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Here is another interesting Wellington real estate related news article that we thought may provide you with helpful information.
Press Release – Trade Me Property
Tenants in the capital can expect to pay $30 more a week in rent compared to last year, after the median rent in Wellington rose 6.7 per cent to $480 per week in September.
“While the median weekly rent in Wellington City has seen strong annual growth of 9.3 per cent to $530, it’s the outer areas of Upper Hutt, Porirua and Kapiti Coast which show the largest annual increase,” says Head of Trade Me Property Nigel Jeffries
Upper Hutt has seen the biggest year-on-year growth of 18.6 per cent to $415, followed by Kapiti Coast which was up 15.4 per cent to $450 and Porirua climbed 14.5 per cent to $500.
“After last summer’s hectic rental market in the capital, we’re seeing some signs that this summer might be much the same for Wellington tenants. The market is heating up already.
“Wellington’s three most popular rentals in September were all from Lower Hutt – it’s a hot favourite for tenants embracing a longer commute in exchange for cheaper rent.”
Table 2: Wellington’s most popular rental listings in September 2018
|Rental address||Suburb||Enquiries in first 2 days|
|1||Norton Park Ave||Fairfield||65|
|2||High Street||Lower Hutt||61|
New Zealand’s national median rent is showing no signs of slowing down after increasing 6.7 per cent year-on-year in September and remaining at an all-time high of $480 per week, according to the latest Trade Me Rental Price Index. Nigel Jeffries said there were some “ominous” signs for tenants ahead of the typically hectic summer rental period. “Winter rent prices remained relatively steady this year, instead of taking the dips we normally see.
“It feels like the calm before the summer rental storm, and tenants could be in for some ominous rent rises in the coming months, with tightening supply evidenced by a 6 per cent dip in the number of rentals onsite year-on-year and a number of areas experiencing lifts in demand.
Continue reading this article at the original source from Scoop Wellington
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