The median asking rents for Christchurch homes advertised on Trade Me Property have fallen by $45 a week over the last three months, suggesting the housing supply problems in the city are rapidly coming to an end.
"The Christchurch rental market for all houses peaked in March with a median rent of $495 per week, before easing back to $440 per week this month," Trade Me Property said in its rental market report for June.
The median asking rent for 3-4 bedroom houses in Christchurch that were advertised on the website in June was $480 a week, down 4% compared to June last year, while the median asking rent for 1-2 bedroom houses was $350 a week, down 5.4% compared to June last year, and the median asking rent for townhouses was $450 a week, down 2.2% compared to June last year.
However the median asking rent for home units in Christchurch was up 0.8% to $332.
In Auckland asking rents continued to rise, and the median asking rent for all types of homes advertised on Trade Me Property in June was $495 a week, up 7.6% compared to June last year.
The biggest increase in Auckland asking rents was for apartments, which had a median asking rent of $450 a week in June, up 9.8% compared to a year earlier.
The median asking rents for 3-4 bedroom houses in Auckland was $550 a week, up 5.8% compared to a year earlier.
"The rental market in the City of Sales is humming the same tune as the city's 'for sale' market and contrasts with the rest of the country where median rents are more subdued," the head of Trade Me Property Nigel Jeffries said.
In Wellington the median asking rent for all types of homes was $395 a week in June, up 3.9% compared to June last year.
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