quoting from online sources
Rents
in Auckland reached their highest recorded level in March, increasing by $32 on
February to $434, according to the latest Barfoot& Thompson sales data.
Over
Marchaverage rents rose 4.7%(seasonally-adjusted)over February, up 8.2% on year-ago levels.
March data was "unequivocally strong", with
seasonally-adjusted turnover up 11.4% on February - the strongest turnover in 15 months - and the average sales price rising to a record
$581,190.
"When youcombine the
increase in weekly rents with the rise in property prices, it flags that
accommodation in Auckland is in short supply,"We discussed this only last week.
"The rental
increase also coincides with landlords reacting to the new taxation rules around
investment property, and firmly fixing their focus on improving the operating
return from rents."
New listings were also up 5.5% on the month, though down 7.3% on
year-earlier levels.
Total listings declined 2.7% from February, and are down 7.3% on
year-earlier levels.
Average
selling price was upbecause ofhigh number of very expensive property sales.
"Barfoot& Thompson sold 14 homes valued at more than $2 million in the month, which
compares with four in March 2010.
Furthermore, there were 89 sales over
$1 million, which is the highest
level sinceMarch 2007," the report said.
The company cited demand issues for the rise in prices and
rents.
"The big lift in
average rent shows thatdemand for property to rent is high.
We expect that rents
will remain high over the year ahead, as demand remains high, and the low level
of construction over recent years limits the overall housing stock."
Westpac
said that while rent averages can be a volatile measure, "the
latest result indicates that the anecdotes of ‘rental market madness' in Auckland may have more substance
than we thought."
Thompson
said that despite the rise in prices, he didn't believe another housing market
bubble was forming."Rather,
March may represent when confidence returned to the Auckland housing market
with values stabilising."
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