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01-08-2011

Devonport sees two-bedroom rents up 26% on year

Landlords.co.nz

The average median rent for a two-bedroom property in Devonport rose 26% in the year to June, while the same size property in Takapuna/Milford saw an 18% fall, according to the latest Crockers Auckland rental price table.

Nationwide, the average median rents for one, two, three and four bedroom properties remained relatively stable at -3%, up 4%, 3% respectively, with no change for four-bedroom properties.

However, within the Auckland region there were some extreme fluctuations across property size and suburb.

The largest rise was seen in the two-bedroom market in Devonport, where the average median rent rose 26% from $340 to $430.

Takapuna/Milford saw the biggest fall over the year, down 18% from $510 to $420.

Of the 30 suburbs included in the two-bedroom figures, 26 saw rents rise, three saw falls and one location remained the same.

In the three bedroom market the largest year-on-year rises were seen in Point Chevalier/Mount Albert and Devonport, both up 20% from $450 to $540 and $565 to $680 respectively.

Only one suburb saw three-bedroom rents fall, down 3% in Pukekohe. Of the 30 suburbs included, 28 saw rents rise and one location remained at June 2010 levels.

For four bedroom properties Meadowbank and East Coast Bays saw rents rise 22% from $650 to $795 and $520 to $635 respectively.

The largest fall was seen in Waterview, down 8% from $495 to $455.

Of the 23 suburbs included 17 saw rents rise while six saw falls.

In the one bedroom market City Bays saw the biggest rise, up 19% from $295 to $350, while the largest fall was in Papatoetoe, down 14% from $235 to $202.

Of the 22 locations included, 17 saw rents rise, four saw falls and one location remained at June 2010 levels.

Source: Landlords.co.nz

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