Revealed: Auckland's fastest growing rental suburbs
Auckland rent prices are creeping up across the city but prices in some suburbs are soaring.
The price of an average three-bedroom house is now $514 a week, an almost five percent increase on the same quarter last year according to the latest Barfoot and Thompson figures.
The average weekly rent for a three bedroom home in Auckland during the April to June quarter was up less than 1.0 percent on the last quarter and 4.8 percent on the same quarter in 2015.
It appears that rocketing house prices are not having a large effect on rental prices, with the five percent per-year increase on trend with previous years.
One bedroom properties averaged $335 per week (up 5.0 percent), and two bedrooms $428 (up 6.2 percent), while four bedroom homes cost $648 (up 4.2 percent) and 5+ bedroom homes averaged $801 (up 4.8 percent).
However three central suburbs have more than double the average increase from the last two quarters of 2015, to the first two quarters of 2016:
Barfoot & Thompson Director Kiri Barfoot says their central location makes them popular choices.
"These areas are fast becoming popular as the 'new central suburbs', the next Ponsonby and Grey Lynns if you will, and our data suggests continued future growth particularly for Mt Albert and Sandringham."
The statistics show the central Auckland apartment market held its position as the most expensive for smaller rental properties while the eastern suburbs are the most expensive for four or more bedrooms.
"Outside the city apartment market, it continued to be a story of two halves for Auckland's north and south this quarter too," said Ms Barfoot.
South Auckland rental properties saw the greatest percentage increase year-on-year for the quarter of 6.8%, while North Shore rental prices experienced a smaller increase, only rising 3.7 percent.
Three bedroom rentals make up around 40 percent of Barfoot and Thompson's managed properties.
Ms Barfoot says this makes it a good measure of the market.
"Other property categories generally follow the same trend, albeit at lower or higher price points depending on the number of bedrooms."