Rental Listings in Otago through the Roof

Rental listings throughout New Zealand are rising as expected at this time of year just prior to end of university. Wellington started the trend a few weeks ago but seems to have completed it's rise, but Auckland shortly followed a little later than last year. The big change is in Otago where listings have now reached the stellar heights of 5% of all rental properties in Otago. the normal peak at this time is around 4%. To put that into perspective, there are currently 1153 listings (Nov 28th 2011), compared to just 935 on 30th Nov 2010, ie a 23% increase year on year.

When comparing the main cities, the listings increases are evident in both Wellington and Auckland, but in Christchurch listings continue to be in short supply, down 42% on last year. Wellington is almost neutral, and appears to have reached the peak for the year at 4% below last year. Auckland is also about neutral with a reduction in listings of 5% YoY.

Grey Lynn Rental prices up $100pw

Rental price in Grey Lynn for a three bedroom house have increased by $100 pw this year, showing the impact of a housing shortage in Auckland. Ponsonby is also increasing at a similar rate, but although not all Auckland suburbs are growing, this growth rate comes on the back of a similar growth in mid 2009.

Jonette 2011