Local rents well below NZ average

Wairarapa's most expensive rental property is listed as "equestrian perfection" and boasts five acres (two hectares) for grazing.

Newly released Trade Me Property figures show the average weekly rent in Wairarapa was unchanged at $254 in the April to June quarter. This was well below the national average, which rose by $6 in the past year to reach $417 per week.

The availability of Wairarapa rentals was down 11 per cent on the same time last year, while demand dipped 5 per cent.

The cheapest Wairarapa property listed last quarter was a "tidy two-bedroom unit" in Featherston, advertised for $150 per week.

At the other end of the scale was a large three-bedroom home with 2ha of land.

Described as "equestrian perfection", the Featherston property was "private and peaceful in the rural heartland" with a river a mere two minutes away.

Yet, at just 3km to the train station, the property also boasts an easy commute to the capital.

Listed for $450 per week, the modern home was set well back from the road with "interesting rural views" and a backdrop of bush-covered hills.

Features included a 60-metre by 20m floodlit arena, lined double stable, lock-up tack room, good hay storage and saddling enclosure, post and rail fencing, shelter trees, a double garage and "plenty of room to park and turn your float or truck". Listing agent Liz Ryniker said the price reflected the large grazing area the property offered.

"It's all set up for horses, it's got an Olympic-size floodlit arena," she said.

"You can't compare it to a rental property because it's like renting a farm."

Some tenants had been put off moving into the property due to the fact it was also on the market for sale, she said.

The property is currently listed at $499,000.

The most expensive rentals (without grazing land) in Featherston were around $265, while an "ordinary" rental in Carterton would be about $240, Ms Ryniker said.

With an average rent of $494 a week, Auckland rental properties remained the country's most expensive last quarter, followed by Canterbury at $480 and Wellington at $408.

Trade Me Property head Brendon Skipper said there had been talk of a national rental shortage but it was not as dire as suggested.

"There are pockets where it's definitely tough going for tenants but, nationally, the year-on-year numbers are only slightly up for demand, and this is matched by a tick up in the number of listings."

The country's cheapest listed rental last quarter was a two-bedroom property in Ohakune for just $45 a week.

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

By the numbers

$254 - average weekly rent in Wairarapa (includes Carterton, Masterton, South Wairarapa).

$417 per week - average rent nationwide.

$6 - national average rent increase.

$150 a week - cheapest rental in Wairarapa (Featherston).

$450 a week - most expensive Wairarapa rental (Featherston).

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

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

Source: Trade Me