Quay Street-Customs Street sits at the heart of Auckland's waterfront precinct, commanding a median weekly rent of $650 and attracting a predominantly renter population of 79% of households. Indicative gross yields range from 2.9% to 3.7%, reflecting the premium entry prices typical of inner-city Auckland.
Analyse a Quay Street-Customs Street propertyMedian weekly rent in Quay Street-Customs Street from MBIE tenancy bond records (2025-12, 3-month period). Real lodged-bond data — not estimates.
Indicative gross yield range of 2.9%–3.7% uses the rent against the Auckland median sale price of $1,000,000. Net yield is lower after rates, insurance, management and maintenance.
From the Stats NZ 2023 Census. Rental demand indicators that shape tenant pool and vacancy.
Quay Street-Customs Street is one of Auckland's most urbanised localities, with 79% of households renting — well above the national average — and a compact population of 1,962 residents. The median age of 37 and a median household income of $87,300 point to a professional, white-collar tenant base drawn by proximity to the CBD, ferry terminals, and the broader waterfront amenity.
Demand is anchored by inner-city workers, corporate relocatees, and those who prioritise walkability over space. One-bedroom apartments represent the dominant stock, with median weekly rent sitting at $615 for a one-bedroom and $683 for a two-bedroom, providing landlords with relatively predictable, low-vacancy letting conditions in a high-profile location.
Based on the Auckland median price of $1,000,000, indicative gross yields in this precinct range from 2.9% to 3.7%. A median weekly rent of $650 translates to approximately $33,800 in gross annual rental income, which investors should weigh carefully against mortgage servicing costs, body corporate levies, and management fees common in high-rise apartment buildings.
The lower end of the yield range at 2.9% leaves limited buffer once operating costs are factored in, so thorough due diligence on body corporate financials and building maintenance reserves is essential. Investors targeting the upper end of the $550–$720 rent quartile range will need to secure well-presented, well-positioned units to justify premium asking rents.
This precinct offers unmatched central Auckland connectivity and a deep, professional rental pool — 79% of households are renters — which limits vacancy risk for well-maintained apartments. However, gross yields of 2.9%–3.7% are modest by national standards, and at an Auckland median price of $1,000,000 the capital required is significant, meaning cash-flow positive outcomes are difficult to achieve without a substantial deposit.
For investors with a long-term capital-growth thesis and tolerance for thin initial yields, the waterfront location and strong tenant demographics provide a credible hold proposition as Auckland's urban core continues to densify.
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