City Bay a riser while Devonport sinks

Thursday 18 August 2011

The average median rent for a two-bedroom property in City Bays rose 13% in the year to July 2011, while the same size property in Devonport saw an 8% fall.

By The Landlord

The figures are revealed in the latest Crockers Auckland rental price table.

While nationwide in the year to July the average median weekly rents for  one, two, three and four-bedroom properties rose 2% (one and two bedrooms), 3% (three bedrooms) and 5% (four bedrooms), across the Auckland region there were some large variations across suburbs and property sizes.

The largest rise was seen in the one-bedroom market in Glen Innes/Panmure/ Mount Wellington, where the average median weekly rent rose 28% from $200 to $255.

The largest one-bedroom fall was recorded in City Bays, down 7% from $320 to $297.

Of the 24 suburbs recorded in the one-bedroom market, 19 saw rents rise, four saw falls and one location remained static.

Bucking the trend for one-bedroom property, City Bays saw the largest rise in average weekly rents for two-bedroom properties, up 13% from $400 to $450.

The largest fall was seen in Devonport, down 8% from $387 to $357.

Of the 30 locations two-bedroom rent figures were available for, 24 saw rents rise, two saw falls and four locations remained static.

Within the three-bedroom market the largest increase in average median rents over the year to July was seen in Remuera,  up 13% from $600 to $680.

The City Centre (Parnell, Grafton and Newton) and Birkenhead saw the biggest falls, both down 6% from $600 to $565 and $470 to $442 respectively.

Of the 31 locations in the three-bedroom market, 24 saw rents rise, two recorded falls and four locations remained at July 2010 levels.

The four-bedroom market saw some of the sharpest yearly movements, with the average median weekly rent up 24% in Remuera, from $850 to $1,050, while in Ponsonby there was a 25% fall, down from $960 to $720.

Of the 27 suburbs included in the four-bedroom market figures, 16 saw rises, four falls and seven remained at last year’s levels.

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