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 15 Mar 2017
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Feb-17
Jan-17
Jan-16
Peak
% fall
 
Feb-17
Feb-17
Feb-17
 
       
 
 
 
 
 
 
 
 
 
NZ total  4,700,000
$495,000
$20,280
24.41
24.2
22.8
26.1
-6%
 
 
 
 
 
 
 
 
 
Whangarei District
80,500
$393,750
$18,980
20.75
19.0
18.8
23.0
-10%
 
 
 
 
 
 
 
 
 
Auckland metro
1,486,000
$800,000
$26,005
30.76
31.3
30.4
33.4
-8%
- North Shore  
$963,905
$30,160
31.96
33.1
31.7
35.1
-9%
- West  
$788,780
$25,740
30.64
30.7
27.7
32.4
-5%
- Auckland  
$884,839
$33,280
26.59
27.5
27.4
33.4
-20%
- South  
$773,838
$27,300
28.35
31.0
24.9
32.1
-12%
 
 
 
 
 
 
 
 
 
Hamilton
145,600
$500,000
$20,800
24.04
24.4
22.2
26.6
-10%
 
 
 
 
 
 
 
 
 
Tauranga
115,700
$532,500
$23,400
22.76
23.1
22.3
26.0
-13%
 
 
 
 
 
 
 
 
 
Rotorua
68,900
$317,500
$17,160
18.50
19.0
18.5
21.9
-16%
 
 
 
 
 
 
 
 
 
Gisborne
46,600
$320,000
$15,860
20.18
18.7
14.5
26.4
-23%
 
 
 
 
 
 
 
 
 
Napier
57,800
$399,500
$19,760
20.22
20.8
19.0
21.7
-7%
 
 
 
 
 
 
 
 
 
Hastings
75,500
$349,500
$17,940
19.48
19.5
19.4
21.5
-9%
 
 
 
 
 
 
 
 
 
New Plymouth
73,800
$420,000
$18,200
23.08
20.3
22.4
23.6
-2%
 
 
 
 
 
 
 
 
 
Wanganui
43,500
$169,000
$9,880
17.11
16.1
12.0
20.2
-15%
 
 
 
 
 
 
 
 
 
Palmerston North
82,100
$340,000
$17,784
19.12
19.0
17.7
24.2
-21%
 
 
 
 
 
 
 
 
 
Wellington metro
487,700
$520,750
$22,826
22.81
20.8
20.8
24.8
-8%
- Kapiti Coast District
48,900
$475,500
$20,020
23.75
21.4
19.1
25.1
-5%
- Porirua City
52,700
$540,500
$21,840
24.75
23.3
23.2
28.2
-12%
- Upper Hutt City
41,500
$422,000
$23,400
18.03
20.0
17.6
22.8
-21%
- Lower Hutt City
103,000
$497,000
$22,880
21.72
21.8
20.7
28.0
-22%
- Wellington City
200,100
$653,945
$30,160
21.68
22.1
20.9
24.6
-12%
 
 
 
 
 
 
 
 
 
Nelson
46,200
$449,000
$20,540
21.86
23.1
21.8
29.1
-25%
 
 
 
 
 
 
 
 
 
Christchurch
367,700
$483,168
$21,840
22.12
21.1
20.5
23.2
-5%
 
 
 
 
 
 
 
 
 
Timaru
44,700
$350,000
$17,420
20.09
20.9
18.7
22.1
-9%
 
 
 
 
 
 
 
 
 
Dunedin
126,000
$350,000
$18,200
19.23
17.9
17.4
20.0
-4%
 
 
 
 
 
 
 
 
 
Queenstown-Lakes
28,700
$850,000
$26,000
32.69
30.0
27.6
35.5
-8%
 
 
 
 
 
 
 
 
 
Invercargill
53,000
$219,000
$13,520
16.20
16.3
17.3
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
JDJL Limited
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Auckland, New Zealand

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