Rent rises in two Auckland areas outstripped eight others, according to an agency that manages more than 16,000 properties across the city.
Barfoot & Thompson’s quarterly rental data showed rises of around 5 per cent annually in two areas.
South Auckland rents rose 5.1 per cent annually to hit an average $543/week and west Auckland rents were up 4.4 per cent in the year to September to reach an average $567/week.
Demand was strongest in those two areas.
The south and west have some of Auckland’s lowest average rents but the rate of increase there has been strongest lately.
“Regionally, properties in the south and west of the city saw the highest rate of increase as demand puts continued pressure on these traditionally lower-priced areas of the city,” the agency said today.
Third-fastest was Rodney up 3.9 per cent where average rents are $613/week, followed by Franklin and rural Manukau up 3.3 per cent to hit $508/week.
Rents rose slowest in central Auckland, up only .8 per cent to $514/week, followed by the North Shore up just 1.54 per cent to hit $652/week.
Three-bedroom had the highest rent rises, up 3.8 per cent annually to reach $611/week, followed by two-bedroom places up 3.1 per cent at $513/week across the region, five-plus bedrooms up 3 per cent to hit an average $908/week, four bedrooms up 2.8 per cent to hit 740/week and one-bedrooms up 2.5 per cent to reach $394/week.
Kiri Barfoot, a director at the agency, said Auckland’s average rent was $606.25/week in the quarter to September.
In the previous quarter to June 30, the average was $605.51/week.
The market had settled into a rate of annual growth hovering around 3 per cent over recent years but lockdown meant a slightly more subdued movement this quarter.
“While prices are still moving up gradually, we have seen a consistently slower pace of change bed-in over the last two years,” Barfoot said.
“By way of contrast, if we look back five or six years, we were seeing the peak of increases hitting nearly double the current rate and price difference. For example, in September 2015, rents had risen well over 6 per cent year-on-year and by more than $30/week,” she said.
She expects this latest lockdown in Auckland which started in August will have an impact because fewer people could move from one rental property to another.
Trade Me is today listing 8424 Auckland properties for rent.
The most expensive are on Remuera’s Lucerne Rd, Marine Pde in Herne Bay and Clifton Rd at Hauraki on the Shore at $5000/week.
An Arawa Ave place in Devonport is listed at $4500/week
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