Average Auckland rent continues rise above 5% year-on-year, softening…
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24/07/2024. 15:39
KoreaPost
The average weekly rent paid in Auckland was 5.59% higher in June 2024 than one year ago, rising by $35.91 to $678.30.
The statistics are drawn from more than 17,500 tenancies managed by Barfoot & Thompson in Auckland, tracked monthly against previous activity and released quarterly. This update ends 30 June, prior to new tenancy and investment property tax changes coming into effect on 1 July.
June's rise in average Auckland rent marks the third consecutive 5% or higher increase reported, with the average in December 2023 up 5.27%, and March 2024 up 5.69%.
In comparison, June 2023's average was up just 3.40%.
Barfoot & Thompson's General Manager for Property Management Samantha Arnold says the latest average demonstrates a steady trend upwards, but notes that areas of the region are experiencing that to significantly differing degrees.
"There has certainly been a change of pace in pricing over the past 12 months, however there are several areas that are contributing more heavily to this overall average increase."
She notes the South Auckland, Franklin/Rural Manukau, Pakuranga/Howick and Central Auckland areas rose between 6.28% and 7.01% in June, equating to up to $46.04 more per week, compared to areas like Rodney, up 3.81% or $24.74.
"It's become common for these spots to come in a little higher than the rest. For example, the Auckland Central apartment sector has been in recovery over the past year, increasing off a lower base by as much as 9.91% in December 2023, while the pricing in the other areas reflect factors such as greater demand or the higher price of more large and new build rental homes."
However, she says a recent softening in renter activity may also ease pressure on prices in the months ahead.
"We often see a seasonal dip in activity in the lead up to winter, but it appears more pronounced this year."
At the end of June, there were roughly 430 vacant properties advertised for rent by the agency, which is around 16% higher than the long-term average for this time of year.
"We've heard similar figures from others in the industry. We suspect growing pressure on household budgets, job uncertainty for some, and even the desire to wait until new rental regulations are in play, mean more people are holding off from moving or taking on a new tenancy."
By size, properties with five or more bedrooms attracted higher rent rises, up 6.52% on last year, while three-bedroom properties saw less price pressure than other sized homes, up 4.99%.
ENDS
Average weekly rent received across Auckland – June 2024 | ||||||||||||
No Bedrooms | Year-on-year % increase | |||||||||||
Focus area | 1 | 2 | 3 | 4 | 5+ | Average by Focus Area | ||||||
Rodney | $ 416.98 | $ 549.71 | $ 653.22 | $ 793.79 | $ 921.34 | $ 674.96 | 3.81% | |||||
North Shore | $ 470.08 | $ 574.81 | $ 706.75 | $ 861.41 | $ 1,058.08 | $ 714.80 | 4.76% | |||||
West Auckland | $ 420.94 | $ 543.49 | $ 633.37 | $ 758.40 | $ 927.46 | $ 637.96 | 5.82% | |||||
Central Auckland | $ 467.24 | $ 661.80 | $ 918.70 | $ 889.38 | $ 1,100.00 | $ 578.83 | 6.93% | |||||
Central Auckland West | $ 507.67 | $ 617.47 | $ 801.58 | $ 952.88 | $ 1,377.83 | $ 728.22 | 4.30% | |||||
Central Auckland East | $ 448.24 | $ 580.50 | $ 725.25 | $ 931.57 | $ 1,180.35 | $ 703.96 | 5.46% | |||||
Eastern Suburbs | $ 456.25 | $ 614.32 | $ 770.08 | $ 980.49 | $ 1,227.31 | $ 746.47 | 4.55% | |||||
Pakuranga/Howick | $ 452.61 | $ 562.88 | $ 682.04 | $ 826.34 | $ 1,009.81 | $ 746.85 | 6.57% | |||||
South Auckland | $ 387.63 | $ 508.96 | $ 632.42 | $ 747.40 | $ 867.33 | $ 620.15 | 6.28% | |||||
Franklin/Rural Manukau | $ 389.36 | $ 484.78 | $ 582.33 | $ 686.80 | $ 814.92 | $ 602.16 | 7.01% | |||||
Average by No Bedrooms | $ 449.98 | $ 572.88 | $ 680.05 | $ 827.61 | $ 1,019.33 | $ 678.30 | 5.59% | |||||
Year-on-year % increase | 6.24% | 5.41% | 4.99% | 5.73% | 6.52% | 5.59% | ||||||
The tables above are based on statistics drawn from a portfolio of approximately 17,500 Auckland-based rental properties managed by Barfoot & Thompson during June 2024. This includes both existing and newly signed tenancies. These figures are compared to the same time last year, to show a percentage change.
These statistics are reviewed and released quarterly, however, monthly rental statistic reports are also available on the Barfoot & Thompson website under 'Market Reports'.
For further information contact Samantha Arnold, Barfoot & Thompson, 021 883 346, sarnold@barfoot.co.nz, www.barfoot.co.nz. Released on behalf of Barfoot & Thompson by Network Communication: Megan Green, 027 221 7126, megan.green@networkcommunication.co.nz
Source: Barfoot & Thompson's Property Management division