Overall the number of properties listed for rent on Trade Me throughout Wellington continue to remain low. Since the end of last month, property listings have declined from 722 to 697, showing a continual decrease since mid-May this year.
It appears Wellington Central is a big mover, with market data showing the city’s listings lowered by 14% from 101 to 86 listings during Queens Birthday weekend. Other Wellington suburbs are also showing notable changes. Trade Me listings in Island Bay shows a 48% decline in rental listings compared to early June 2015, and Thorndon shows a 11% decline. However some suburbs are going against the general trend - Hataitai listings have increased by 38%, and Te Aro has increased by 21% compared to this time last year.
We notice that when the number of property listings on Trade Me declines during winter, properties become easier to let, and conversely when the numbers rise. The number currently being advertised is well down on previous years, and we would expect the upward movement in rents (that has already been reported by TradeMe for the year ending April 2016) to continue.
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Article written: September 2016