Hawke's Bay Property Investors' Association

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27-06-2013

Squeeze on returns as rents stable

Landlords.co.nz

House prices may be soaring but rents don’t seem to be going anywhere fast in the country’s biggest city.

The average rent for a three-bedroom home in Auckland over the past three months stayed constant at $446 a week, according to Barfoot and Thompson.

It had risen just $10 since the start of the year.

Director Kiri Barfoot said:  “Much of the movement in rental prices that have taken place in Auckland during the past 12 months occurred during the latter part of 2012, and rents have, since the start of the year, gone through a settled period.”

She said rents were stable across all suburbs and for properties of all sizes.

“As with house sales, during the winter months there is a seasonal downturn in demand for property, and this takes the pressure off price increases.”

The area that had the biggest rental increase in the past three months was the city's western suburbs, where the average rent for a three-bedroom home increased by $48 a week to $400.

In the same area a two-bedroom rental increased by $28 a week to $318, and rent for a four-bedroom property remained constant at $503.

The most attractive three-bedroom rentals can be found in Franklin, where the average rent is $354 a week. Prices have increased by $7 a week  in the past three months.

The most expensive part of town to rent a three-bedroom property is the eastern suburbs where the average rent is $541 a week.

 

Source: Landlords.co.nz

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