Tenants look to outer suburbs for better deal
Auckland tenants are shifting their attention away from the central city in the search for more affordable accommodation.
Trade Me data shows the region has hit a record median asking rent of $550 a week, up 3.8 per cent year-on-year.
Head of Trade Me Property Nigel Jeffries said there was a growing demand for rentals outside Auckland City.
The number of inquiries in listings’ first two days on the website has climbed in Manukau City (up 39 per cent), Papakura (up 16 per cent) and Waitakere City (up 12 per cent). Inquiries fell 19 per cent in Auckland City compared with June last year.
Nationally, strong growth in the regions saw the national median weekly rent climb 6.7 per cent, compared with 2017, to a new record of $480 in June.
Otago University students will face an extra battle to get accommodation this year. The data shows the scramble for next year’s Dunedin student flats has already begun.
The median weekly rent in the city was up 6.3 per cent year-onyear, to $361.50.
‘‘It’s the only place in the country where a huge number of rental properties are snapped up months before anyone moves in,’’ Jeffries said.
‘‘This year a massive 58 per cent of Dunedin rental listings on site in June weren’t available until January 2019.
‘‘Otago students have to be well planned, well presented and often have to come up with the bond in advance to secure a good property.’’
Jeffries said the number of listings in Dunedin was down 14 per cent on June 2017, pushing prices up and making it much harder for tenants.
Rent in the Wellington region was up 6.7 per cent, year-on-year, at a record $480 per week for a third consecutive month.
The median weekly rent in Bay of Plenty and Manawatu/ Whanganui reached a record high in June, up 10.5 per cent to $475 and up 10 per cent to $330 respectively.
Across the board, most regions saw solid double-digit growth in June. Nelson/Tasman was the only area where rents dipped.
‘‘It’s rare to see such significant increases in the winter ... It could point to a record summer of growth as supply battles to keep up with demand,’’ Jeffries said.