transform so as to remain relevant and effective in addressing longer-term challenges, Reserve Bank Governor Adrian Orr said... More>>

Transport Industry Association: Feb 2021 New Vehicle Registrations Strongest On Record

Motor Industry Association Chief Executive David Crawford says that the February 2021 figures are the strongest for the month of February ever. Registrations of 12,358 were 8.0% up on February 2020. Year to date the market is up 7.1% (1,735 units) compared to the first two months of 2020... More>>

Paymark: Lockdown Equals Slowdown For Some

The three days of lockdown for Auckland earlier this month made a clear impression on our retail spending figures. While only Auckland moved into Level 3 lockdown, the impact was felt across the country, albeit at different levels. Looking at the ... More>>

Infrastructure Commission: Te Waihanga Releases Report On Water Infrastructure

The New Zealand Infrastructure Commission, Te Waihanga’s latest discussion document highlights the importance of current reforms in the water sector. Its State of Play discussion document about water infrastructure is one of a series looking at the ... More>>

Psychic Ventures: US Consumer Spending On Video Games Jumped By 42% In Jan 2021

On a global scale, there was a 15% increase in digital games revenue in January 2021, pushing the total to $11.6 billion.
In the US, gaming revenue rose to an impressive high during the month thanks to the new generation of consoles. ... More>>

OECD: Annual Inflation Picks Up To 1.5% In January 2021 While Euro Area Records Sharp Increase To 0.9%

Annual inflation in the OECD area picked up to 1.5% in January 2021, compared with 1.2% in December 2020. Following a rebound between December and January, the annual decline in energy prices was less pronounced in January (minus 3.9%) than in December... More>>

Hemp Industries Association: Could The Next Team NZ Boat Be Made Entirely Of Hemp?

With The America’s Cup due to start in a few days’ time, innovators from a very different sphere have been wondering how long it could be before New Zealand could be competing in a boat entirely built from hemp, with the crew eating high-energy, nutritious hemp-infused foods and wearing high-performance hemp kit..? More>>

ACT: Matariki Almost A Half Billion Dollar Tax On Business

“Official advice to the Government says an extra public holiday at Matariki could cost almost $450 million,” ACT Leader David Seymour can reveal. “This is a perfect example of the Prime Minister doing what’s popular versus what’s responsible. ... More>>