See New Zealand rents rise again in June

Wellington, July 28 (Xinhua)-After a three-month stagnation, New Zealand’s rents rose to new highs in June, according to Trade Me’s latest rent index on Wednesday.

Trade Me Property Sales Director Gavin Lloyd said last month that the median weekly rent across the country reached a record high of NZ $ 545.

Prior to June, the median national rent from March to May was NZ $ 540.

“But according to June data, rents are rising again, hitting record highs in many parts of the country, due to supply shortages in the domestic market and posted onsite. The number of rental properties in the area has decreased by 7%. Compared to the same month last year, it is June. ”

Lloyd said rental demand, as well as supply, fell 1% year-on-year. “But a closer look at the region shows that demand is skyrocketing in many parts of the country.”

Looking to the future, Lloyd said it is likely to increase further in the future. “Now we are in the middle of winter, which tends to be the quietest time in the rental market. Whether or not rents will continue to rise as the landlord dies and the market gets busy later this year. You’ll see over time. Increasing costs to tenants. “

Compared to June last year, the national average weekly rent for townhouses rose 7%, a record high.

New Zealand home prices hit record highs for the past few months in a row, despite the pandemic. Meanwhile, record low interest rates have boosted demand for housing and credit.

Supply remained low as housing demand remained high. In some regions, inventory levels were the lowest ever. The New Zealand Government announced a packaged housing plan in March to cool the soaring real estate market. (1 New Zealand dollar is equivalent to US $ 0.69)

See New Zealand rents rise again in June

Source link See New Zealand rents rise again in June

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