What’s happening in your area for rents.
Overall rents in the regions according to Trademe Property Index have jumped by a massive 6.8% with a high of $395 per week.
Hawke’s Bay and Northland reached a record $400 per week and Southland $275 per week.
This is great news for regional landlords, however this is also showing that landlords continue to offer quality properties for their tenants.
Annual Change in the Rental Price Index – excl. AKL, WLG, CHCH
Figure 1 Source Trademe.co.nz
Let’s have a look at the whole country
Comparing March 2017 and March 2018 rental prices have risen except for Canterbury with 0% change, Marlborough -6.9% and Gisborne taking the largest drop -22.50%.
Whereas Hawkes Bay, Manawatu/Wanganui and Nelson/Tasman have had double digit percentage changes since the same time last year.
Figure 2 Source Trademe.co.nz
If we compare houses through the New Zeeland and the major cities. Wellington reached a new record in March as it costs the same to rent a 1-2-bedroom house as it does in Auckland. Plus, it costs more to rent a 5-bedroom house in Wellington than it does in Auckland.
Figure 3 Source Trademe.co.nz
In Our Biggest City – Which areas have gone up and which areas have gone down
In Auckland we have seen the biggest annual rental change in double figures through these suburbs
- Epsom 25.6%
- St Johns 25.5%
- Three Kings 18%
- Remuera South/Meadowbank South 17.2%
- St Heliers/Glendowie 13%
- Balmoral 12.7%
- Remuera 11.9%
- Ponsonby/Freemans Bay 10%
The top 5 negative annual rent changes in Auckland
- Herne Bay/St Marys -15.8%
- Harbourside -15.5%
- Westmere/Surrey Crescent -12.9%
- Mt Wellington -9%
The Auckland suburbs to pay the highest median rent
- Ponsonby/Freemans Bay $750pw
- Remuera $750pw
- St Heliers/Glendowie $740pw
- Kohimarama $725pw