Rents in Auckland fall, while Wellington rises
8:30AM Tuesday Apr 07, 2009

The average weekly rent for a three bedroom house in Auckland has fallen over the past year from $450 to $435.

Meanwhile, Wellington City rents rose and Christchurch City rents remained flat, data from the Department of Building and Housing shows.

The falling rents in Auckland will disappoint rental property investors who forecast at the beginning of last year that higher interest rates and a desire by landlords to focus on cash returns would force rents higher.

It will also surprise those arguing that Auckland, in particular, is suffering from a housing shortage.

While the national median weekly rent for a three bedroom house remained flat at $310 between March 2008 and 2009, in Auckland it fell from $450 to $435. Wellington saw a rise from $440 to $470, while Christchurch had a slight fall from $325 to $320.

For two bedroom flats, the median weekly rent in Auckland fell from $310 in March 2008 to $300 in 2009.

In Wellington it rose from $300 to $330 and it remained at $240 in Christchurch. The national median fell slightly to $245.

For all rental properties, the national median rent rose slightly in March 2009 from 2008 to $300.

From February, Wellington City saw a rise in the median weekly rent for both a two bedroom flat and a three bedroom house. Median weekly rent for a two bedroom flat rose from $320 in February to $330 in March, while for a three bedroom house it rose from $450 to $470.

In Auckland City, the median weekly rent for both a two bedroom flat and a three bedroom house fell slightly from February.

- INTEREST.CO.NZ

From here.