Is 2019 going to be a bumper year for rental yields?
TradeMe is predicting record rents for summer after Auckland’s median rent remained at an all-time high of $550 for the past five months. Every single area of New Zealand has seen an annual rent increase of at least 3.7%, and one property in Castor Bay saw 93 email enquiries in two days.
Apartments in Auckland are up 2% with a median rent of $500, slightly below all properties which grew 3.8% with a median rent of $550. In contrast, the house price index for all Auckland properties was up just 0.3% year-on-year – down 0.1% on the previous month. Auckland apartment prices were up 8.8% in 12 months to $655,750.
Overall, the five-year price index shows Auckland’s incredible boom, up 55.2% since August 2013. Even with the current dip in price growth, this city still looks like a superb long-term property investment location.