Christchurch rents set pace
Christchurch is still leading the country’s annual rental price gains, the latest Department of Building and Housing quarterly report shows.
Thursday, September 11th 2014, 12:00AM
by The Landlord
The biggest year-on-year annual increase in sales prices was in Auckland, where prices were up 12% on 2013 in the July quarter. Christchurch, Selwyn and Waimakariri all experienced growth in the 5% to 10% range.
But Christchurch was the standout for rental properties. Christchurch City rents grew between 5% and 10% in the year to July 2014, while North Canterbury rents grew more than 10% over the same period.
The report said Christchurch’s rental prices were growing faster than house values, and had been since late 2011. In the year to July 2014, both rents and house values grew by 7%.
Other South Island areas reported strong rental price gains too – Nelson and Tasman both recorded more than 5% annual increases in average rents.
Auckland, by contrast, posted much smaller rent price increases than sales increase. Rents in the city were up just 3%.
Four-bedroom properties experienced the biggest rental price gain nationwide, up 4.7% to an average $492. That was followed by a 3.8% increase for three-bedroom homes, and a 3.7% increase in prices for five-bedroom homes.
Of the regions surveyed, only the West Coast reported a drop in rents. Northland and Taranaki experienced no movement.
Otago, Hawkes Bay, Wellington, Auckland, Southland, Gisborne, Marlborough, Bay of Plenty and Waikato recorded gains of less than 5%.
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