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18-08-2011

City Bay a riser while Devonport sinks

Landlords.co.nz

The average median rent for a two-bedroom property in City Bays rose 13% in the year to July 2011, while the same size property in Devonport saw an 8% fall.

The figures are revealed in the latest Crockers Auckland rental price table.

While nationwide in the year to July the average median weekly rents for one, two, three and four-bedroom properties rose 2% (one and two bedrooms), 3% (three bedrooms) and 5% (four bedrooms), across the Auckland region there were some large variations across suburbs and property sizes.

The largest rise was seen in the one-bedroom market in Glen Innes/Panmure/ Mount Wellington, where the average median weekly rent rose 28% from $200 to $255.

The largest one-bedroom fall was recorded in City Bays, down 7% from $320 to $297.

Of the 24 suburbs recorded in the one-bedroom market, 19 saw rents rise, four saw falls and one location remained static.

Bucking the trend for one-bedroom property, City Bays saw the largest rise in average weekly rents for two-bedroom properties, up 13% from $400 to $450.

The largest fall was seen in Devonport, down 8% from $387 to $357.

Of the 30 locations two-bedroom rent figures were available for, 24 saw rents rise, two saw falls and four locations remained static.

Within the three-bedroom market the largest increase in average median rents over the year to July was seen in Remuera, up 13% from $600 to $680.

The City Centre (Parnell, Grafton and Newton) and Birkenhead saw the biggest falls, both down 6% from $600 to $565 and $470 to $442 respectively.

Of the 31 locations in the three-bedroom market, 24 saw rents rise, two recorded falls and four locations remained at July 2010 levels.

The four-bedroom market saw some of the sharpest yearly movements, with the average median weekly rent up 24% in Remuera, from $850 to $1,050, while in Ponsonby there was a 25% fall, down from $960 to $720.

Of the 27 suburbs included in the four-bedroom market figures, 16 saw rises, four falls and seven remained at last year’s levels.

Source: Landlords.co.nz

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