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Wellington rents close to overtaking Auckland

Press Release – Trademe
The rush to lock in a rental property before summer saw the nationwide median weekly rent rise 4.2 per cent on last year to $500 in November, according to the latest Trade Me Rental Price Index.

“While Auckland is still the most expensive region to rent, the median weekly rent in Wellington registered a solid 10 per cent jump, or $50 per week, on last year to $550 and it wouldn’t be surprising to see it take out top spot in the coming months,” said Trade Me Property’s Aaron Clancy.

“Wellington City itself is now firmly cemented as the most expensive urban centre to rent in, with a median rent of $585 a week, well ahead of Auckland City at $560 and Christchurch City at just $415.

“Unsurprisingly, Wellington was also home to the most popular rental property across New Zealand in November. A two-bedroom house in Brooklyn took out the top spot, going for $395 a week, had 81 enquiries in the first two days onsite.”

Wellington’s most popular rental listings in Nov 2019

Rental address Suburb Enquiries in first 2 days
1 Mitchell Street Brooklyn 81
2 Overtoun Terrace Hataitai 75
3 Hewer Crescent Naenae 75

Mr Clancy said Auckland’s median weekly rent was $560 in November 2019, up $10 year-on-year from November 2018. While most areas saw small increases, Waiheke Island broke the mould with a 14.3 per cent jump on last year as median rents hit $600 a week.

“There is still decent demand in the Auckland market. The number of enquiries on rental properties in the region rose 21 per cent on November 2018.”

Auckland’s most popular rental listings in Nov 2019

Rental address Suburb Enquiries in first 2 days
1 Manukau City Hillcrest Road 58
2 Auckland City Arthur Street 58
3 Manukau City Cottrell Place 53

Small houses see rent jump
Mr Clancy said the median weekly rent had increased across all house sizes compared to November last year with rents for small houses increasing the most, up 7.5 per cent to $430 per week. Excluding the Auckland region, weekly rent for medium-sized homes (3-4 bedrooms) reached a new high of $495.

Mr Clancy said rents are up across the board for apartments, townhouses and units in New Zealand’s urban centres.

“While Auckland saw some small lifts, rents for Wellington apartments and townhouses both saw double-digit growth compared with last November.”

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