Australia and New Zealand rental markets stabilize as rent growth eases

New Zealand's rental market showed the first pause in price growth in months, with the national median weekly rent holding at NZ$620 in June 2026, unchanged from May and a year earlier. Tenant demand stayed robust, with a 15 % rise in rental‑search activity compared with June 2025, and listings only fell 2 % month‑on‑month. While Auckland and Wellington saw modest annual rent declines, several South Island regions recorded double‑digit increases, keeping overall supply‑demand balance steady.

In Australia, the median weekly rent reached a record AU$705, a 40.6 % rise over the past five years. Rents rose 1.6 % in the June quarter, while vacancy rates lingered at 1.6 % nationally. Households now spend roughly one‑third of their gross income on rent, with regional tenants paying up to 35 % of earnings, tightening affordability and prompting concerns that rental costs could limit broader economic growth.