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26-11-2012

North Shore rental properties are city's most expensive

Landlords.co.nz

One-bedroom properties in Takapuna, Pakuranga and Auckland’s city bays – from Mission Bay to St Heliers - are the standout performers in Crockers’ latest survey of rents.

Its report shows that on a six-month rolling median, Takapuna’s rents increased from $285 to $399 this year compared to the same time in 2011, an increase of 40%.

The bays’ rents for one-bedroom properties increased 17%, from $313 to $365. Pakuranga showed an increase of 15%, from $245 to $281.

Overall, North Shore properties retain a premium over those in the rest of the city.

Over the past year, landlords leasing North Shore three-bedroom properties were charging 9% more than those for rent in other parts of Auckland.

For three-bedroom properties, Glenfield’s median rent increased 5% to $450 this year,  Takapuna’s increased 5% and Devonport’s 6%. But rent for two-bedroom properties dropped 2% in Devonport over the same period.

Auckland-wide, two-bedroom properties are now being rented for $385 on average, a slight drop from the month before but still 20% more than two-bedroom properties in other parts of the country.

The price of three-bedroom Auckland rental properties has increased sharply, to $506, 39% more than rental properties in other parts of the country, and up from $480 in January.

Investors are still positive, the Crockers research shows, with 42% of those surveyed thinking their residential property investment will show improved performance over the next year. Only 4% think things will deteriorate.

Source: Landlords.co.nz

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