Latest news with #TradeMeProperty
Scoop
2 days ago
- Business
- Scoop
Wellington Rents Hit Two Year Low While Deep South Records New Highs
Press Release – Trade Me Property Trade Me Property Spokesperson Casey Wylde says, The drop in rents is certainly good news for those in the market for a new rental, however those locked into fixed term tenancies may not benefit from the current market dynamics until its time … Rents across the Wellington region have fallen to the lowest since late 2022, according to Trade Me's latest Rental Price Index. The median weekly rent in Wellington fell 3.9 per cent, or $25 between April and May to $620 a week. Year-on-year figures show rent in Pōneke was also down 4.6 per cent to $620. Trade Me Property Spokesperson Casey Wylde says, 'The drop in rents is certainly good news for those in the market for a new rental, however those locked into fixed term tenancies may not benefit from the current market dynamics until it's time to renew their lease.' Demand in the Capital climbed 10 per cent in May, outpacing supply which grew six per cent month-on-month. 'If we look at where rental supply for the region was this time last year, the number of listings onsite is up a significant 41 per cent, while demand is down 13 per cent. With more options on the market, it comes as no surprise that rents have cooled in the Capital.' Marlborough (-4.2%) and Hawke's Bay (-3.0%) also saw rents fall between April and May. While the national median weekly rent held steady in April after two months of declines ($630), the bottom of the South Island has set new records. Trade Me Property data for May found the median weekly rent in Southland jumped 3.1 per cent from April to $495 per week. The West Coast also hit a record median weekly rent of $450. Casey Wylde gave some additional context as to what's driving the increases. 'With a smaller number of properties to rent in these regions, movement in the median rental price can fluctuate more so than those regions where there's greater supply. The property types coming up for rent also tend to be larger which naturally command higher rents,' said Wylde. Increases were also recorded in Otago (+4.2%) and Bay of Plenty (+1.5%). Rental Trends by Property Size in Main Cities Looking at rental trends by property size across the main centres, May saw year-on-year declines across most property types. Wellington experienced the largest overall drop with the median weekly rent for 3-4 bedroom homes falling 6.7 per cent to $700 year-on-year, and 1-2 bedroom homes also down 4.3 per cent to $550. Auckland recorded an overall drop of 2.2 per cent with the most significant change recorded for larger properties. Homes with five or more bedrooms fell 9.1 per cent in May to $1,000 per week. Christchurch also recorded an overall drop of 1.8 per cent. Content Sourced from Original url
Scoop
3 days ago
- Business
- Scoop
Wellington Rents Hit Two Year Low While Deep South Records New Highs
Rents across the Wellington region have fallen to the lowest since late 2022, according to Trade Me's latest Rental Price Index. The median weekly rent in Wellington fell 3.9 per cent, or $25 between April and May to $620 a week. Year-on-year figures show rent in Pōneke was also down 4.6 per cent to $620. Trade Me Property Spokesperson Casey Wylde says, 'The drop in rents is certainly good news for those in the market for a new rental, however those locked into fixed term tenancies may not benefit from the current market dynamics until it's time to renew their lease.' Demand in the Capital climbed 10 per cent in May, outpacing supply which grew six per cent month-on-month. 'If we look at where rental supply for the region was this time last year, the number of listings onsite is up a significant 41 per cent, while demand is down 13 per cent. With more options on the market, it comes as no surprise that rents have cooled in the Capital.' Marlborough (-4.2%) and Hawke's Bay (-3.0%) also saw rents fall between April and May. While the national median weekly rent held steady in April after two months of declines ($630), the bottom of the South Island has set new records. Trade Me Property data for May found the median weekly rent in Southland jumped 3.1 per cent from April to $495 per week. The West Coast also hit a record median weekly rent of $450. Casey Wylde gave some additional context as to what's driving the increases. 'With a smaller number of properties to rent in these regions, movement in the median rental price can fluctuate more so than those regions where there's greater supply. The property types coming up for rent also tend to be larger which naturally command higher rents,' said Wylde. Increases were also recorded in Otago (+4.2%) and Bay of Plenty (+1.5%). Rental Trends by Property Size in Main Cities Looking at rental trends by property size across the main centres, May saw year-on-year declines across most property types. Wellington experienced the largest overall drop with the median weekly rent for 3-4 bedroom homes falling 6.7 per cent to $700 year-on-year, and 1-2 bedroom homes also down 4.3 per cent to $550. Auckland recorded an overall drop of 2.2 per cent with the most significant change recorded for larger properties. Homes with five or more bedrooms fell 9.1 per cent in May to $1,000 per week. Christchurch also recorded an overall drop of 1.8 per cent.
Scoop
13-06-2025
- Business
- Scoop
House Prices And Listings Fall, But Demand Up
Press Release – Trade Me Property The national average asking price has retracted with property prices dropping 1.2 per cent to $845,250, according to Trade Mes latest Property Pulse Report. Trade Me Property Customer Director Gavin Lloyd said that this marked the second consecutive … The national average asking price has retracted with property prices dropping 1.2 per cent to $845,250, according to Trade Me's latest Property Pulse Report. Trade Me Property Customer Director Gavin Lloyd said that this marked the second consecutive month-on-month decline in average asking price, following a 0.8 per cent drop in April. 'We saw prices fall across most of the motu in May, with only four exceptions of the 15 Trade Me Property monitors. Southland (+1.2%), Taranaki (+1.5%), the West Coast (+1.4%) and Manawatū/Whanganui (+0.1%) were the only regions showing some signs of growth.' Metro centre prices hit eight month lows Auckland, Wellington and Canterbury all recorded their lowest prices since September 2024. In Tāmaki Makaurau prices fell 1.5 per cent on April and 2.5 per cent year-on-year to $1,030,850. In Wellington the average asking price in May was $805,100, a 0.6 per cent fall on the previous month and down 2.9 per cent on May 2024. In Canterbury the average asking price fell to $705,650, representing a 0.6 per cent decline both month-on-month and year-on-year. Gavin Lloyd says alongside price decreases, time onsite is starting to increase. 'Buyers tend to take a little more time in the winter months and the current market is already showing signs of this slow down with median days onsite sitting at 70 in May, up from 62 in April,' said Lloyd. Supply and demand The number of listings on Trade Me Property in May fell 1.3 per cent month-on-month but remained five per cent up on May last year. Auckland and Taranaki were the only two regions to show listings growth, albeit modest at one per cent. All other regions monitored by Trade Me Property saw a decline in supply between April and May. In contrast, demand continued to grow recording a 2.4 per cent increase on April, and up four per cent year-on-year. Auckland, Canterbury, Southland and Taranaki all saw demand growth of between five and six per cent from April. 'A plentiful supply of properties, coupled with more affordable loan repayments is giving buyers a sense of renewed confidence and motivation,' said Lloyd.
Scoop
13-06-2025
- Business
- Scoop
House Prices And Listings Fall, But Demand Up
The national average asking price has retracted with property prices dropping 1.2 per cent to $845,250, according to Trade Me's latest Property Pulse Report. Trade Me Property Customer Director Gavin Lloyd said that this marked the second consecutive month-on-month decline in average asking price, following a 0.8 per cent drop in April. 'We saw prices fall across most of the motu in May, with only four exceptions of the 15 Trade Me Property monitors. Southland (+1.2%), Taranaki (+1.5%), the West Coast (+1.4%) and Manawatū/Whanganui (+0.1%) were the only regions showing some signs of growth.' Metro centre prices hit eight month lows Auckland, Wellington and Canterbury all recorded their lowest prices since September 2024. In Tāmaki Makaurau prices fell 1.5 per cent on April and 2.5 per cent year-on-year to $1,030,850. In Wellington the average asking price in May was $805,100, a 0.6 per cent fall on the previous month and down 2.9 per cent on May 2024. In Canterbury the average asking price fell to $705,650, representing a 0.6 per cent decline both month-on-month and year-on-year. Gavin Lloyd says alongside price decreases, time onsite is starting to increase. 'Buyers tend to take a little more time in the winter months and the current market is already showing signs of this slow down with median days onsite sitting at 70 in May, up from 62 in April,' said Lloyd. Supply and demand The number of listings on Trade Me Property in May fell 1.3 per cent month-on-month but remained five per cent up on May last year. Auckland and Taranaki were the only two regions to show listings growth, albeit modest at one per cent. All other regions monitored by Trade Me Property saw a decline in supply between April and May. In contrast, demand continued to grow recording a 2.4 per cent increase on April, and up four per cent year-on-year. Auckland, Canterbury, Southland and Taranaki all saw demand growth of between five and six per cent from April. 'A plentiful supply of properties, coupled with more affordable loan repayments is giving buyers a sense of renewed confidence and motivation,' said Lloyd.
Scoop
12-06-2025
- Business
- Scoop
Trade Me Property Data Shows Impact Of New Census Figures As More Kiwi Head South
Press Release – Trade Me Property New data from Trade Me Property shows a notable shift in New Zealand's property market landscape, with a growing number of Kiwi moving South. Census data released this week showed a significant internal migration trend, with approximately 86,000 people moving from the North Island to the South Island between 2018 and 2023. That was about 30,000 more people than went in the opposite direction. Trade Me Property Customer Director Gavin Lloyd says it's fascinating to see how the shifts outlined in the Census are playing out across Aotearoa's property market. 'For years, the North Island, particularly Auckland, has been the powerhouse of the property market. However, with more Kiwi seeking lifestyle changes and potentially more affordable options, the South Island is certainly gaining ground.' While the North Island continues to hold a higher average asking price, Trade Me Property figures show the gap has narrowed between the two islands. 'In December 2021 there was an average asking price difference of more than $350,000 between the North and South islands, but from late 2021 we saw that gap start to close. 'Last month the average North Island asking price was just over $182,000 higher than the South Island – a significant bridge of the divide we saw in late 2021. 'This migration trend could well be a response to the cost of living and housing affordability challenges faced in the North Island,' Mr Lloyd adds. 'We're also hearing from a lot of agents in the South Island that they're seeing an increasing number of enquiries from Kiwi in the North looking to relocate. Our data is backing this up, with listing views on properties in Canterbury in May up 7 per cent year-on-year. 'The South Island has plenty to offer Kiwi with vibrant urban centres like Christchurch to the stunning natural landscapes of Otago and Southland, often at a more accessible price point.'
