Chch rents up as supply slumps 40%: Trade Me 11 Apr 2012
- MARKET CLOSE: NZ shares fall on weak global sentiment Business
- UPDATE: Alliance plans to start docking farmer payments Business
- NZ dollar holds gains on lure of positive yields Business
- Dividends in focus for NZ earnings season Business
- LIC first-half profit drops 46% as farmers spend less Business
- More PPP schools contracted by Ministry of Education Business
- Registrations open for TPP roadshows News
- FMA appeals breach of natural justice ruling over Vivier Business
- 'Health freedom' groups win bill feedback deadline extension Business
- Alliance plans to start docking farmer payments for shares 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.
5 Feb 2016 News
05 February 2016 Museum of Waitangi set to become a national and visitor Icon The new Museum of Waitangi, opened today by the... more
5 Feb 2016 Business News
Article - BusinessDesk NZ wool prices slip on higher kiwi dollar, reduced demand from China By Tina Morrison Feb. 5 ... more
5 Feb 2016 Business News
Article - BusinessDesk NZ directors more aware of risk, focus on cyber security Feb. 5 (BusinessDesk) - Directors of... more
5 Feb 2016 Lifestyle
4 February 2016What it is to be a Kiwi may depend of where you live – Auckland or elsewhere in New Zealand – with... more
4 Feb 2016 Property
Auckland's house sales volumes jump to 8-year high in January, Barfoot says Feb. 4 (BusinessDesk) - Auckland residential... more
5 Feb 2016 Migration
This Waitangi Day, New Zealand will roll out the welcome mat to 24 new citizens at Government House, and acknowledge over... more
21 Dec 2015 Migration
Article - Businesswire NZ net migrants reach all-time high 63,700 in boom November year for travel By Jonathan Underhill Dec. ... more
22 Jan 2016 Travel & Tourism
New Zealand Government Hon Nicky WagnerMinister of Customs 22 January 2016 More than 100,000 SmartGate users in one week Customs ... more
21 Jan 2016 Travel & Tourism
Wellington ratepayers to pay $8mln over 10 years for Canberra flights Jan. 21 (BusinessDesk) - Wellington City Council is... more
5 Feb 2016 Multisport
70 teams from 11 nations will come together in Kaiteriteri, Tasman this April for the fifth chapter of New Zealand’s premier ... more
22 Jan 2016 Opinion
We seem to be living in an era of virtual government, where governments promote only an illusion of policy kapow! rather than the... more
24 Dec 2015 Opinion
Column - Gordon Campbell Gordon Campbell on the Dotcom extradition decision Inevitably – and with justification –... more
5 Feb 2016 Appointments
New Zealand Government Hon Christopher Finlayson5 February 2016 GCSB Chief Legal Advisor Lisa Fong will become the Acting Director... more
22 Jan 2016 Flying Kiwi*
Warren and Mahoney Heading to Europe And the Olympics of Architecture Architectural graduate Antonia Lapwood has been awarded the... more
11 Dec 2015 Recruitment
11 December 2015 Minister for Tertiary Education, Skills and Employment Steven Joyce and Minister for Social... more
4 Dec 2015 Recruitment
New Zealand Government Hon Steven Joyce Minister for Tertiary Education, Skills and Employment 4 December 2015 Tertiary Education,... more