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The New Zealand residential property market is enjoying oversupply, causing average rent rates to drop by 3.5 per cent in the past three months, the Sydney Morning Herald today reported.
Rent reductions of up to 10 per cent a week are being used to entice new tenants to the suburbs that are having the most trouble filling property vacancies.
Waiheke Island, near Auckland, has registered a 21 per cent vacancy rate over the last three months for example.
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Property managers said the unusually high number of rental homes on offer were due to tenants downsizing or moving into shared accommodation.
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