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 22 Jan 2016
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Dec-15
Nov-15
Oct-14
Peak
% fall
 
Dec-15
Dec-15
Dec-15
 
       
 
 
 
 
 
 
 
 
 
NZ total         4,590,000
$465,000
$18,980
24.50
24.5
24.7
25.9
-5%
 
 
 
 
 
 
 
 
 
Whangarei District
80,500
$325,000
$17,420
18.66
18.4
18.4
23.0
-19%
 
 
 
 
 
 
 
 
 
Auckland metro
1,486,000
$770,000
$22,929
33.58
32.0
29.2
33.6
0%
- North Shore  
$890,204
$28,080
31.70
31.2
27.1
33.7
-6%
- West  
$704,768
$24,440
28.84
29.6
26.4
32.4
-11%
- Auckland  
$906,394
$29,900
30.31
29.7
27.3
31.1
-3%
- South  
$639,583
$22,360
28.60
27.4
27.2
31.6
-9%
 
 
 
 
 
 
 
 
 
Hamilton
145,600
$449,500
$18,824
23.88
22.4
20.9
23.9
0%
 
 
 
 
 
 
 
 
 
Tauranga
115,700
$470,000
$20,800
22.60
22.5
21.3
26.0
-13%
 
 
 
 
 
 
 
 
 
Rotorua
68,900
$250,000
$15,600
16.03
17.4
17.5
21.9
-27%
 
 
 
 
 
 
 
 
 
Gisborne
46,600
$238,500
$15,080
15.82
14.6
17.5
26.4
-40%
 
 
 
 
 
 
 
 
 
Napier
57,800
$345,000
$17,680
19.51
18.9
18.0
21.7
-10%
 
 
 
 
 
 
 
 
 
Hastings
75,500
$317,500
$16,640
19.08
17.3
17.6
21.5
-11%
 
 
 
 
 
 
 
 
 
New Plymouth
73,800
$404,750
$18,200
22.24
20.0
20.5
23.6
-6%
 
 
 
 
 
 
 
 
 
Wanganui
43,500
$192,000
$11,960
16.05
15.8
12.5
20.2
-20%
 
 
 
 
 
 
 
 
 
Palmerston North
82,100
$308,250
$17,576
17.54
17.4
18.9
24.2
-28%
 
 
 
 
 
 
 
 
 
Wellington metro
487,700
$436,000
$19,142
22.78
23.5
21.6
23.5
-3%
- Kapiti Coast District
48,900
$401,750
$20,020
20.07
22.1
19.5
25.1
-20%
- Porirua City
52,700
$426,000
$19,240
22.14
22.0
23.0
28.2
-22%
- Upper Hutt City
41,500
$360,000
$20,540
17.53
18.0
19.0
22.8
-23%
- Lower Hutt City
103,000
$393,000
$19,760
19.89
20.0
19.0
22.9
-13%
- Wellington City
200,100
$531,378
$26,000
20.44
21.5
20.9
24.6
-17%
 
 
 
 
 
 
 
 
 
Nelson
46,200
$385,000
$19,604
19.64
20.1
18.7
24.1
-19%
 
 
 
 
 
 
 
 
 
Christchurch
367,700
$463,501
$22,360
20.73
20.9
18.7
22.7
-9%
 
 
 
 
 
 
 
 
 
Timaru
44,700
$325,000
$16,120
20.16
18.5
17.4
22.1
-9%
 
 
 
 
 
 
 
 
 
Dunedin
126,000
$310,000
$15,600
19.87
19.6
17.0
20.0
-1%
 
 
 
 
 
 
 
 
 
Queenstown-Lakes
28,700
$752,500
$26,000
28.94
19.1
20.5
35.2
-18%
 
 
 
 
 
 
 
 
 
Invercargill
53,000
$205,000
$12,480
16.43
15.2
14.9
22.3
-26%
                 

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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