May 2015: In depth look at Auckland three bedroom properties

In the last 12 months, the average price for Auckland three bedroom properties increased by 17.5%, with rent increasing by just 4.26%.

The average price for three bedroom properties increased from $658,959 in June 2014, to $774,411 in May 2015 (17.5%).

In the same time period, average weekly rent across Auckland increased from $469 in June 2014 to $489 in May 2015 (4.26%).

12 month change in average house price and average rental

Chart showing steep increase in house prices vs gradual increase in rent

Greatest increase seen in lower priced areas

The increase in rentals has been greater in the lower priced areas - South Auckland, West Auckland and Franklin Manukau - suggesting renters are looking further afield to find rental properties.

The highest average rent was for three bedroom apartments in the Central City. At $852 per week, this is down slightly from this time last year ($877), but still considerably higher than any other areas and property types.

Average Auckland house prices over last 12 months (three bedroom)

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	June 2014	May 2015	Increase in 12 months
All of Auckland	$658,959	$774,411	17.5%

Average weekly rent over last 12 months (3 bedroom)

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	May 2014	Nov 2014	May 2015	Increase in 6 months	Increase in 12 months
Central Auckland	$533	$839	$814	-3.00%	52.97%*
Central Suburbs	$532	$547	$558	2.03%	4.71%
Eastern Suburbs	$565	$569	$585	2.85%	3.21%
Franklin/Manukau Rural	$368	$374	$389	3.97%	5.67%
North Shore	$505	$518	$529	2.07%	4.08%
Pakuranga/Howick	$480	$483	$494	2.34%	2.76%
Rodney	$440	$446	$461	3.34%	4.75%
South Auckland	$394	$404	$419	3.75%	5.85%
West Auckland	$418	$430	$442	2.69%	5.38%
All of Auckland	$467	$476	$489	2.73%	4.26%

*Please note, a change in how we process data is the reason behind the extreme change here.

Current average weekly rent by type of property (three bedroom)

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	Apartment	Unit/Flat	House	Townhouse	Other/Unknown	Total
Central Auckland	$852	-	-	-	-	$852
Central Suburbs	$616	$501	$595	$647	$475	$558
Eastern Suburbs	$745	$471	$623	$671	$717	$585
Franklin/Manukau Rural	$335	$363	$409	$393	$528	$389
North Shore	$644	$479	$570	$543	$875	$529
Pakuranga/Howick	$593	$481	$544	$487	$707	$494
Rodney	$593	$439	$481	$452	$500	$461
South Auckland	$462	$396	$447	$452	$568	$419
West Auckland	$596	$370	$459	$428	$450	$442
Grand Total	$645	$459	$515	$553	$561	$489

*Groups with less than 3 properties have been removed.

Source: Barfoot & Thompson analysis of its tenancies and sales from 1 June 2013 to 1 June 2015 for three bedroom properties. Tenancies include current tenancies and new contracts signed. Sales figures are a rolling 6 month average. Northland and Commercial sales and tenancies are excluded.