Gisborne is the best performing region for rental property investment, according to analysis by Realestate.co.nz.
The real estate website found Gisborne offered an impressive average of 5.78 per cent return on rental properties in January, based on an asking price of $258,515.
Otago and Manawatu/Wanganui regions followed closely with investment returns of 5.54 and 5.12 per cent in the month of January.
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Realestate.co.nz chief executive Richard Skipper said the results would surprise some people.
"There are clearly some very attractive rental property investment opportunities in some parts of New Zealand that don't ordinarily attract intense national media interest when it comes to property."
The findings were based on a calculation of average asking price vs weekly rental price, excluding all external costs.
Realestate.co.nz's data analysis found the best performing region for rental property was Coromandel, but its unusually high average return of 9.88 per cent was skewed by short-term holiday rental properties.
"Of greater interest for potential investors are the significant rental opportunities that exist in quite diverse parts of the country, in particular Gisborne, Otago, and Manawatu-Wanganui," Skipper said.
Analysis looked at every region in the country to identify which offered the highest returns for would-be landlord investors.