Rents in Auckland fall, while Wellington rises

The average weekly rent for a three bedroom house in Auckland has fallen over the past year from $450 to $435.

Meanwhile, Wellington City rents rose and Christchurch City rents remained flat, data from the Department of Building and Housing shows.

The falling rents in Auckland will disappoint rental property investors who forecast at the beginning of last year that higher interest rates and a desire by landlords to focus on cash returns would force rents higher.

It will also surprise those arguing that Auckland, in particular, is suffering from a housing shortage.

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Posted: 7 Apr 2009

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