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02-05-2011

Auckland leads the rent charge

Landlords.co.nz

Rents for two and three-bedroom properties in Auckland have seen sharp rises over March, and in one area the average four-bedroom rent rose 50%, according to Crockers Market Research.

Crockers said the rises were a result of difficulties experienced by tenants searching for suitable rental properties in the Auckland region.

"After a particularly quiet January, three-bedroom rental levels appear to have taken off at the start of the school term in February," Crockers said.

"The two-bedroom market experienced its own sharp rise in March. At $357 and $475 per week, respectively, both two and three-bedroom average rental levels are now slightly above the previous highs reported late last year."

Crockers released figures comparing average rents from March 2010 to March 2011 across the one, two, three and four-bedroom property sectors.

The largest yearly rise was seen in the four-bedroom market for properties in the City Centre, up 50% from $600 to $900.

Of the 26 suburbs included, 17 saw rents rise, four remained neutral and five saw rents slide, with the biggest fall seen in East Coast Bays where the weekly rent for a four-bedroom property fell from $660 to $620.

The 30 suburbs included in the three-bedroom figures revealed Birkenhead saw the biggest yearly increase, up 15% from $427 to $490. The largest fall was seen in City Bays, down 5% from $580 to $550.

Of the 30 suburbs, 27 saw rents rise, one location remained neutral and only two saw rents fall.

In the two-bedroom sector, Devonport saw the largest rent rise, up 17% from $385 to $452. Takapuna/Milford saw the largest fall, down 15% from $470 to $400.

Of the 30 suburbs, 26 saw rents rise, one remained neutral and three saw rents fall.

For one bedroom properties Mount Roskill saw the largest yearly rise, up 33% from $200 to $265. The largest fall was seen in Meadowbank, down 9% from $275 to $250.

Of the 27 suburbs Crockers supplied one-bedroom figures for, 20 saw rents rise, three remained neutral and four saw falls.

Crockers said the rises seen across Auckland had not been repeated elsewhere, with rental levels remaining stable over the past few months.

"The Auckland market is once again outpacing average New Zealand rentals. Three-bedroom rental levels in March were 36% higher in Auckland (at $475 per week) than the nationwide average of just $350 per week."

Source: Landlords.co.nz

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