HOT TOPICS:   Home loan affordability  |  NZ$   | Migration                                          RESOURCES:    Economic calendar   |  Cashback incentives

The comment stream

Reader poll

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 16 Sep 2014
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Aug-14
Jul-14
Aug-13
Peak
% fall
 
Aug-14
Aug-14
Aug-14
 
       
 
 
 
 
 
 
 
 
 
NZ total         4,508,000
$420,000
$18,720
22.44
22.9
21.4
23.5
-5%
 
 
 
 
 
 
 
 
 
Whangarei District
80,500
$268,000
$16,120
16.63
17.1
18.0
23.0
-28%
 
 
 
 
 
 
 
 
 
Auckland metro
1,486,000
$614,050
$24,975
24.59
25.5
25.1
27.8
-12%
- North Shore City  
$733,363
$26,000
28.21
27.8
26.0
28.6
-1%
- Waitakere City  
$509,597
$22,360
22.79
25.1
24.2
25.7
-11%
- Auckland City  
$710,363
$29,120
24.39
25.1
23.1
27.5
-11%
- Manukau City  
$557,722
$22,360
24.94
24.5
22.3
26.9
-7%
 
 
 
 
 
 
 
 
 
Hamilton City
145,600
$346,500
$17,940
19.31
19.8
18.5
23.6
-18%
 
 
 
 
 
 
 
 
 
Tauranga City
115,700
$354,000
$18,512
19.12
19.8
19.7
26.0
-27%
 
 
 
 
 
 
 
 
 
Rotorua District
68,900
$248,000
$14,040
17.66
17.8
16.7
21.9
-19%
 
 
 
 
 
 
 
 
 
Gisborne District
46,600
$261,000
$14,560
17.93
17.8
14.4
26.4
-32%
 
 
 
 
 
 
 
 
 
Napier City
57,800
$331,133
$17,680
18.73
18.8
19.1
21.7
-14%
 
 
 
 
 
 
 
 
 
Hastings District
75,500
$262,500
$15,600
16.83
16.9
18.0
21.5
-22%
 
 
 
 
 
 
 
 
 
New Plymouth District
73,800
$370,000
$18,200
20.33
19.1
19.5
23.6
-14%
 
 
 
 
 
 
 
 
 
Wanganui District
43,500
$152,500
$11,960
12.75
14.2
14.6
20.2
-37%
 
 
 
 
 
 
 
 
 
Palmerston North City
82,100
$288,750
$15,340
18.82
18.1
18.6
24.2
-22%
 
 
 
 
 
 
 
 
 
Wellington metro
487,700
$397,500
$19,737
20.14
19.0
18.9
23.5
-14%
- Kapiti Coast District
48,900
$370,000
$18,044
20.51
19.5
18.3
25.1
-18%
- Porirua City
52,700
$415,000
$19,604
21.17
23.1
22.8
28.2
-25%
- Upper Hutt City
41,500
$348,000
$19,760
17.61
17.3
17.7
22.8
-23%
- Lower Hutt City
103,000
$330,000
$17,680
18.67
16.0
20.1
22.9
-18%
- Wellington City
200,100
$517,231
$24,960
20.72
19.3
20.2
24.6
-16%
 
 
 
 
 
 
 
 
 
Nelson City
46,200
$373,750
$18,720
19.97
19.8
21.6
24.1
-17%
 
 
 
 
 
 
 
 
 
Christchurch City
367,700
$429,245
$23,400
18.34
19.7
18.1
22.7
-19%
 
 
 
 
 
 
 
 
 
Timaru District
44,700
$295,000
$15,600
18.91
21.0
16.9
22.1
-14%
 
 
 
 
 
 
 
 
 
Dunedin City
126,000
$280,000
$15,600
17.95
17.3
16.1
20.0
-10%
 
 
 
 
 
 
 
 
 
Queenstown-Lakes District
28,700
$550,000
$24,700
22.27
27.2
20.2
35.2
-37%
 
 
 
 
 
 
 
 
 
Invercargill City
53,000
$212,000
$12,480
16.99
15.8
14.1
22.3
-24%
                 

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
Mobile: +64 (0)21 997 311
Fax:       +64 (0)9 360-9319