Auckland rent yields drop
It has released its latest suburb report, for September, which shows that across the city, the average sales price for three-bedroom homes for the agency was $957,423 and the average rent $522. That means a gross yield of 2.85%.
That’s down from 3% in August. From that, investors must subtract expenses such as maintenance, rates, insurance and interest costs.
Yield was highest in central Auckland, where the average rent per week was $912 and landlords could expect 4.88% yield. In Karaka, with an average sale price of more than $2 million and average rent of $537, the yield is just 1.22%.
QV noted this week that investors were turning to other parts of the country as new 40% deposit requirements made it harder for them to purchase in Auckland.
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