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New Zealand’s median weekly rent reached $500 for the first time in April after a 5.3 per cent annual increase and strong growth in the provinces, according to the latest Trade Me Rental Price Index.
Head of Trade Me Rentals Aaron Clancy said it was a big milestone and showed just how much demand existed around the country. “It’s getting more and more expensive for New Zealand tenants.”
“The median weekly rent in the Wellington region was up 10.4 per cent year-on-year to $530, a fall from January’s peak at $550 per week. Mr Clancy said while rents in the capital had cooled slightly, there were still “huge demand” with plenty of tenants looking for properties and inadequate supply.
“We saw 7 per cent more enquiries for Wellington rentals in April this year compared to 2018. Meanwhile, the number of rentals onsite fell 16.5 per cent on the year prior.
“While prices have eased, it’s still very tough going if you’re looking for a flat in the capital.
“Wellington City rents also eased in April, with a median weekly rent of $575, down $20 on January’s record but that’s still an 8.5 per cent annual increase. While this is good news for tenants in the capital city, they’re still paying $10 more per week than their counterparts in Auckland,” he added.
The most popular rental in Wellington was a two-bedroom apartment in Mount Victoria which saw 93 enquiries in the first two days onsite.
Wellington’s most popular rental listings in April 2019
|Rental address||Suburb||Enquiries in first two days|
|1||Austin Street||Mount Victoria||93|
|2||Larchmont Grove||Totara Park||74|
Large houses in Wellington most expensive
“The median weekly rent for large houses (5+ bedrooms) in Wellington rose a significant 25.9 per cent year-on-year, closing in on the $1,000 mark at $995 per week. Making it the most expensive property type in the country.”
Medium houses (3-4 bedrooms) outside of Auckland reached a new record after climbing 7.8 per cent year-on-year to $485 in April.
High rents aren’t just a ‘city problem’ anymore either.
“Six regions hit all-time highs in April, as a growing number of Kiwis look at their options outside our three largest cities. We’re seeing some Kiwis look…………
Press Release – Trade Me Limited
Continue reading this article at the original source from Scoop Wellington
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