Gisborne’s sun good for rental property market

A109 Light Utility Helicopter flight with mayor Gisborne City from the air in November 2023.

The Gisborne rental property market operated contrary to national trends in December with demand increasing by 42 percent, and listings also increasing, by a “notable” 21 percent.

The figures come from the latest TradeMe property report which said nationwide demand for rental properties in December was down by 19 percent compared to November and listings were also down by 17 percent.

Phil Wauchop of the Gisborne-based Home Rental Services said the Gisborne TradeMe figures were not normal for summertime.

He said there were only a limited number of properties available to rent in Gisborne, especially under $600 per week.

“We are receiving upward of 20 applicants per week from families residing in Gisborne who must move out of the rental they are in because the owner or family need to move back, or people who have moved here because they have picked up employment in Gisborne.”

TradeMe attributed the Gisborne figures to the warm summer climate.

“It comes as no surprise that Kiwis are eager to soak up the warmth during the sunnier months.

“But demand still outpaces the supply, making it a bit challenging for renters to secure a place with so many eager to be there.”

Mr Wauchop said the average quality standard for rental properties in Gisborne had lifted.

There had been a movement of people back to New Zealand over the Covid period.

“We are now seeing a very small shift with people moving to Australia given the recent change in citizenship eligibility.

“Rents are still increasing where no adjustment has occurred for more than 12 months and while demand remains strong, there will continue to be upward pressure on rents.”

He said the medium weekly rental for a three-bedroom Gisborne home would be around $680 to $700.