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