INDEPENDENT NEWS

Rental prices continue to rise

Published: Mon 16 Apr 2018 10:32 AM
Just released March rental statistics show that New Zealand rental prices have continued to grow over the past year.
"There have been so many cost and regulatory increases over the last few years that it isn't a surprise that rental prices are increasing as they are" said NZPIF Executive Officer Andrew King. "Unfortunately the situation looks likely to continue."
In order to remove monthly variations, the NZ Property Investors' Federation has averaged three months of rental prices for the year ended March 2018 and compared this to the same period in 2017.
Overall, rental prices are up 6.1% to $433 per week. This is a higher price rise than during the last two years when rental prices increased 3.4% in the year to March 2017 and 3% in the year to March 2016.
Hutt Valley had the largest increase at 17.1% to $413pw. However this area can be quite volatile due to low numbers of new rentals. Porirua was next with an 11.6% increase to $407pw, although Porirua statistics can also be quite volatile. Wellington Central rents increased by 6.8% showing that the region overall had the highest rental price increases.
Nelson saw the third highest rental price rises at 9.2% to $382.
Auckland rental increases ranged from 4.2% in Waitakere to 5.2% on the North Shore.
Twelve of the 17 main areas had rental price increases below the national average, indicating that rental price increases in the regions are growing quite strongly.
In Christchurch, rental price falls over the last few years appear to have bottomed out. While the 3.8% increase in Christchurch rental prices to $386 is lower than the national average, it is the first time that rental prices have shown an increase since 2014.
People can calculate the market rental price for their rental property at www.nzpif.org.nz, which also graphs how rents have changed over the last 12 years.
% increaseRent PWNorth Shore5.2%$ 578Waitakere4.2%$ 493Auckland3.7%$ 555Manukau4.6%$ 490Papakura3.4%$ 471Hamilton4.8%$ 381Tauranga5.7%$ 430Napier6.5%$ 380Palmerston North0.0%$ 297Upper Hutt5.5%$ 368Hutt Valley17.1%$ 418Porirua11.6%$ 407Wellington6.8%$ 500Nelson9.2%$ 382Christchurch3.8%$ 386Dunedin0.5%$ 325Invercargill4.1%$ 257New Zealand Total6.1%$ 433
ENDS

Next in Business, Science, and Tech

Wellbeing of NZers at the heart of Budget priorities
By: New Zealand Government
Insurers pay $226m to support recovery from extreme weather
By: Insurance Council of New Zealand
Transparent Overseer needed to regulate water quality
By: Parliamentary Commissioner For The Environment
Air NZ strike details: three days from 21 Dec
By: E tu
Forecasts show solid economic fundamentals
By: New Zealand Government
Making sure taxpayer dollars are spent wisely
By: New Zealand Government
Govt eyes $17.7B more tax as economy slows
By: New Zealand National Party
Kiwis struggling as tax take nears 50K per household
By: ACT New Zealand
Monthly Economic Indicators November 2018
By: The Treasury and the Reserve Bank
Wellbeing approach needs more detail
By: New Zealand Taxpayers' Union
Growing surpluses show need for tax cuts, not a CGT
By: New Zealand Taxpayers' Union
Underfunded Overseer tool needs thorough review
By: BusinessDesk
Potential for Overseer to improve water quality
By: Local Government NZ
Feds back recommendations for Overseer improvements
By: Federated Farmers
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media