Latest data from New Zealand’s Ministry of Business, Innovation and Employment shows that the national annual median price of residential rental rose 4.5%. The influx of immigrants has resulting in housing shortage in Auckland. Its rental rates has increased by 13.7%.
There rise and fall in rental rates for the different regions is significant especially so for Auckland. Due to the shortage of housing, the rental market is under tremendous pressure. Nov 2014, there are 733 rental contracts submitted in Auckland – a significant drop of 45.3%. However, average rental peak at NZD492.93 per week – a jump of 13.7%.
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