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The ratio between New Zealand house prices and rents | the Rent Ratio

Posted in Property

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.

 

Updated 26 March 2015
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Feb-15
Jan-15
Feb-14
Peak
% fall
 
Feb-15
Feb-15
Feb-15
 
       
 
 
 
 
 
 
 
 
 
NZ total         4,560,000
$430,000
$20,280
21.20
21.6
22.2
25.0
-15%
 
 
 
 
 
 
 
 
 
Whangarei District
80,500
$306,500
$16,640
18.42
16.8
18.1
23.0
-20%
 
 
 
 
 
 
 
 
 
Auckland metro
1,486,000
$675,000
$26,613
25.36
25.4
25.2
29.2
-13%
- North Shore  
$823,635
$27,040
30.46
29.4
27.4
30.5
0%
- West  
$626,627
$23,400
26.78
25.8
24.7
26.8
0%
- Auckland  
$787,004
$31,044
25.35
24.3
25.2
28.1
-10%
- South  
$625,304
$22,360
27.97
25.9
24.4
28.0
0%
 
 
 
 
 
 
 
 
 
Hamilton
145,600
$352,000
$18,200
19.34
19.5
21.2
23.6
-18%
 
 
 
 
 
 
 
 
 
Tauranga
115,700
$370,000
$19,760
18.72
20.1
19.9
26.0
-28%
 
 
 
 
 
 
 
 
 
Rotorua
68,900
$240,000
$14,820
16.19
17.5
20.5
21.9
-26%
 
 
 
 
 
 
 
 
 
Gisborne
46,600
$218,000
$14,560
14.97
16.5
15.7
26.4
-43%
 
 
 
 
 
 
 
 
 
Napier
57,800
$325,000
$16,900
19.23
19.7
20.1
21.7
-11%
 
 
 
 
 
 
 
 
 
Hastings
75,500
$281,000
$16,120
17.43
16.6
18.3
21.5
-19%
 
 
 
 
 
 
 
 
 
New Plymouth
73,800
$373,000
$18,460
20.21
21.0
18.9
23.6
-14%
 
 
 
 
 
 
 
 
 
Wanganui
43,500
$150,000
$11,440
13.11
13.7
15.9
20.2
-35%
 
 
 
 
 
 
 
 
 
Palmerston North
82,100
$292,250
$16,120
18.13
17.5
18.6
24.2
-25%
 
 
 
 
 
 
 
 
 
Wellington metro
487,700
$410,000
$22,741
18.03
18.7
19.7
23.5
-23%
- Kapiti Coast District
48,900
$365,750
$18,720
19.54
20.4
17.7
25.1
-22%
- Porirua City
52,700
$389,500
$19,864
19.61
22.0
21.2
28.2
-31%
- Upper Hutt City
41,500
$362,000
$18,980
19.07
18.6
17.7
22.8
-16%
- Lower Hutt City
103,000
$380,250
$18,980
20.03
20.3
18.5
22.9
-12%
- Wellington City
200,100
$509,089
$27,300
18.65
19.1
21.5
24.6
-24%
 
 
 
 
 
 
 
 
 
Nelson
46,200
$367,000
$19,240
19.07
18.8
18.4
24.1
-21%
 
 
 
 
 
 
 
 
 
Christchurch
367,700
$446,070
$23,400
19.06
18.5
18.5
22.7
-16%
 
 
 
 
 
 
 
 
 
Timaru
44,700
$295,000
$15,600
18.91
18.1
18.8
22.1
-14%
 
 
 
 
 
 
 
 
 
Dunedin
126,000
$281,500
$15,600
18.04
17.1
16.7
20.0
-10%
 
 
 
 
 
 
 
 
 
Queenstown-Lakes
28,700
$568,250
$24,960
22.77
22.8
28.2
35.2
-35%
 
 
 
 
 
 
 
 
 
Invercargill
53,000
$210,000
$12,480
16.83
16.7
16.5
22.3
-25%
                 

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.

This report is made available on these terms only, and neither JDJL Limited nor www.interest.co.nz will accept any responsibility for any actions taken on the basis of information in this report, nor for any error in or omission from this report.

Contact:

For sources, definitions, and methodology, please contact:

David Chaston, Publisher
www.interest.co.nz
JDJL Limited
206 Jervois Road, Herne Bay
PO Box 47-756, Ponsonby
Auckland, New Zealand

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