House Prices

Auckland rents rise

Average weekly rents rose by up to 5.4% across Auckland last month compared to the same time the year before, Barfoot and Thompson says.

Monday, November 17th 2014

In its latest rental report, it says the average weekly rent for one-bedroom properties has risen by 2.6% (from $305 to $313), two-bedroom by 4.3% (from $373 to $389), three-bedroom by 4.4% (from $455 to $475), four-bedroom by 3.3% (from $579 to $598) and five or more bedroom by 5.4% (from $710 to $748).

The report is based on the agency’s new and current tenancies.

It shows South Auckland remains the cheapest place for one-bedroom rentals ($269), and central Auckland is the most expensive ($351). Central Auckland continues to have the highest rent for one-, two- and three-bedroom properties.

West Auckland reported the biggest increase in rents for one-bedroom properties over the year, up 10.2% to $283.

Average rents in Rodney have grown by the highest percentage in the past 12 months, with rent for 5+ bedroom properties increasing by 14%. Across Auckland, 5+ bedroom properties increased by 5% in the last 12 months.

Otara had the highest rental yield in the month, of 6.31%, based on an average purchase price for a three-bedroom home of $333,692 and rent of $405.

Mission Bay had the lowest yield for three-bedroom properties, with an average sale price of $1,462,500 and a rent of $659.

 

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