High end rental sits empty

Even Tauranga's most affluent are turning their nose up at the city's most expensive rental property.

The $950-a-week "huge, award-winning, executive four-bedroom, three-bathroom townhouse" in Otumoetai's Maxwells Rd is spread over three levels, boasting stunning harbour views and located in "the ever-popular and exclusive Pillans Point". Yet it has sat vacant for more than two months.

Described as a great home for the corporate entertainer with "every imaginable extra" features included a media room including air conditioning on every level, and a "plunge pool to spoil your guests".

"The gourmet kitchen is a dream to cook in, whilst watching the gorgeous vista. When only the best will do, then look no further."

Listing agent Marie-Clare Jones said the property had not yet been filled, adding it was was hard to fill rental properties at the high end of Tauranga's rental market.

"People just don't have the income to service it," Ms Jones said.

"In the two months I've had it, I've had only two inquiries."

The property was marketed at a professional couple and was also on the market for $2.4 million, putting off some potential tenants.

"It's difficult to rent a home while it's on the market," Ms Jones said.

Meanwhile, at the other end of the scale, Tauranga's cheapest rental listed in the April to June quarter was advertised for a mere $140 a week.

The one-bedroom self-contained studio situated below a three-bedroom home in Brookfield boasted a covered entrance, medium-sized room for a bedroom/lounge with a built-in wardrobe and its own small kitchen and toilet.

The Western Bay region's cheapest rental listed on Trade Me last quarter was a one-bedroom bedsit in Katikati advertised for $120 per week.

The most expensive, at $3150 a week, was a luxurious seaside Waihi Beach holiday home.

Yesterday, the Bay of Plenty Times revealed Trade Me Property figures which showed the average asking rent in Tauranga in April to June rose to $385 a week, compared to $344 for the same time last year.

First home buyers and property investors pushing up demand are being blamed for the increase in rents amid static rental supply.

Meanwhile, the country's cheapest Trade Me rental last quarter was a two-bedroom property in Ohakune for just $45 a week. Ray White business development executive Zac Snelling said it would be hard to find a carpark in Auckland for less than $50.

Unsurprisingly, the nation's most expensive rental was a three-bedroom house in Auckland's Takapuna, listed for $5000 a week.

What you get: $140 per week

  • 1 bedroom/lounge, 1 bathroom,

  • stove, small fridge, small kitchen, shared backyard,

  • seperate store room with laundry fittings.

What you get: $950 per week

  • 4 bedrooms, 3 bathrooms,

  • 3 levels, harbour views, plunge pool, media room,

  • gourmet kitchen, gas heating/air con.

By the numbers

  • $358 - average weekly rent in Tauranga.

  • $404 - average weekly rent in Western Bay of Plenty.

  • $417 per week - average rent nationwide.

  • $6 - national average rent increase.

  • $45 a week - cheapest rental nationwide (Ohakune).

  • $5000 a week - nation's most expensive rental (Takapuna).

- Bay of Plenty Times

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