Wellington leads in rental growth

The level of rents across New Zealand remains unchanged from February to March, at $410 per week, according to CoreLogic's latest property market and economic update.

Using a smoothed three month annual growth rate, the increase from a year ago was 4.7 percent, slightly slower than February's figure of 4.8 percent.

Figures show that gross rental yields edged down a little in March, from 3.2 percent to 3.1 percent.

However, that was only a small dip and more generally the flat picture continued – yields have either been 3.1% or 3.2% every month since July 2016.

Wellington continues to lead the main centres in terms of rental growth, up by 8.2 percent year on year.

The other North Island main centres are also recording solid gains, while rents in Christchurch and Dunedin have only dipped by small amounts over the past year.

Auckland

- Median weekly rent: $512

- Annual change in rent: 2.9%

- Gross yield: 2.1%

Hamilton

- Median weekly rent: $362

- Annual change in rent: 3.5%

- Gross yield: 3.4%

Tauranga

- Median weekly rent: $433

- Annual change in rent: 6.0%

- Gross yield: 3.2%

Wellington

- Median weekly rent: $483

- Annual change in rent: 8.2%

- Gross yield: 3.3%

Christchurch

- Median weekly rent: $358

- Annual change in rent: -0.6%

- Gross yield: 3.8%

Dunedin

- Median weekly rent: $324

- Annual change in rent: -0.1%

- Gross yield: 4.2%

Read CoreLogic's full report here.