Rents on the rise in Wellington CBD

A sharp increase in rents within the Wellington CBD in the last few months is evident in the latest monthly stats from the DBH;

The weighted average rental passed $550 per week way back in July 2008, shortly after I started this series. It returned to that in July last year, but has now $583 in line with the shortage of rental properties starting to become evident.

Note this is 3BR houses or 2BR apartments - within the CBD houses tends to be townhouses.

The growth rate shows this more clearly:

Listings down 20% as they were in when the average lifted off $550 last year, YOY price growth up just 2%

Good time to buy!

Jonette 2011