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.

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.

Updated 17 Feb 2017
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Jan-17
Dec-16
Dec-15
Peak
% fall
 
Jan-17
Jan-17
Jan-17
 
       
 
 
 
 
 
 
 
 
 
NZ total 4,700,000
$490,000
$20,280
24.16
25.4
23.3
26.1
-7%
 
 
 
 
 
 
 
 
 
Whangarei District
80,500
$390,000
$20,540
18.99
21.0
17.8
23.0
-17%
 
 
 
 
 
 
 
 
 
Auckland metro
1,486,000
$805,000
$25,736
31.28
32.5
30.0
33.4
-6%
- North Shore  
$965,263
$29,120
33.15
34.7
33.1
35.1
-5%
- West  
$765,268
$24,960
30.66
30.2
28.8
32.4
-5%
- Auckland  
$857,290
$31,200
27.48
30.5
25.7
33.4
-18%
- South  
$806,464
$26,000
31.02
27.7
28.1
32.1
-4%
 
 
 
 
 
 
 
 
 
Hamilton
145,600
$495,000
$20,280
24.41
26.6
20.2
26.6
-8%
 
 
 
 
 
 
 
 
 
Tauranga
115,700
$540,000
$23,400
23.08
25.8
20.6
26.0
-11%
 
 
 
 
 
 
 
 
 
Rotorua
68,900
$326,500
$17,160
19.03
16.7
17.2
21.9
-13%
 
 
 
 
 
 
 
 
 
Gisborne
46,600
$272,000
$14,560
18.68
16.8
17.9
26.4
-29%
 
 
 
 
 
 
 
 
 
Napier
57,800
$400,000
$19,240
20.79
21.2
19.2
21.7
-4%
 
 
 
 
 
 
 
 
 
Hastings
75,500
$345,000
$17,680
19.51
19.0
18.1
21.5
-9%
 
 
 
 
 
 
 
 
 
New Plymouth
73,800
$391,500
$19,240
20.35
23.0
21.4
23.6
-14%
 
 
 
 
 
 
 
 
 
Wanganui
43,500
$201,000
$12,480
16.11
15.3
13.6
20.2
-20%
 
 
 
 
 
 
 
 
 
Palmerston North
82,100
$336,500
$17,680
19.03
19.6
17.0
24.2
-21%
 
 
 
 
 
 
 
 
 
Wellington metro
487,700
$460,000
$22,158
20.76
24.8
20.0
24.8
-16%
- Kapiti Coast District
48,900
$455,500
$21,320
21.36
21.7
20.3
25.1
-15%
- Porirua City
52,700
$460,000
$19,760
23.28
24.9
20.3
28.2
-17%
- Upper Hutt City
41,500
$456,500
$22,880
19.95
22.6
18.5
22.8
-13%
- Lower Hutt City
103,000
$430,000
$19,760
21.76
28.0
17.9
28.0
-22%
- Wellington City
200,100
$632,040
$28,600
22.10
21.7
20.5
24.6
-10%
 
 
 
 
 
 
 
 
 
Nelson
46,200
$470,000
$20,384
23.06
22.3
19.4
29.1
-21%
 
 
 
 
 
 
 
 
 
Christchurch
367,700
$454,520
$21,580
21.06
23.0
20.0
23.2
-9%
 
 
 
 
 
 
 
 
 
Timaru
44,700
$348,000
$16,640
20.91
18.7
18.3
22.1
-5%
 
 
 
 
 
 
 
 
 
Dunedin
126,000
$325,500
$18,200
17.88
17.2
17.5
20.0
-11%
 
 
 
 
 
 
 
 
 
Queenstown-Lakes
28,700
$780,000
$26,000
30.00
31.9
33.0
35.5
-16%
 
 
 
 
 
 
 
 
 
Invercargill
53,000
$220,000
$13,520
16.27
18.1
14.8
22.3
-27%
                 

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:

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www.interest.co.nz
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Auckland, New Zealand

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