April rental statistics from the Bond Centre have been released. You can see how your property rental prices have changed over the years at the rental price calculator on the NZPIF website.
As at April 2023, the national rental price was relatively stable at $570pw, an increase of around 3% over the last year. Quite modest considering interest rate increases and further removal of interest deductibility.
As expected, following migration increases and the return of overseas students, Auckland rents have increased strongly over the past few months. Central Auckland rents have been the most affected.
Most areas outside of Auckland and Wellington have continued to increase at a steady rate. However, unlike Auckland, Wellington has yet to see any change in rental prices from increases in migration and overseas student numbers.
The following table shows rental price changes for the other main centres and New Zealand as a whole.
|
Monthly change |
Annual % change |
Annual $ Change |
|
||
|
North Shore |
3.1% |
2.9% |
$ 18 pw |
|
|
|
Waitakere |
1.6% |
1.9% |
$ 12 pw |
|
|
|
Auckland |
3.8% |
5.0% |
$ 32 pw |
|
|
|
South Auckland |
4.8% |
4.4% |
$ 27 pw |
|
|
|
Hamilton |
8.3% |
5.2% |
$ 25 pw |
|
|
|
Tauranga |
-3.2% |
6.6% |
$ 37 pw |
|
|
|
Napier |
0.9% |
5.8% |
$ 32 pw |
|
|
|
Palmerston North |
0.0% |
5.6% |
$ 27 pw |
|
|
|
Upper Hutt |
-0.8% |
-0.8% |
-$ 5 pw |
|
|
|
Lower Hutt |
0.8% |
-0.2% |
-$ 1 pw |
|
|
|
Porirua |
0.8% |
2.4% |
$ 14 pw |
|
|
|
Wellington |
-4.6% |
-0.1% |
-$ 1 pw |
|
|
|
Nelson |
7.8% |
6.4% |
$ 32 pw |
|
|
|
Christchurch |
1.0% |
7.6% |
$ 35 pw |
|
|
|
Dunedin |
2.3% |
5.8% |
$ 24 pw |
|
|
|
Invercargill |
2.4% |
3.4% |
$ 13 pw |
|
|
|
New Zealand |
1.8% |
3.0% |
$ 17 pw |
|
|
Note: The NZPIF Rental Report uses Tenancy Bond data and averages out three months of statistics to smooth out annual results.
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