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.

Rent: The median rent is as sourced from the Department of Housing and Building (DBH) and their Tenancy Bond database.

Updated 18 Sep 2017
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Aug-17
Jul-17
Jun-16
Peak
% fall
 
Aug-17
Aug-17
Aug-17
 
       
 
 
 
 
 
 
 
 
 
NZ total 4,805,000
530,000
$20,540
25.80
24.9
24.8
26.3
-2%
 
 
 
 
 
 
 
 
 
Whangarei District
80,500
764,000
$20,800
36.73
37.1
44.0
44.6
-18%
 
 
 
 
 
 
 
 
 
Auckland metro
1,486,000
840,000
$25,797
32.56
32.1
32.8
34.4
-5%
- North Shore  
1,071,000
$30,264
35.39
33.7
36.5
38.6
-8%
- West  
764,000
$26,000
29.38
28.4
31.7
31.9
-8%
- Auckland  
950,000
$31,200
30.45
28.2
29.2
33.7
-10%
- South  
793,000
$26,780
29.61
30.3
31.8
33.1
-11%
 
 
 
 
 
 
 
 
 
Hamilton
145,600
540,000
$20,800
25.96
25.5
24.6
26.1
0%
 
 
 
 
 
 
 
 
 
Tauranga
115,700
635,000
$23,920
26.55
24.3
26.9
29.3
-9%
 
 
 
 
 
 
 
 
 
Rotorua
68,900
350,000
$18,720
18.70
19.6
19.2
21.7
-14%
 
 
 
 
 
 
 
 
 
Gisborne
46,600
235,000
$15,600
15.06
17.3
15.7
24.0
-37%
 
 
 
 
 
 
 
 
 
Napier
57,800
436,000
$20,800
20.96
22.1
20.4
22.1
-5%
 
 
 
 
 
 
 
 
 
Hastings
75,500
405,000
$17,160
23.60
22.1
20.6
23.6
0%
 
 
 
 
 
 
 
 
 
New Plymouth
73,800
416,000
$19,240
21.62
19.5
19.0
22.8
-5%
 
 
 
 
 
 
 
 
 
Wanganui
43,500
202,400
$14,560
13.90
16.5
14.7
20.8
-33%
 
 
 
 
 
 
 
 
 
Palmerston North
82,100
385,000
$18,200
21.15
20.4
18.9
23.5
-10%
 
 
 
 
 
 
 
 
 
Wellington metro
487,700
500,000
$22,590
22.13
21.5
22.4
25.0
-12%
- Kapiti Coast District
48,900
507,000
$20,540
24.68
22.0
21.3
24.7
0%
- Porirua City
52,700
525,000
$27,040
19.42
20.9
19.9
29.4
-34%
- Upper Hutt City
41,500
$446,650
$24,700
18.08
19.2
19.5
22.5
-20%
- Lower Hutt City
103,000
465,500
$25,740
18.08
18.5
20.4
27.9
-35%
- Wellington City
200,100
637,000
$29,380
21.68
21.3
21.8
24.6
-12%
 
 
 
 
 
 
 
 
 
Nelson
46,200
518,000
$21,840
23.72
22.5
22.3
24.9
-5%
 
 
 
 
 
 
 
 
 
Christchurch
367,700
440,000
$21,060
20.89
20.2
20.0
21.9
-5%
 
 
 
 
 
 
 
 
 
Timaru
44,700
332,750
$18,200
18.28
17.8
18.8
21.6
-15%
 
 
 
 
 
 
 
 
 
Dunedin
126,000
345,500
$18,720
18.46
20.3
18.0
20.3
-9%
 
 
 
 
 
 
 
 
 
Queenstown-Lakes
28,700
850,000
$26,000
32.69
34.4
31.0
36.3
-10%
 
 
 
 
 
 
 
 
 
Invercargill
53,000
260,000
$13,520
19.23
16.3
16.0
21.6
-11%
                 

 

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