Latest news with #CaseyWylde
RNZ News
3 days ago
- Business
- RNZ News
Wellington leads way as rents track downwards
Photo: RNZ Residential rents are falling in most parts of the country with Wellington leading the way down. Trade Me's latest Rental Price Index for June indicates average Wellington rents dropped by $50 a week to $600 last month over the year earlier. They are now at the lowest level since November 2022. "Wellington saw a 34 percent annual increase in rental stock come to market in June, coupled with a 16 percent annual drop in demand," Trade Me Property spokesperson Casey Wylde said. Rents in the other main centres also fell, though were up in the far South, increasing by 6.7 percent to an average of $480 in Southland. Otago rents increased by 3.4 percent to $600. The national median weekly rent was down $20 to $620. "The easing of rental prices, coupled with increased listings and less competition, is creating a more favourable environment for renters, offering them more choice and potentially better negotiating power," Wylde said. The latest represented an overall 3.9 percent year-on-year decrease with supply increasing 20 percent while demand cooled 18 percent. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Scoop
3 days ago
- Business
- Scoop
Wellington Rents Drop To Lowest Since 2022
Wellington has seen the most significant year-on-year decline in median weekly rent across the motu, according to Trade Me's latest Rental Price Index for June. Wellington renters can expect to pay $50 less per week when compared with June 2024, with the median weekly rent falling to $600, representing a 7.7 per cent drop year-on-year. This cooling trend in the capital stands in stark contrast to continued upward pressure felt in the lower parts of the South Island. Trade Me Property Spokesperson Casey Wylde said, "Wellington hasn't seen its median weekly rent this low since November 2022, showing just how much the rental market in the region has changed in 2025. 'This is being driven by your simple supply-demand equation pushing prices down - Wellington saw a 34 per cent annual increase in rental stock come to market in June, coupled with a 16 per cent annual drop in demand. National rent relief continues Across the motu, the national median weekly rent continued to fall to $620 per week in June, down $20 since January. After reaching $650 in May last year, the national median rent steadily eased to $635 in March and $630 in April. While it held steady in May, in June it dropped again to $620, a welcome trend for renters nationwide. This June figure represents an overall 3.9 per cent year-on-year decrease with supply increasing 20 per cent in the year to June while demand cooled 18 per cent. Trade Me Property Spokesperson Casey Wylde said, "the easing of rental prices, coupled with increased listings and less competition, is creating a more favourable environment for renters, offering them more choice and potentially better negotiating power." Mixed fortunes across the regions While Wellington boasts the most significant annual drops, the rest of the country was a mixed bag. The lower South Island continues to see annual rent increases. Southland still leads the pack for year-on-year increases, up 6.7 per cent to $480. Otago also maintained strong year-on-year growth at 3.4 per cent to $600. Wellington's widespread rent declines Wellington's rent declines affected all property sizes and urban dwelling types in June. Large properties (5+ bedrooms) saw a 9.1 per cent drop to $900, while three to four-bedroom homes fell 6.7 per cent to $700. Smaller properties (1-2 bedrooms) recorded a 8.3 per cent drop to $550 in June. When we look at urban properties (townhouses, apartments and units) specifically, Wellington's market experienced an overall 7.6 per cent decrease. This includes a 9.3 per cent drop to $535 for apartments and a 4.4 per cent drop for townhouses to $650, with units remaining steady at $520. Auckland and Christchurch also saw declines across various property types.
Scoop
19-06-2025
- 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
18-06-2025
- 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.
