Northland Property Investors' Association
The Minister of Housing received a briefing paper from officials following the election. Part of the briefing was an overview of the housing and rental market.
An interesting graph showed the affordability of rental payments for tenants had not changed over the last 9 years, despite increases in house values.
The paper noted to the Minister that rental price growth in Auckland and Christchurch were quite different than the rest of NZ. "Rents continue to rise in Auckland in line with historic growth rates. In Christchurch, the rapid rise in rents over the last 3 years appears to be easing, with the average rent for a 3-bedroom house now back to what it was in February ($450 per week)".
"Rents for the rest of the country are either flat or only slowly rising. At the aggregate level, rental affordability is fairly steady in all areas other than Canterbury, where its decline may finally have slowed – but this aggregate picture masks significant rental affordability issues for low income households, particularly in Auckland".
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