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.

Updated 15 Nov 2016
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Oct-16
Sep-16
Oct-15
Peak
% fall
 
Oct-16
Oct-16
Oct-16
 
       
 
 
 
 
 
 
 
 
 
NZ total 4,700,000
$515,000
$19,760
26.06
24.9
25.9
26.1
0%
 
 
 
 
 
 
 
 
 
Whangarei District
80,500
$346,500
$18,200
19.04
19.2
17.2
23.0
-17%
 
 
 
 
 
 
 
 
 
Auckland metro
1,486,000
$825,000
$25,670
32.14
32.6
31.9
33.0
-3%
- North Shore  
$935,918
$29,640
31.58
34.3
33.0
34.9
-10%
- West  
$775,450
$24,960
31.07
31.6
29.8
32.4
-4%
- Auckland  
$988,435
$31,460
31.42
28.6
28.9
31.9
-2%
- South  
$689,947
$25,740
26.80
27.3
24.8
31.3
-14%
 
 
 
 
 
 
 
 
 
Hamilton
145,600
$510,750
$20,280
25.18
24.7
22.7
25.8
-2%
 
 
 
 
 
 
 
 
 
Tauranga
115,700
$553,000
$22,880
24.17
24.4
23.3
26.0
-7%
 
 
 
 
 
 
 
 
 
Rotorua
68,900
$300,000
$16,640
18.03
19.5
17.8
21.9
-18%
 
 
 
 
 
 
 
 
 
Gisborne
46,600
$235,000
$16,120
14.58
15.7
14.7
26.4
-45%
 
 
 
 
 
 
 
 
 
Napier
57,800
$332,500
$18,200
18.27
20.4
19.7
21.7
-16%
 
 
 
 
 
 
 
 
 
Hastings
75,500
$330,000
$17,420
18.94
19.2
15.9
21.5
-12%
 
 
 
 
 
 
 
 
 
New Plymouth
73,800
$398,000
$18,200
21.87
19.4
20.0
23.6
-7%
 
 
 
 
 
 
 
 
 
Wanganui
43,500
$178,350
$13,000
13.72
14.4
13.5
20.2
-32%
 
 
 
 
 
 
 
 
 
Palmerston North
82,100
$330,500
$17,160
19.26
18.9
19.4
24.2
-21%
 
 
 
 
 
 
 
 
 
Wellington metro
487,700
$480,000
$21,289
22.55
22.5
22.5
23.5
-4%
- Kapiti Coast District
48,900
$431,250
$20,280
21.26
21.3
19.1
25.1
-15%
- Porirua City
52,700
$495,000
$20,644
23.98
20.1
22.5
28.2
-15%
- Upper Hutt City
41,500
$433,750
$20,748
20.91
19.2
17.0
22.8
-8%
- Lower Hutt City
103,000
$418,500
$19,760
21.18
20.4
21.0
22.9
-7%
- Wellington City
200,100
$608,851
$27,040
22.52
22.2
22.9
24.6
-8%
 
 
 
 
 
 
 
 
 
Nelson
46,200
$450,000
$20,020
22.48
22.0
19.5
29.1
-23%
 
 
 
 
 
 
 
 
 
Christchurch
367,700
$483,541
$21,840
22.14
21.1
21.5
22.7
-3%
 
 
 
 
 
 
 
 
 
Timaru
44,700
$350,000
$16,380
21.37
20.3
18.0
22.1
-3%
 
 
 
 
 
 
 
 
 
Dunedin
126,000
$311,000
$18,044
17.24
18.0
17.5
20.0
-14%
 
 
 
 
 
 
 
 
 
Queenstown-Lakes
28,700
$837,500
$26,000
32.21
30.6
26.8
35.2
-9%
 
 
 
 
 
 
 
 
 
Invercargill
53,000
$205,000
$13,000
15.77
16.3
15.4
22.3
-29%
                 

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
JDJL Limited
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Auckland, New Zealand

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