Wellington Supply & Demand are about equal in 2013

Comparing year-on-year Wellington CBD non-apartment listings with YoY "house" rental prices in the inner city, there is an obvious supply/demand relationship. During 2011 supply dropped below 2010 and so rental prices climbed. Increasing demand in 2012 suppressed prices to almost the same as the previous year. At this point in time prices and listings are about the same as last year, although listings may have turned the corner and be on the increase again.

Is an increase in listings caused by either reducing numbers of tenants or more properties being put up for rent due to increasing numbers of investors? Sales to home-owners vs investors would help resolve this question.

Note about the term Wellington CBD: I exclude the "Wellington Central" Trademe listings because they are exclusively apartments - listings are termed as "Lambton and surrounding suburbs". Rental prices are the closest I can get to 3 bedroom houses for the inner city area and include all the suburbs within the green-belt.

Jonette 2011