Rental market matches 'distance from CBD' theory

massey-university

Thu Mar 26 2009 13:00:00 GMT+1300 (New Zealand Daylight Time)

Rental market matches 'distance from CBD' theory

Thursday, 26 March 2009, 4:00 pm
Press Release: Massey University

Thursday, March 26, 2009
Auckland residential rental market matches 'distance from CBD' theory

The theory that homes closest to a city's central business district is tested for Auckland in the latest quarterly survey of the residential rental market by the University's Real Estate Analysis Unit.

Median rentals for three-bedroom houses in city suburbs and adjoining cities and towns, including Manukau, North Shore, Waitakere and Pukekohe are recorded, along with off-peak drive times to Queen St, measured using Google maps.

The unit found that the theory does fit quite well with market reality. The highest rents are in Ponsonby, Grey Lynn, Remuera and Mt Eden, followed by Meadowbank, Parnell and Sandringham.

The analysis notes that in the case of residential rents distance can be less important than accessibility. Other variables include quality of housing in a neighbourhood, school zoning, crime statistics, views and recreational amenities.

Elsewhere the survey notes a recovery in rental levels nationwide to a median of $300 per week, the same as a year ago and up from $295 in November last year.
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