Wellington's rental pain is Auckland's gain

First National's quarterly survey of its property managers across the country has found an overall vacancy rate of over 6%, twice the 3% figure recorded in January 2010.

"This level for vacancy is more normal for winter than summer," said First National general manager John Stewart.

"However, it reflects the current low sales volumes and restricted migration levels New Zealand is currently experiencing. Volumes of unsold houses becoming rental oversupply is no surprise."

The survey found Auckland was experiencing strong demand for all types of properties, with the vacancy rate at just 0.7%.