Rental prices inch up; property sales slump to new low

When compared to a year ago, the increase is 3.27%, or $19.70 more per week, data from 16,000 properties managed by Barfoot & Thompson show.

Barfoot & Thompson director Kiri Barfoot says the figures are consistent with the trend observed over recent quarters, which typically sit about 3% year-on-year, but she notes there are a wide range of factors at play.

“The market has been catching-up off the back of frozen and slower-moving rents in 2020 and early 2021.

“At the same time, property owners have been working to accommodate new levels of compliance and higher operating costs, including rising interest rates and the removal of tax deductibility.