FourFourtwo – 4/28/2016 – FourFourFourTwo – Auckland home buyers are the most likely to be renting, according to a new study, with most properties priced above $1.9 million.
Key points:The report by property data company Rentrak found that the average Auckland home was worth more than $2.4 million in 2016The average home was valued at $1,995,000 in 2016, which equates to an average rent of $5,764 per monthThe median price of a home in Auckland was $1 for a two bedroom apartment, $1 in a three bedroom house, and $2,050 in a four bedroom houseThe median rent for a three-bedroom property in Auckland is $2 for a one bedroom apartment and $3,050 for a four-bedroom houseThe average rent for an Auckland property in 2016 was $2 per month, which is the second highest rate in the country and more than the national average of $1 per monthSource: Rentrak”The average Auckland property was worth over $2 million in a year ago, up from $1 million last year.
That is a whopping $2 billion increase in value,” said Rentrak chief executive Matt Taylor.”
There is no doubt the Auckland market is a hotbed of penthouse rentals and Auckland’s rents are skyrocketing.”
Rentrak’s data shows that Auckland is a prime place to rent a home, and in fact, it is one of the best places to rent in the world.
“In 2016, more than a quarter of all Auckland homes were listed for sale, compared to just 4 per cent in 2016.
Of those listed in 2016 for sale in Auckland, 68 per cent were two bedroom properties, compared with 37 per cent two-bedroom properties in 2016.”
In comparison, just 13 per cent of Auckland homes are two-bedrooms, according Rentrak.
“We are now seeing record-breaking demand in the market, and that is driving prices sky high,” Taylor said.
“But there are still a few hurdles that we are seeing for those who are looking to buy a property.”
The study, published on Tuesday, found that Auckland has the highest median rent in New South Wales, at $2 in a two- or three-bedroom apartment.
The median Auckland home is worth more money than $1million, and the average rental cost in New England is $3.5million, compared the national median of $2 a month.
New Zealanders living in Auckland are also more likely to own a property than those living in New York, where they’re less likely to buy.
Of the 1.3 million Auckland properties listed for rental in New Zeland in 2016-17, just 1,700 were two- and three- bedroom properties.
Of the other Auckland properties in the study, only 7,400 were two and three bedroom properties.
“Auckland’s median value is up from 7 per cent to 9 per cent since last year, but Auckland still has the third lowest average rent in NZ, at just $1 a month, compared New Zealand’s national median $3 a month,” Rentrak said.
New South Wales had the third highest median rental value in the survey at $4.5 million.
The average price of Auckland property last year was $734,400, but the average rent was $5.2 million.
“The national median rental price is $724 per month.
The national median is now up by 6 per cent over the past year.”
It is clear Auckland is now in the top three places to buy property in New New Zealand,” Taylor added.
While we are still far behind other regions of New Zealand in terms of average prices, we are ahead of most other major markets,” Taylor concluded.