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18-04-2012

Auckland rent rises continue to outstrip rest of country

Landlords.co.nz

Auckland rent rises continued to far outstrip the rest of the country in March, according to the latest Crockers Auckland rental price table.

Nationwide, median rents for one-bedroom properties remained unchanged from a year ago while two, three and four-bedroom rents have risen 3%, 3% and 2% respectively.

Within the Auckland region however, the majority of rent increases have far outstripped the national average.

The largest year-on-year increase was for a one-bedroom property in Orewa (Silverside to Wellsford), up 24% from $250 to $310.

Seven locations in the one-bedroom market saw rents fall on March 2011, with Pt Chevalier/Mt Albert recording the largest fall, down 18% from $267 to $220 - the same level as the nationwide average.

Of the 27 locations included in the one-bedroom figures 18 saw rents rise while two remained at year earlier levels.

Auckland's rent premiums were especially apparent in the two-bedroom market, where not one of the 31 locations saw rents fall below March 2011 levels.

The largest two-bedroom rise was seen in Grey Lynn/Westmere, up 16% from $440 to $512.

While no location saw rents fall, they remained static in three locations; Mangere/Otahuhu/Otara, Devonport and Birkenhead.

In the three-bedroom market the largest price rise was recorded in City Bays, up 22% from $550 to $670. The largest fall was seen in Takapuna/Milford, down 4% from $550 to $530.

Of the 31 locations included in the three-bedroom figures 26 saw rents rise, four saw falls and one - Pukekohe - remained static.

The biggest rent rise in the four-bedroom market was recorded in Grey Lynn/Westmere, up 18% from $645 to $762.

The City Centre recorded the largest fall - down a hefty 39% from $900 to $550 - though still a $100 premium on the nationwide average of $450.

Of the 25 locations in the four-bedroom figures 17 saw rents rise, four saw falls and four remained static.  

Tags: crockers

Source: Landlords.co.nz

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