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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 28 Aug 2014
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Jul-14
Jun-14
Jul-13
Peak
% fall
 
Jul-14
Jul-14
Jul-14
 
       
 
 
 
 
 
 
 
 
 
NZ total         4,508,000
$416,000
$18,200
22.86
22.8
21.2
23.5
-3%
 
 
 
 
 
 
 
 
 
Whangarei District
80,500
$266,500
$15,600
17.08
18.6
17.9
23.0
-26%
 
 
 
 
 
 
 
 
 
Auckland metro
1,486,000
$610,000
$23,906
25.52
24.0
23.0
27.8
-8%
- North Shore City  
$700,066
$25,220
27.76
27.1
26.7
28.6
-3%
- Waitakere City  
$549,017
$21,840
25.14
24.6
22.4
25.7
-2%
- Auckland City  
$706,187
$28,080
25.15
24.9
20.6
27.5
-9%
- Manukau City  
$548,415
$22,360
24.53
24.2
22.0
26.9
-9%
 
 
 
 
 
 
 
 
 
Hamilton City
145,600
$350,000
$17,680
19.80
19.5
19.5
23.6
-16%
 
 
 
 
 
 
 
 
 
Tauranga City
115,700
$360,000
$18,200
19.78
21.6
17.3
26.0
-24%
 
 
 
 
 
 
 
 
 
Rotorua District
68,900
$250,000
$14,040
17.81
16.4
18.1
21.9
-19%
 
 
 
 
 
 
 
 
 
Gisborne District
46,600
$250,000
$14,040
17.81
15.5
14.0
26.4
-32%
 
 
 
 
 
 
 
 
 
Napier City
57,800
$313,000
$16,640
18.81
18.8
17.7
21.7
-13%
 
 
 
 
 
 
 
 
 
Hastings District
75,500
$263,000
$15,600
16.86
16.7
16.0
21.5
-22%
 
 
 
 
 
 
 
 
 
New Plymouth District
73,800
$332,500
$17,420
19.09
19.0
18.7
23.6
-19%
 
 
 
 
 
 
 
 
 
Wanganui District
43,500
$147,500
$10,400
14.18
13.1
18.1
20.2
-30%
 
 
 
 
 
 
 
 
 
Palmerston North City
82,100
$282,000
$15,600
18.08
17.9
18.3
24.2
-25%
 
 
 
 
 
 
 
 
 
Wellington metro
487,700
$380,000
$19,990
19.01
19.1
19.2
23.5
-19%
- Kapiti Coast District
48,900
$345,000
$17,680
19.51
19.2
20.5
25.1
-22%
- Porirua City
52,700
$411,685
$17,784
23.15
19.8
22.5
28.2
-18%
- Upper Hutt City
41,500
$324,250
$18,720
17.32
16.3
17.6
22.8
-24%
- Lower Hutt City
103,000
$315,750
$19,760
15.98
19.8
16.1
22.9
-30%
- Wellington City
200,100
$471,534
$24,440
19.29
19.8
19.9
24.6
-22%
 
 
 
 
 
 
 
 
 
Nelson City
46,200
$360,275
$18,200
19.80
20.0
19.0
24.1
-18%
 
 
 
 
 
 
 
 
 
Christchurch City
367,700
$424,170
$21,580
19.66
19.1
18.0
22.7
-14%
 
 
 
 
 
 
 
 
 
Timaru District
44,700
$297,500
$14,144
21.03
19.5
19.0
22.1
-5%
 
 
 
 
 
 
 
 
 
Dunedin City
126,000
$269,500
$15,600
17.28
16.7
17.9
20.0
-14%
 
 
 
 
 
 
 
 
 
Queenstown-Lakes District
28,700
$595,000
$21,840
27.24
27.6
24.0
35.2
-23%
 
 
 
 
 
 
 
 
 
Invercargill City
53,000
$197,000
$12,480
15.79
13.7
14.4
22.3
-29%
                 

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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