Tide turns for tenants
Saturday 21 August 2004
Fewer immigrants, a glut in the apartment market, and winter causes rents to level off in Auckland
By The LandlordWhether the property market is slowing or not is up for debate, but the tide is turning in favour of tenants.
Auckland letting agents and newspaper classifieds managers are noticing an increase in housing stock available for rent.
Agents say whereas they were seeing tenants outbid each other to secure a property, rents have now levelled off.
Parnell Real Estate principal Cyril Dominikovich says well-presented properties in good locations are still popular. In the apartment market, reasonably priced and sized one bedroom units go first but more expensive two bedroom apartments and apartments without a car park are proving harder to let.
Barfoot and Thompson rental manager Helen Hodgson says landlords are having to do more to market their properties but house sales are still buoyant.
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It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.