Northland Property Investors' Association

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26-10-2011

Christchurch City exodus a shot in arm for suburban landlords

Landlords.co.nz

The departure of almost 10,000 people from Christchurch City has proved to be a boon for landlords and property managers on the outskirts of the city.

Statistics New Zealand revealed the city suffered the largest population loss in the country in the last 12 months, declining by 8,900 or 2.4%.
 
However, the city's loss appears to have been the suburbs gain.
 
"Anecdotally we have heard there has been a big move out west and the north west and even perhaps south west places like Hornby, St Albans as well as some of the outlying areas like Rollerston seem to have picked up a huge population growth," said Canterbury Property Investors Association president Kim Willems.
 
"What we have been hearing from our members both renting their own homes and managing other peoples homes is that anything they're advertising to rent in those areas they're getting really big numbers turn up, they're really able to be quite selective about who they put into them, there's very high demand in those areas."
 
Willems said demand was especially strong for larger three or four bedroom properties from families that prior to the earthquake had been property owners.
 
"There's people that wouldn't normally be in the rental market but they're out of their homes, maybe permanently, so they've had to relocate into rentals," she said.
 
"There's less of those [size homes] available and of course more people wanting that type of house because you've got the high-end renters and home owners that are wanting something large enough and of a similar quality to what they had previously."
 
McPherson Property Management's Tony McPherson said that while demand for rental property had fluctuated over winter, "at the moment it's as tight as its been at any time since the earthquake."
 
"Anything in the less affected areas, especially family homes, are in extremely short supply."

Tags: eqnz - christchurch

Source: Landlords.co.nz

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