Record rents for Auckland

Over March average rents rose 4.7% in seasonally-adjusted terms on the prior month, up 8.2% on year-ago levels.

Barfoot & Thompson said the March data was "unequivocally strong", with seasonally-adjusted turnover up 11.4% on February - the strongest turnover in 15 months - and the average sales price rising to a record $581,190.

"When you combine the increase in weekly rents with the rise in property prices, it flags that accommodation in Auckland is in short supply," said Barfoot & Thompson managing director Peter Thompson.

"The rental increase also coincides with landlords reacting to the new taxation rules around investment property, and firmly fixing their focus on improving the operating return from rents."