'A tale of two halves' for the average national rent

Author
Lesley Deverall,
Publish Date
Tue, 24 Oct 2017, 3:25PM
Auckland prices have dropped while most regions are increasing. Photo/NZ Herald
Auckland prices have dropped while most regions are increasing. Photo/NZ Herald

'A tale of two halves' for the average national rent

Author
Lesley Deverall,
Publish Date
Tue, 24 Oct 2017, 3:25PM

The national average weekly rent has stayed at 450 dollars for the tenth month in a row

The latest report from the Trade Me Property Rental Index reveals it is the first time in over seven years the figure has stayed the same for so long.

But Trade Me Head of Property Nigel Jeffries says it's because prices in some regions are increasing dramatically while others are doing the opposite

"It's a tale of two halves," he explained. "Wellington's 9.8 per cent, Bay of Plenty running hot at 4.5 per cent and Northland are double digits to 4.9 per cent. Canterbury is down to - 2. 5 per cent."

Auckland has dipped 10 dollars to 520 a week, but it still remains the most expensive region for rent prices, followed by Wellington and the Bay of Plenty on 450.