I was watching the news last night (24/3/12), sorry to say I'm unsure whether it was TV1 or TV3 (hey, they're all generic!).
Anyway, there was an article on rental prices rocketing in central Auckland. We all know the reasons for this lack of rental properties - investors not buying, investors selling off their stock to owner/occupiers, lack of development finance for builders, tenants not moving, investors having to put up rental prices due to the new depreciation rules.
The article focused on a couple looking for a two bedroom house in CA and their budget was $400/pw. When the time for the open home turned up, in the first 20 minutes there were 20 applications for the house they were looking at. The letting agent was interviewed and freely admitted that they are being offered wonderful references etc as well as a higher weekly rental, just so tenants can get the house.
So, they decided to look at 3 bedroom houses and take in a flatmate. The average price range was $585/pw!!
It is reported that prices in CA will potentially climb by another $100/pw by the end of the year.
This is fascinating, appalling, interesting all at the same time.
Could some of the LL's with CA houses/apartments give some anecdotal stories please? Those of us in the rest of NZ can only dream of these sorts of weekly rental incomes.
Anyway, there was an article on rental prices rocketing in central Auckland. We all know the reasons for this lack of rental properties - investors not buying, investors selling off their stock to owner/occupiers, lack of development finance for builders, tenants not moving, investors having to put up rental prices due to the new depreciation rules.
The article focused on a couple looking for a two bedroom house in CA and their budget was $400/pw. When the time for the open home turned up, in the first 20 minutes there were 20 applications for the house they were looking at. The letting agent was interviewed and freely admitted that they are being offered wonderful references etc as well as a higher weekly rental, just so tenants can get the house.
So, they decided to look at 3 bedroom houses and take in a flatmate. The average price range was $585/pw!!
It is reported that prices in CA will potentially climb by another $100/pw by the end of the year.
This is fascinating, appalling, interesting all at the same time.
Could some of the LL's with CA houses/apartments give some anecdotal stories please? Those of us in the rest of NZ can only dream of these sorts of weekly rental incomes.
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