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 16 Sep 2016
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Aug-16
Jul-16
Aug-15
Peak
% fall
 
Aug-16
Aug-16
Aug-16
 
       
 
 
 
 
 
 
 
 
 
NZ total 4,700,000
$492,000
$19,760
24.90
24.3
24.8
25.9
-4%
 
 
 
 
 
 
 
 
 
Whangarei District
80,500
$350,000
$18,200
19.23
19.8
19.3
23.0
-16%
 
 
 
 
 
 
 
 
 
Auckland metro
1,486,000
$842,500
$24,600
34.25
30.6
29.2
34.2
0%
- North Shore  
$979,909
$29,640
33.06
33.8
32.6
36.2
-9%
- West  
$796,446
$24,960
31.91
32.1
31.0
32.4
-1%
- Auckland  
$900,273
$30,680
29.34
29.8
26.7
31.9
-8%
- South  
$707,066
$22,360
31.62
35.6
31.1
35.6
-11%
 
 
 
 
 
 
 
 
 
Hamilton
145,600
$493,750
$19,760
24.99
25.8
22.2
25.8
-3%
 
 
 
 
 
 
 
 
 
Tauranga
115,700
$544,500
$22,360
24.35
23.8
23.8
26.0
-6%
.
 
 
 
 
 
 
 
 
Rotorua
68,900
$325,000
$16,120
20.16
18.9
17.0
21.9
-8%
 
 
 
 
 
 
 
 
 
Gisborne
46,600
$260,500
$14,820
17.58
17.1
15.5
26.4
-33%
 
 
 
 
 
 
 
 
 
Napier
57,800
$371,500
$18,200
20.41
19.6
17.9
21.7
-6%
 
 
 
 
 
 
 
 
 
Hastings
75,500
$330,200
$17,160
19.24
17.0
16.5
21.5
-10%
 
 
 
 
 
 
 
 
 
New Plymouth
73,800
$362,500
$18,980
19.10
20.3
19.2
23.6
-19%
 
 
 
 
 
 
 
 
 
Wanganui
43,500
$180,000
$12,480
14.42
14.2
12.7
20.2
-28%
 
 
 
 
 
 
 
 
 
Palmerston North
82,100
$325,000
$16,380
19.84
19.3
17.7
24.2
-18%
 
 
 
 
 
 
 
 
 
Wellington metro
487,700
$461,000
$19,943
23.12
19.3
20.3
23.5
-2%
- Kapiti Coast District
48,900
$42,500
$19,760
2.15
20.4
19.7
25.1
-91%
- Porirua City
52,700
$438,500
$19,604
22.37
24.7
21.9
28.2
-21%
- Upper Hutt City
41,500
$400,250
$21,320
18.77
20.9
19.1
22.8
-18%
- Lower Hutt City
103,000
$425,000
$19,500
21.79
21.5
17.0
22.9
-5%
- Wellington City
200,100
$612,681
$26,000
23.56
21.6
20.8
24.6
-4%
 
 
 
 
 
 
 
 
 
Nelson
46,200
$455,000
$18,720
24.31
20.3
22.4
29.1
-17%
 
 
 
 
 
 
 
 
 
Christchurch
367,700
$461,720
$22,360
20.65
20.8
20.1
22.7
-9%
 
 
 
 
 
 
 
 
 
Timaru
44,700
$332,500
$17,160
19.38
18.9
17.8
22.1
-12%
 
 
 
 
 
 
 
 
 
Dunedin
126,000
$325,000
$15,600
20.83
21.2
19.2
21.2
-2%
 
 
 
 
 
 
 
 
 
Queenstown-Lakes
28,700
$796,000
$26,000
30.62
35.0
22.2
35.2
-13%
 
 
 
 
 
 
 
 
 
Invercargill
53,000
$209,000
$12,480
16.75
16.6
15.2
22.3
-25%
                 

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:

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www.interest.co.nz
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Auckland, New Zealand

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