Rents a mixed bag across New Zealand
Head of Trade Me Property Nigel Jeffries said Auckland’s median weekly rent of $530 remains the highest in the country, but growth in our largest city is down on the national average, up only 3.9 per cent on this time last year.
Median weekly rents in Christchurch haven’t grown year-on-year for the last 12 months as the city settles back into its rental rhythm. The median weekly rent in the Garden City ticked down 2.5 per cent in June to $390. The asking rent in the city has only gone up $30 in the past five years.
However, Jeffries said the typical New Zealand rental property started the year with a median weekly rent of $450 and is yet to budge.
While there was little movement this year, the median weekly rent was still up 4.3 per cent on June 2016 when the nationwide median weekly rent was $430. “Landlords are still seeing some gain on their investments - they’re earning over $1000 more on the typical property than they were a year ago.”
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