Home is the sailor ... maybe

By WAYNE THOMPSON

House-hunting America's Cup teams are finding it difficult to rent houses because of the tight market in central Auckland.

Challengers syndicates, each of 60 to 80 people, are expected to arrive in Auckland from September, wanting to stay until the end of the cup regatta in 2003.

Their demands will squeeze a market that has seldom been under such pressure in 25 years, said John Crocker, head of Bayleys Property Management Services.

His company's landlord clients were enjoying occupancy rates in inner city and city fringe rental properties of 95 to 98 per cent.

Almost all apartments and terrace houses were being re-let before tenants moved out.

Demand was exceeding supply in the $800 to $2000-a-week range.

Most in demand were Ponsonby and Herne Bay, which were sought by cup syndicates because they were near the yacht bases.

Syndicates are also scouting for bigger, furnished properties near schools in Ponsonby and Parnell for members who bring their families.

One agent, who did not want to be named, said that after scouring the town, she was able to find only 10 apartments or townhouses available for a client willing to pay $1200 a week in rent.

The general manager of America's Cup Village Ltd, Doug Snell, said "one or two" syndicates had found accommodation, but it was proving difficult to house teams in one place.

The Italian team, Prada, had solved the problem by taking rooms in the Heritage of Auckland, as they did last regatta.

Things had changed in Auckland since the last America's Cup.

That had coincided with the finishing of several new apartment blocks, which were available for temporary accommodation. These now had owners or long-term tenants living in them.

The main hope for the syndicates is people who will let their homes in the inner city while taking extended overseas holidays or moving to beach houses.

Last time, syndicates paid $800 to $900 for an inner city three-bedroom apartment.

But the rental manager for Barfoot and Thompson, Trevor Elwin, said that this time they were likely to pay up to 20 per cent more because of the shortage.

Feature: America's Cup