Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

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.

Advertisement
Advertisement

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
default
lawyersweekly logo

Tags:

Listen to other installment of the Real Estate Business Podcast
Do you have an industry update?

top suburbs

12 month growth
Travancore
49.78%
Timboon
49.57%
Dolphin Point
49.51%
Nyah West
49.42%
Preston Beach
49.29%
Newington
48.97%
Killcare Heights
48.89%
Wundowie
48.77%
Homebush
48.44%
Glenside
48.28%
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.