In this section
The ratio between New Zealand house prices and rents | the Rent Ratio
Rent ratio
The data on this page relates the median house price to the annual house rent. It is a benchmark that is used internationally in the reviews of housing affordability, and is just one of a number of measures that can monitor this. For comparisons to US housing markets, see this NY Times review. The market peak referred in the following table differs for each city/district reviewed, and is specific for that city.
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Updated 16 May 2013
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Median
|
Median 3-br |
--------------Rent ratio--------------
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||||
| (see Notes below) |
Population
|
House price
|
Yearly rent
|
Apr-13
|
Mar-12
|
Apr-12
|
Peak
|
% fall
|
|
Mar-13E
|
Apr-13
|
Apr-13
|
|
|||||
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|
| NZ total |
4,460,000
|
$390,500
|
$17,940
|
21.77
|
22.6
|
21.3
|
22.6
|
-4%
|
|
|
|
|
|
|
|
|
|
|
| Whangarei District |
80,500
|
$292,500
|
$15,600
|
18.75
|
17.8
|
16.8
|
23.0
|
-19%
|
|
|
|
|
|
|
|
|
|
|
| Auckland metro |
1,486,000
|
$555,000
|
$23,352
|
23.77
|
25.0
|
22.5
|
25.0
|
-5%
|
| - North Shore City |
$692,067
|
$25,480
|
27.16
|
28.0
|
24.5
|
28.0
|
-3%
|
|
| - Waitakere City |
$468,234
|
$20,800
|
22.51
|
21.4
|
20.3
|
23.3
|
-3%
|
|
| - Auckland City |
$619,179
|
$26,000
|
23.81
|
25.0
|
19.8
|
25.7
|
-7%
|
|
| - Manukau City |
$489,299
|
$21,320
|
22.95
|
23.2
|
21.7
|
24.1
|
-5%
|
|
|
|
|
|
|
|
|
|
|
|
| Hamilton City |
145,600
|
$325,000
|
$17,160
|
18.94
|
19.9
|
20.2
|
23.6
|
-20%
|
|
|
|
|
|
|
|
|
|
|
| Tauranga City |
115,700
|
$327,500
|
$17,680
|
18.52
|
19.9
|
19.4
|
26.0
|
-29%
|
|
|
|
|
|
|
|
|
|
|
| Rotorua District |
68,900
|
$239,000
|
$14,040
|
17.02
|
17.6
|
18.1
|
21.9
|
-22%
|
|
|
|
|
|
|
|
|
|
|
| Gisborne District |
46,600
|
$217,500
|
$14,560
|
14.94
|
16.8
|
15.8
|
26.4
|
-43%
|
|
|
|
|
|
|
|
|
|
|
| Napier City |
57,800
|
$320,000
|
$17,160
|
18.65
|
18.5
|
19.9
|
21.7
|
-14%
|
|
|
|
|
|
|
|
|
|
|
| Hastings District |
75,500
|
$272,000
|
$15,860
|
17.15
|
19.3
|
18.5
|
21.5
|
-20%
|
|
|
|
|
|
|
|
|
|
|
| New Plymouth District |
73,800
|
$326,500
|
$18,200
|
17.94
|
19.1
|
16.8
|
23.6
|
-24%
|
|
|
|
|
|
|
|
|
|
|
| Wanganui District |
43,500
|
$180,000
|
$11,440
|
15.73
|
12.3
|
13.0
|
20.2
|
-22%
|
|
|
|
|
|
|
|
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| Palmerston North City |
82,100
|
$290,000
|
$15,600
|
18.59
|
18.5
|
18.6
|
24.2
|
-23%
|
|
|
|
|
|
|
|
|
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| Wellington metro |
487,700
|
$400,000
|
$20,987
|
19.06
|
19.1
|
19.9
|
23.5
|
-19%
|
| - Kapiti Coast District |
48,900
|
$346,000
|
$17,160
|
20.16
|
19.3
|
20.2
|
25.1
|
-20%
|
| - Porirua City |
52,700
|
$390,000
|
$18,200
|
21.43
|
23.2
|
21.2
|
28.2
|
-24%
|
| - Upper Hutt City |
41,500
|
$318,000
|
$18,200
|
17.47
|
17.0
|
17.7
|
22.8
|
-23%
|
| - Lower Hutt City |
103,000
|
$355,000
|
$18,460
|
19.23
|
20.6
|
20.4
|
22.9
|
-16%
|
| - Wellington City |
200,100
|
$510,899
|
$26,000
|
19.65
|
20.2
|
20.0
|
24.6
|
-20%
|
|
|
|
|
|
|
|
|
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| Nelson City |
46,200
|
$339,000
|
$18,720
|
18.11
|
19.2
|
17.0
|
24.1
|
-25%
|
|
|
|
|
|
|
|
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|
|
| Christchurch City |
367,700
|
$392,279
|
$20,800
|
18.86
|
19.1
|
19.4
|
22.7
|
-17%
|
|
|
|
|
|
|
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| Timaru District |
44,700
|
$260,000
|
$14,560
|
17.86
|
19.0
|
17.8
|
22.1
|
-19%
|
|
|
|
|
|
|
|
|
|
|
| Dunedin City |
126,000
|
$260,000
|
$15,600
|
16.67
|
17.5
|
16.9
|
20.0
|
-17%
|
|
|
|
|
|
|
|
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| Queenstown-Lakes District |
28,700
|
$566,000
|
$20,540
|
27.56
|
23.9
|
32.8
|
35.2
|
-22%
|
|
|
|
|
|
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|
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| Invercargill City |
53,000
|
$194,250
|
$12,480
|
15.56
|
16.4
|
17.7
|
22.3
|
-30%
|
Median house price:
Median house prices are as reported by the Real Estate Institute of New Zealand. Although the REINZ series is more volatile than the QV equivalent, there is a highly positive correlation between the two series. The REINZ series is more current and offers an earlier indication of market trends.
Rent:
The median rent is as sourced from the Department of Housing and Building (DBH) and their Tenancy Bond database.
Disclaimer
IMPORTANT – PLEASE READ
No reader should rely on the contents of this report for making a specific investment or purchase decision. The information in this report is supplied strictly on the basis that only overall market trends are being reported on, and that all data, conclusions and opinions expressed are provisional and subject to revision. If you are making a specific investment or purchase decision, you are strongly advised to seek independent advice from a qualified professional you trust. The conditions and disclaimers set out at www.interest.co.nz/legaldisclaimer.asp are applicable to this report as well.
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Contact:
For sources, definitions, and methodology, please contact:
David Chaston, Publisher
www.interest.co.nz
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