Wellington Rental Property

This information was extracted from  http://www.landlords.co.nz/ which was published on 25 Jan 2011.

Rental vacancies remain low in Auckland while Wellington is suffering, and across the country vacancy rates are double the level of last year as house sales continue to dawdle, according to First National Group.

First National's quarterly survey of its property managers across the country has found an overall vacancy rate of over 6%, twice the 3% figure recorded in January 2010.

"This level for vacancy is more normal for winter than summer," said First National general manager John Stewart.

"However, it reflects the current low sales volumes and restricted migration levels New Zealand is currently experiencing. Volumes of unsold houses becoming rental oversupply is no surprise."
The survey found Auckland was experiencing strong demand for all types of properties, with the vacancy rate at just 0.7%.

"Rents in that city have crept up between 3% and 10% as ex-pats returning home and immigrants from the UK and Asia are fuelling demand."

At the other end of the spectrum Wellington was seeing unusually high vacancy rates.