Landlords hit rental walls

Wednesday 4 February 2004

The bottom has fallen out of Auckland's rental housing market, going against the national trend of escalating rents.

By The Landlord

Across the city, rents are plummeting as landlords drop their prices rather than risk losing tenants.

Reserve Bank Governor Dr Allan Bollard has been warning investors against buying residential property for months. On Thursday he showed he meant it by increasing the official cash rate.

Since the housing boom took hold about three years ago, many people have clamoured to get into rental properties, often as a form of saving for retirement.

There is concern now these investors could suffer.

Some Auckland agents have a glut of houses and units to let. Despite solid advertising, the agents' phones are staying quiet. Tenants who do bother to turn up for appointments criticise the properties available and demand lower rent.

Read More - Opens in a new window
Commenting is closed

Property News

Investors not rushing to sell

There is no rush of investors looking to sell their properties in the post-Covid-19 market, according to the second joint survey from REINZ and economist Tony Alexander.

House Prices

S&P forecast 10% house price fall

Global ratings agency Standards & Poors is the latest to join the chorus of predictions around potential house price falls in New Zealand – and they’re picking a 10% drop.


$75m on offer for new developments

Auckland ’s long-term future is sound as well situated residential developments will always sell and demand for affordable housing remains strong, a leading non-bank property financier says.


Advisers buoyed by strong property market

The New Zealand property market has emerged strongly out of lockdown, according to mortgage advisers, who say they are busy as ever this winter.

Site by PHP Developer