“Auckland, Christchurch Lead Price Surge”, 30 January 2011, Sunday Star Times
A close examination of rental statistics in Christchurch is required to fully appreciate the current market. Available rental properties in Christchurch is only slightly below pre earthquake numbers, but it is a “game of two halves”.
Yes, we have had modest rent increases in properties in sought after areas and well presented homes, but two bedroom units in less preferred areas are still challenging to let.
Vacancy rates certainly have dropped, and well below the 6% quoted in “The Press” 29 January 2011 by First National General Manager John Stewart.
As the impact of Christchurch’s reconstruction flows into the greater local economy, residential property will be in demand with a resulting upward movement of weekly rents.