NZ rents stable in June despite talk landlords would push up rents after Budget

NZ rents stable in June despite talk landlords would push up rents after Budget

Figures from the Department of Building and Housing show the median rental for New Zealand was NZ$300/week in June, unchanged from May and broadly unchanged since early 2008.

The Department of Building and Housing collected data from 11,065 rental bonds lodged with the Department in June.

The median rental has been unchanged at NZ$300 since November 2009 and contrasts with comments from some landlords that rents were rising or would rise in the wake of changes announced in the May 20 budget removing the ability to claim depreciation on buildings.

The median rental was around NZ$300/week in early 2008 before falling to NZ$290/week in late 2008 and then bouncing somewhat to NZ$300 in late 2009.

Auckland's largest real estate agency group Barfoot and Thompson reported it rented out 690 properties in June and that the average weekly rent was NZ$403, up NZ$5 from May and up NZ$15 from a year ago.

The Department of Building and Housing's figures obtained by interest.co.nz show the median rental for a three bedroom house across New Zealand fell to NZ$315 from NZ$320 a month ago, but but was up from NZ$310 in June a year ago. The median for a two bedroom flat in June was NZ$245/week, down from NZ$250 in May and down from NZ$250 a year earlier. Here is more detail on the Department's website of rents in various cities and regions.

In Auckland, the figures (reproduced below in our interactive chart) showed the median rent for a three bedroom house was NZ$460, unchanged from May but up from NZ$450 a year ago. Auckland house rents are broadly up from NZ$430 in early 2008, in line with wage inflation.

Auckland 2 bedroom flat rents were NZ$330/week in June, up from NZ$320/week in May and NZ$315 in June a year ago. They are also up in line with wage inflation over the period.

Wellington house rents and apartment rentals have risen slightly faster over the last two years. The Wellington median 3 bedroom house rental was unchanged at NZ$450 in June from NZ$450 in May and NZ$450 a year ago, but is up from around NZ$400 in early 2008.

Wellington apartment rents are up from around NZ$300/week in early 2008 to NZ$320/week in June, although this is down slightly from NZ$330/week in May and up slightly from NZ$314 a year ago.

Christchurch and Dunedin rents have been broadly flat since the recession began.

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