TODAY |

Porirua named most expensive place to rent in New Zealand, but rents up nationwide

Porirua, in the Wellington region, has become the most expensive place to rent in New Zealand. 

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The median weekly rent for the Wellington-area town has shot up to a record $625, according to the latest Trade Me data. Source: Breakfast

The median weekly rent for the district shot up to a record $625 in September, according to the latest Trade Me data - a 25 per cent increase from the same time last year. 

The median weekly rent is $600 in Wellington, and $550 in Auckland City.

"Rents in Porirua have been hot on the tail of Wellington city rents for a while now," Trade Me Property spokesperson Logan Mudge said today in a press release.

"Both districts were neck-and-neck at $580 in June, but September was the first time we have seen Porirua come out on top."

Auckland's North Shore and Wellington city came in tied at second place for the most expensive district in the country, with both areas seeing a median weekly rent of $600 in September.

Mudge said the number of rentals listed in Porirua was down six per cent in September compared with the same month last year, while demand shot up 17 per cent on the year prior.

"This is the story right across the Wellington region - it’s very pricey if you’re in the market for a Wellington rental at the moment," he said. 

"The lure of Porirua is that you can get a bigger place with more space and traditionally you’d be paying less than in Wellington city. The tables have certainly turned this year."

The national median was $510 per week in September, up three per cent from the same time last year.