Monday, June 23, 2008

New Zealand's median rent level falls

New Zealand's median rent level has fallen $5 a week to $295, Massey University's Real Estate Analysis Unit said today.

At the start of the year, the median rent level was $300 a week - a record high.

The unit's director, Professor Bob Hargreaves, said the 1.6-percent drop was unexpected, as rents had been rising steadily since last year.

Prof Hargreaves said some would-be vendors, unable to get what they wanted for their houses, had apparently taken them off the market and chosen to rent them out instead.

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