Wellington


In contrast to Auckland, Wellington is short of private rental properties and has been for over 2 years. 2018 continues this trend. It is extraordinary that this is the third year in a row with almost identical inventory. Earlier in the year I experieinced a flush on interest driving simple advertising on Facebook which avoided trademe, so maybe this is continuing, but I suspect it was only the Jan/Feb bump being a little smaller.




Sales inventory is extremely low, below 50% of normal levels and remaining there. This change occurred in 2016, with a hint of the issue coming in 2015.

Turnover has increased recently, with bonds registering almost double the number of listings - is this due to the time taken to get a tenant has decreased to 2 weeks? Certainly in my experience, but also tenants are seeking rental opportunities everywhere, including facebook.

Interesting, this is not so in Auckland



The following chart is from Quarterly data and shows that rents outside the city centre stay below the National average, however Wellington has reduced to match the National average from 2014, with the shortage of properties is this abut to change? Note the last two data points are based on an estimate of household income increasing 3% for this year, the data I use does not come out until June 2018.

The National line is compared to the National Average Household income.



Jonette 2011