The housing supply shortage In Christchurch, the supply of habitable homes was significantly reduced as a result of the Canterbury earthquakes in 2010/11. Both house prices and rents increased substantially as permanent residents sought to re-establish themselves and temporary residents moved in to work on the rebuild. In Auckland, the picture is different.
The housing shortage has emerged over a longer period, and is more evident in homes for sale than in rental properties, with house prices moving up well in excess of rents. This pattern is consistent with an increasing trend of existing renters seeking to become first home buyers.