BREAKING NEWS
'Moderate' 4.0 aftershock rocks Christchurch ... Read more
Close

Rents soar in Christchurch

GREG NINNESS
Last updated 12:12 30/06/2013
rent

.

Relevant offers

Your Property

Christchurch wedding and function centre Newbery Lodge for sale Smaller developers follow big guys' lead in Christchurch retail rebuild Hotel project to replace luxury apartment scheme Commercial property's boom-bust cycle catches up with lawyers Historic Tudor House on the market Threatened Christchurch mansion for sale as-is-where-is Housing market slow and steady Million-dollar homes on the rise at Lake Tekapo Beach suburb home values bouncing back Christchurch eco house is passive

Median rents in most Christchurch suburbs have increased by at least 10 per cent in the past year.

The latest information from the Real Estate Institute of New Zealand suggests the supply of rental properties in the city remains tight.

The REINZ draws its figures from the tenancy bond information collected by the Ministry of Business, Innovation and Employment, which includes most new tenancy agreements completed each month.

St Albans had the highest increase in the country for a two-bedroom property with rents rising by 15.4 per cent in the year to May.

Rent for three-bedroom houses in Avonhead increased by 14 per cent in the same period.

In New Zealand, the median rent for a three-bedroom home increased by 5.3 per cent. For a two-bedroom home the increase was 4.5 per cent.

Of the three main centres, Christchurch would have been the best place to be a landlord over the last year.

In the capital, the market has been largely flat, with some suburbs showing small rental gains and others showing declines. But overall, landlords are unlikely to have achieved much rental growth in Wellington over the last year.

In Auckland, which is by far the country's largest real estate market, and where the availability of properties has also been extremely tight, rental growth has been surprisingly patchy.

Ad Feedback

- Sunday Star Times

Comments

Special offers

Featured Promotions

Sponsored Content