Auckland reclaims top spot as most expensive place to rent
Auckland has reclaimed the top spot as the country's most expensive place to rent after the Bay of Plenty overtook Tāmaki Makaurau in December, according to Trade Me's latest rental price index.
Trade Me's Gavin Lloyd said: "Average median rent in Auckland went up by 3 per cent compared to last month, reaching a high of $680 per week whilst the Bay of Plenty market dropped by 3 per cent to $650 per week.
"The increase in Tāmaki Makaurau was driven by the North Shore City which recorded an uptick of 4.2 per cent to $720 a week and Waitakere City which is up 2.3 per cent to $665 a week."
The data also showed New Zealand rental prices overall have increased for the second month in a row.
The national median weekly rent in New Zealand has jumped to $630 for the month of January, up 0.8% compared to December last year.
Lloyd said the first month of 2024 could be a "telling sign" of the year ahead.
"Renters were for the most part sheltered from any major price increases for rental properties at the end of 2023 but this may change if the Reserve Bank decides to raise the official cash rate next week in their first meeting of the year.
“As borrowing costs rise, landlords may face increased expenses, and some could pass on these costs to tenants through higher rents.
"This change might make it a bit tougher for renters with the rising cost of living and lack of properties available giving them fewer options when searching for a property," Lloyd said.
Southland retains its status as the most affordable place to rent in New Zealand, with a median price of $450 per week, a slight increase of $10 from December.
The report also included rent for townhouses and apartments, which have climbed to "record highs".
The median weekly rent for an apartment in New Zealand peaked at $560 per week in January and townhouses reached $665 per week.
In Auckland specifically, townhouses also reached an all time high of $730, up 5% compared to the same time last year. Units in Christchurch also saw a jump, up 12.5%, making the median rent $450.
"As net migration is almost at an all time high more people are coming into the country looking for entry level rentals like apartments and townhouses — especially as they are more prevalent in our city centres.
"This increase in demand is likely putting pressure on the supply and impacting prices," Lloyd said.
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Poll: Have you ever been bullied?
People associate bullying with children in schools, but it can actually stretch beyond childhood to workplaces or neighbourhoods.
This Friday is Pink Shirt Day, which began in Canada in 2007 when two students took a stand against homophobic bullying after a new student was harassed for wearing pink. People across the globe are now encouraged to wear pink on this day to take a stand against bullying and promote inclusivity.
Have you or your whānau ever experienced bullying? Share your thoughts on Pink Shirt Day below.
Type 'Not For Print' if you wish your comments to be excluded from the Conversations column of your local paper.
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79.8% Yes
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19.8% No
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0.4% Other - I'll share below
Record numbers are leaving NZ – who could blame them?
Migration figures show a record number of New Zealanders are choosing not to stick around – and you don’t have to look hard to figure out why, writes Q+A presenter Jack Tame.
No data point says more about the current state of our country than the fact that record numbers of New Zealanders don’t want to be here.
Over the last two years, the quarterly release of migration statistics has steadily plotted a massive exodus of New Zealand citizens.
Once all citizen returns and departures were accounted for in the year to March 31, provisional net numbers indicated New Zealand lost more than a thousand Kiwis every week.
But why?
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The pandemic restrictions are over and the borders have been open for New Zealanders for more than two years.
Pent-up demand for overseas adventure could explain the initial post-Covid surge in departures, and some New Zealanders who returned during the worst of Covid-19 have left again. But the more recent departures are better attributed to other factors.
As I’ve noted before, what’s perhaps most extraordinary about the huge outward migration of New Zealand citizens is it has coincided with near-record inbound migration of non-citizens.
Facing pressure from business groups amidst a global labour shortage, the previous government responded by massively relaxing immigration settings.
In the year to March 31, New Zealand recorded a net migration gain of 163,000 non-citizens.
Accounting for both the provisional citizen and non-citizen migration flows, there are 111,000 extra people in New Zealand than the year before. Add to that the births and deaths for the same period, and our overall population has increased by approximately 130,000 people in the last year.
During the same period, however, the number of consents issued for new houses dropped 25% on the previous 12 months.
As our population surges and construction slows, the average rent paid by the generation of New Zealanders most likely not to own their own homes has increased. TradeMe Property recorded a median rent increase of 8.3% in the year to March 2024 — more than double the corresponding annual increase in wages.
This renting generation, coincidentally, is the same generation most likely to have left New Zealand.
Of all migrant departures of New Zealand citizens, people between the ages of 18 and 30 made up almost 40%.
But even older New Zealanders — who are more likely to have established careers, families, and assets — are leaving in huge numbers. Accounting for all arrivals and departures, a net total of more than 7500 New Zealand citizens between the ages of 31-40 left our shores.
So, what will stem the bleed?
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In the short term, at least, there is perhaps little economic reason to stay.
The new Government has moved swiftly to tighten immigration settings but, as the full impact of higher interest rates seeps through the economy, unemployment is steadily increasing.
The national unemployment rate currently sits at 4.3% and most economists expect it to climb above 5% in the coming months. The Māori unemployment rate is already at its highest point in four years at 8.2%.
Young Zealanders now find themselves competing with more people for relatively fewer houses and relatively fewer jobs.
And, as we enter a winter of economic discontent, who could blame them for leaving?
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Well being this winter
Hello neighbors
I have been teaching wellbeing activities at Avondale Community centre for the last 10 years every Saturday morning 8.30 to 9. 30 am
It includes yoga acupressure energy healing relaxation and meditation
$10 covers expenses for hall etc
Be a part of this beautiful group and make new friends
Uma Chopra
Avondale Yoga
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