Chch rents up as supply slumps 40%: Trade Me 11 Apr 2012
- Hubbard wins Calder Stewart Cycling series opener Sport
- Trade Minister in China for FTA discussion News
- TSB Bank writes off $53.9 mln Solid Energy debt Business
- PGC posts 1H loss, writes down Perpetual receivable Business
- MARKET CLOSE: NZX 50 rises to a record; Genesis, PFI gain Business
- NZ dollar heads for 0.4% weekly gain; USD poised to rise Business
- Fonterra's Glencoal says Waikato mine delayed, not on hold Business
- Solid Energy delays 1H report on weaker coal price forecast Business
- Encouraging start to the year for building consents News
- Bathurst sinks into the red in 1H, waiting for coal price 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.
1 Mar 2015 News
TVNZ Q + A 2015 Episode 1 WINSTON PETERS Interviewed by CORIN DANN CORIN Mr Peters joins me now. Good morning to you.<... more
25 Feb 2015 Business News
By Suze Metherell Feb. 25 (BusinessDesk) - New Zealand shares rose to a record, led by Xero after it raised $147 million from two... more
25 Feb 2015 Business News
Article - BusinessDesk Tourism Holdings beats 1H guidance on reduced fleet, wider margins By Suze Metherell Feb. 25 ... more
27 Feb 2015 Entertainment
Creator Sylvia Anderson to Feature in Special Thunderbirds Are Go Episode And Lady Penelope, Parker And Brains Pictures Are... more
27 Feb 2015 Property
NZ building consents fall for a second month in January, housing permits drop Feb. 27 (BusinessDesk) - New Zealand... more
25 Feb 2015 Property
Auckland inner-city height restrictions weighing on supply, RBNZ's Wheeler says Feb. 25 (BusinessDesk) - New Zealand's government... more
30 Jan 2015 Migration
NZ migration surged to record in 2014, helped by robust economy Jan. 30 (BusinessDesk) - New Zealand migration surged to a... more
25 Feb 2015 Travel & Tourism
By Fiona Rotherham Feb. 25 (BusinessDesk) - The only cloud on Air New Zealand’s horizon in coming months will be yield ... more
1 Mar 2015 Cricket
STEPHEN FLEMING: Nervy in the end but New Zealand will take the positives Win shows why Brendon McCullum’s men can be considered... more
27 Feb 2015 Opinion
Gordon Campbell on the wage hike for MPs, and Paul Robeson Hard to tell what is more infuriating. Is it the 5.3% increase on... more
25 Feb 2015 Opinion
Gordon Campbell on whether New Zealand troops are the least of Islamic State’s problems Given that it has been ... more
20 Feb 2015 Appointments
Foreign Minister Murray McCully has named diplomat Billie Moore as New Zealand’s new Consul-General in Sydney. "Ms Moore will... more
19 Feb 2015 Recruitment
Tertiary Education, Skills and Employment Minister Steven Joyce says better-than-expected Better Public Services results mean the ... more
4 Feb 2015 Recruitment
The latest labour market data shows continuing strong employment growth with 80,000 more jobs added to the New Zealand economy in ... more