Ya’ll can stop making fun of Auckland being too expensive now, as people who reside in Tamaki Makaurau are no longer paying the highest rent in the country.
Auckland no longer holds the title for the most expensive region to rent in with the Bay of Plenty taking the top spot with an average weekly rent of $680, now $5 higher than the City of sails.
Meanwhile Northland had the largest decrease from the previous month with the median weekly rent falling $40 to $580.
Trade Me property customer director Gavin Lloyd said it’s a seasonal trend but still slightly unusual.
“It’s a seasonal trend we tend to see at this time. What is a little more unusual is that it increases at a time when demand is soft and supply is sky-rocketing.”
The regions driving the high supply include Gisborne up 321% year-on-year, Marlborough up 136%, Hawke’s Bay up 76% and the West Coast up 63%.
Tenants searching for larger properties in New Zealand’s main metropolitan areas were also in luck with substantial decreases in the average weekly rent for properties with more than five bedrooms.
Photo Credit: We Buy Property
