Over the past year, we have seen a significant increase in rental housing prices in Auckland which has made it more difficult for new migrants to find housing in New Zealand’s biggest city. Christchurch residents moving to Auckland and a shortage of good rental accommodation have been big factors in this price rise, and it is unlikely that these prices with fall in the near future.
After the February earthquake, some Christchurch residents moved to Auckland to escape the earthquake battered city and to preserve some sense of normality. Those that have left Christchurch will only return when the ground stops shaking and the when rebuild begins. If the Christchurch rebuild process takes too long, it is increasing likely that their move to Auckland will become permanent.
The current economic condition has resulted in tightened bank lending and lack of investment that stymied new construction. In addition, there is an increasing shortage of builders. The combined strain on the supply of rental housing and increase in demand has almost driven prices to their previous peak in 2007. Woburn International has recognised that is an significant issue and for our clients making the move to Auckland, and are helping to navigate our clients around the housing problems that other migrants to the city will face.