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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 19 Jan 2015
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Dec-14
Nov-14
Dec-13
Peak
% fall
 
Dec-14
Dec-14
Dec-14
 
       
 
 
 
 
 
 
 
 
 
NZ total         4,560,000
$450,000
$16,640
27.04
25.0
23.5
27.0
0%
 
 
 
 
 
 
 
 
 
Whangarei District
80,500
$277,500
$15,080
18.40
15.6
17.9
23.0
-20%
 
 
 
 
 
 
 
 
 
Auckland metro
1,486,000
$678,000
$21,235
31.93
27.6
26.0
31.9
0%
- North Shore City  
$774,387
$28,600
27.08
28.6
27.3
28.6
-5%
- Waitakere City  
$603,155
$22,880
26.36
26.1
24.3
26.6
-1%
- Auckland City  
$816,222
$29,900
27.30
28.1
25.2
28.1
-3%
- Manukau City  
$608,595
$22,360
27.22
26.4
22.6
27.2
0%
 
 
 
 
 
 
 
 
 
Hamilton City
145,600
$380,000
$18,200
20.88
20.9
22.4
23.6
-12%
 
 
 
 
 
 
 
 
 
Tauranga City
115,700
$406,000
$19,084
21.27
20.2
22.1
26.0
-18%
 
 
 
 
 
 
 
 
 
Rotorua District
68,900
$255,000
$14,560
17.51
18.4
17.8
21.9
-20%
 
 
 
 
 
 
 
 
 
Gisborne District
46,600
$255,000
$14,560
17.51
18.2
18.8
26.4
-34%
 
 
 
 
 
 
 
 
 
Napier City
57,800
$300,000
$16,640
18.03
18.0
17.8
21.7
-17%
 
 
 
 
 
 
 
 
 
Hastings District
75,500
$275,000
$15,600
17.63
19.4
19.1
21.5
-18%
 
 
 
 
 
 
 
 
 
New Plymouth District
73,800
$389,500
$18,980
20.52
19.1
22.0
23.6
-13%
 
 
 
 
 
 
 
 
 
Wanganui District
43,500
$136,750
$10,920
12.52
14.4
16.0
20.2
-38%
 
 
 
 
 
 
 
 
 
Palmerston North City
82,100
$290,000
$15,340
18.90
17.7
18.1
24.2
-22%
 
 
 
 
 
 
 
 
 
Wellington metro
487,700
$415,000
$17,569
23.62
22.2
20.0
23.6
0%
- Kapiti Coast District
48,900
$365,750
$18,720
19.54
19.4
19.1
25.1
-22%
- Porirua City
52,700
$412,500
$17,940
22.99
23.4
20.8
28.2
-19%
- Upper Hutt City
41,500
$360,000
$18,980
18.97
18.1
18.0
22.8
-17%
- Lower Hutt City
103,000
$371,500
$19,604
18.95
18.4
21.6
22.9
-17%
- Wellington City
200,100
$520,884
$24,960
20.87
21.6
19.4
24.6
-15%
 
 
 
 
 
 
 
 
 
Nelson City
46,200
$350,000
$18,720
18.70
19.6
19.4
24.1
-22%
 
 
 
 
 
 
 
 
 
Christchurch City
367,700
$438,075
$23,400
18.72
20.0
19.3
22.7
-18%
 
 
 
 
 
 
 
 
 
Timaru District
44,700
$280,000
$16,120
17.37
19.0
18.8
22.1
-21%
 
 
 
 
 
 
 
 
 
Dunedin City
126,000
$265,000
$15,600
16.99
17.3
18.9
20.0
-15%
 
 
 
 
 
 
 
 
 
Queenstown-Lakes District
28,700
$490,000
$23,920
20.48
27.1
22.8
35.2
-42%
 
 
 
 
 
 
 
 
 
Invercargill City
53,000
$186,000
$12,480
14.90
16.4
16.6
22.3
-33%
                 

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

Phone: +64 (0)9 360-9670
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