Chch rents up as supply slumps 40%: Trade Me   11 Apr 2012

Paul McBeth

Christchurch rental prices have surged more than anywhere else in the country after New Zealand’s second-biggest city recorded a 40 percent slump in listings after last year’s earthquakes.

Rents advertised through online auction site Trade Me showed n average 15 percent rise in Christchurch for the first three months of the year, compared to the same period in 2011. That’s almost four times the 4 percent national average increase. Demand for rentals in Christchurch jumped 42 percent year-on-year.

“Supply has continued to plummet and the current level of rental inventory for the city is the lowest we have seen for years,” Trade Me head of property Brendon Skipper said in a statement to the ASX. “It is a classic case of supply and demand, and is now flowing through to rent.”

Last month the Real Estate Institute warned Christchurch is facing an accommodation crisis with virtually no rental properties available and real estate agents struggling to find homes for displaced residents let alone visitors in town for the reconstruction effort.

The Christchurch situation exaggerates the national environment, with rental listings down 7 percent across the country with a 4 percent rise in the average price, and a 9 percent increase in demand.

“About a quarter of all listings in Auckland, Wellington and Christchurch were onsite for six days or less, which is great for landlords, but another indicator of that strong tenant demand,” Skipper said.

Wellington reported the second-biggest fall in listings, down 12 percent from the first quarter of 2011, followed by Waitakere with an 11 percent decline. Dunedin’s supply increased 17 percent, while Palmerston North’s listings grew 13 percent year-on-year.

Central Auckland reported the second-largest increase in average rent with a 7 percent gain, followed by a 5 percent rises in Waitakere and Palmerston North. Lower Hutt bucked the national trend with a 3 percent fall in the average rent compared to first-quarter 2011.

Waitakere reported the second-biggest increase in demand, with an 18 percent lift, followed by a 15 percent rise in Hamilton while Wellington inquiries advanced 13 percent. Lower Hutt demand shrank 2 percent compared to the same period a year earlier.

(BusinessDesk)

Add a comment

Bookmark and Share

News

Christchurch continuing to bounce back

23 Sep 2016 Canterbury Earthquake
New Zealand Government Hon Gerry BrownleeMinister supporting Greater Christchurch Regeneration   23 September... more

Local Government reforms extension

23 Sep 2016 News
New Zealand Government Hon Peseta Sam Lotu-IigaMinister of Local Government 23 September 2016 The Minister of Local Government ... more

Business

RBNZ pushes for new quarterly disclosure regime

23 Sep 2016 Business News
Article - BusinessDesk Friday 23 September 2016 12:47 PM RBNZ pushes for new quarterly disclosure regime By Paul McBeth Sept. 23 ... more

McClay says prospects for Indonesia trade good

23 Sep 2016 Business News
New Zealand Government Hon Todd McClayMinister of Trade 22 September 2016 Minister of Trade Todd McClay says he is encouraged by... more

Living

Young New Zealanders Making Films For Good

18 Jul 2016 Lifestyle
The Outlook for Someday Young New Zealanders Making Films For Good What does sustainability mean to you? Since 2007 The Outlook for... more

Review: NZ's Pitch Black - live in London

8 Jul 2016 Entertainment By Charlotte Everett
20 years after their debut at The Gathering, Pitch Black have satiated a packed venue of fans at London’s Oslo, in... more

Property

Auckland house prices are stabilising Barfoot says

3 Aug 2016 Property By Sophie Boot
Wednesday 03 August 2016 10:30 AM Auckland house prices are stabilising, may have plateaued, Barfoot says Aug. 3 (BusinessDesk) -... more

NZ home values rise at fastest quarterly pace in 12 years

2 Aug 2016 Property By Tina Morrison
Article - BusinessDesk NZ home values rise at fastest quarterly pace in 12 years By Tina Morrison Aug. 2 (BusinessDesk) - New... more

Migration

Kiwis could be affected by tighter UK rules

30 Mar 2016 Migration By Audrey Young
British High Commissioner Jonathan Sinclair is defending changes to skilled migrant rules for Britain but suggests they won't affect... more

Immigrants' attitudes to corruption worries SFO

17 Feb 2016 Migration By Sophie Boot
Feb. 17 (BusinessDesk) - New Zealand's record inbound migration has undermined the country's squeaky-clean reputation because of an... more

Travel

Newer, faster and simpler eGates for Wellington

25 Aug 2016 Travel & Tourism
New Zealand Government   Hon Wagner using the new eGates at Wellington Airport.... more

NZ guest nights jump to a record in June amid tourism boom

10 Aug 2016 Travel & Tourism By Tina Morrison
Article - BusinessDesk Wednesday 10 August 2016 12:19 PM Aug. 10 (BusinessDesk) - New Zealand accommodation providers had their... more

Sport

Stars to hit the court for FAST5 Ferns

23 Sep 2016 Netball
Netball NZ Stars to hit the court for FAST5 Ferns Friday 23 September, 2016The FAST5 Ferns will be eyeing off a fourth straight title... more

Columns

Gordon Campbell on the end game in Spain

25 Aug 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the end game in Spain First published on Werewolf more

Gordon Campbell on the Impotence of the Reserve Bank

11 Aug 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the Impotence of the Reserve Bank First published on Werewolf more

Kiwi Success

New appointment to FSANZ Board

29 Aug 2016 Appointments
New Zealand Government Hon Jo Goodhew Minister for Food Safety   29 August 2016 Jane Lancaster has been appointed to the Food ... more

Appointments to New Zealand National Commission for UNESCO

12 Aug 2016 Appointments
New Zealand Government Hon Hekia ParataMinister of Education 12 August 2016 Appointments to New Zealand National Commission for... more

Recruitment

Jobs growth continues to be strong

3 Aug 2016 Recruitment
New Zealand Government Hon Steven Joyce Minister for Tertiary Education, Skills and Employment 3 August 2016 Jobs growth continues... more

NZ private sector wage inflation misses expectations in June

3 Aug 2016 State of the Market Report By Paul McBeth
Wednesday 03 August 2016 11:57 AM NZ private sector wage inflation misses expectations in June quarter Aug. 3 (BusinessDesk) - New... more

s