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Auckland Inventory new Peak
The Auckland private rental market as recorded on Trademe every Monday, has a fast rising vacancy level, now a few points above the seasonal average for the first time for 4 years.
The market dipped ~10% below seasonal trends almost exactly 1 year ago and at it’s worst was 15% below the seasonal trend in the first half of last year.
There are now more properties on the market than are required, i.e. supply exceeds demand, not the other way around as claimed by politicians.
This does not look like a good time to invest in Auckland, and that advice is obviously being followed by developers who I understand are not too keen to invest. Hence the slow build rate.
Data smoothed over 1 month, seasonality averaged over previous 4 years
Wellington rental listings, in contrast are 40% below the seasonal average, still below the record levels of last year. There is a serious shortage of private homes for rent in Wellington
For open data, here are the non-seasonal charts - Auckland - Wellington