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October 15, 2012 | by  | in News |
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Rents To Drop

HOUSING CRISIS? WHAT HOUSING CRISIS?

A shining light in Wellington’s rental market may make it easier for students to afford a flat.

TradeMe Property has released statistics that show the average rent on Wellington city properties has dropped by 3 per cent in the past three months compared to the same period last year.

But one student Salient spoke to is taking the rent drop with a grain of salt.

“I pay $150 each for a 4 bedroom Kelburn flat, and it is increasing to $162 when our lease ends in November,” he said.

“So what difference will this 3 per cent actually make?”

Adding to uncertainty is the likely increase in insurance premiums and rates, which may see landlords hike rent prices just in time for flat hunting in the summer.

The falls appears to be triggered by a drop in demand, as the number of properties listed on TradeMe have increased by 23 per cent, while enquiries have dropped by 17 per cent.

This imbalance was greatest in the central suburbs, as centre city rents dropped 3 per cent while in Johnsonville the drop was 5 per cent.

The only suburbs to see an increase in rents were Newtown up 5 per cent, and Karori, up 2 per cent.

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