Chch rents up as supply slumps 40%: Trade Me 11 Apr 2012
- NZ dollar heads for 0.9% weekly drop Business
- Dorchester closes oversubscribed $30M capital raise Business
- NZX says it doesn't know why shares have declined Business
- Sky TV to launch $20/month subscription ondemand service Business
- Cavalier shares drop 10% after profit warning Business
- MARKET CLOSE: NZX 50 rises to record, led by Sky TV on rugby Business
- Sky TV sees annual profit gain of up to 8.6% in 2015 Business
- Heartland NZ chief risk officer resigns Business
- DNZ revalues portfolio by $10.7 million Business
- DNZ revalues portfolio up by $10.7 million Business
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.
24 Oct 2014 News
Ottawa resident says shock turning to anger and hard questions being asked about how gunman got so far. A New Zealander in Ottawa was... more
24 Oct 2014 Business News
By Fiona Rotherham Oct. 24 (BusinessDesk) - Sky Network Television, the country's dominant pay-TV operator, will launch a new $20 a... more
24 Oct 2014 Food & Wine
Fresh from two consecutive MKR People's Choice Challenge wins, Neena and Belinda favour wholesome and earthy flavours and aim to... more
24 Oct 2014 Lifestyle
New Zealand comedians Guy Montgomery (Billy T winner, 7 Days) and Tim Batt (Radio Hauraki, 7 Days) have broken the world record... more
24 Oct 2014 Property
Aucklanders living in the ‘hottest suburbs’ could be the big losers, while businesses will come out winners Rate rises... more
15 Oct 2014 Property
The Resource Management Act needs to explicitly recognise the importance of New Zealanders’ access to more affordable housing... more
24 Oct 2014 Migration
New Zealand has been named the best place to raise a child in the Raising Children Abroad annual league table. According to the HSBC... more
24 Oct 2014 Travel & Tourism
Giving flyers an Unexpected Journey! Elijah Wood and Sir Peter Jackson star in 'epic' Hobbit themed Air New Zealand safety video Air... more
25 Oct 2014 Sport
The Black Sticks Women have won 1-0 against the USA, setting up a series decider in the final test tomorrow at the Trust House... more
24 Oct 2014 Rugby
Scotland coach Vern Cotter clears out old guard and makes Grant Gilchrist captain for November Test series No place for Barclay,... more
24 Oct 2014 Opinion
After all the delays and stonewalling, the St James finally looks to have a future, even if it’s not clear what it will be Let's... more
23 Oct 2014 Opinion
Gordon Campbell on the tokenism of New Zealand‘s role against Islamic State Was John Key born lucky or what? Political... more
24 Oct 2014 People
Veteran weathercaster Jim Hickey has announced his retirement today, saying is was a tough decision. "I feel like I'm subbing off at... more
24 Oct 2014 Recruitment
New Zealand paramedics are being poached by Britain's busiest ambulance service. Interviews were held in Auckland on Friday and... more