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top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
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Big incentives offered to spark NZ rental activity

By Staff Reporter
22 July 2009 | 1 minute read

The New Zealand residential property market is enjoying oversupply, causing average rent rates to drop by 3.5 per cent in the past three months, the Sydney Morning Herald today reported.

Rent reductions of up to 10 per cent a week are being used to entice new tenants to the suburbs that are having the most trouble filling property vacancies.

Waiheke Island, near Auckland, has registered a 21 per cent vacancy rate over the last three months for example.

Property managers said the unusually high number of rental homes on offer were due to tenants downsizing or moving into shared accommodation.

Big incentives offered to spark NZ rental activity
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Listen to other installment of the Real Estate Business Podcast
Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.