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 April 2015
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Mar-15
Feb-15
Mar-14
Peak
% fall
 
Mar-15
Mar-15
Mar-15
 
       
 
 
 
 
 
 
 
 
 
NZ total         4,560,000
$475,000
$18,720
25.37
21.2
23.5
25.4
0%
.
 
 
 
 
 
 
 
 
Whangarei District
80,500
$295,000
$16,640
17.73
18.4
19.4
23.0
-23%
 
 
 
 
 
 
 
 
 
Auckland metro
1,486,000
$720,000
$24,427
29.48
25.4
26.9
29.5
0%
- North Shore  
$853,004
$27,560
30.95
30.5
28.6
31.0
0%
- West  
$645,522
$23,400
27.59
26.8
24.9
27.6
0%
- Auckland  
$888,367
$30,160
29.46
25.4
26.0
29.5
0%
- South  
$536,038
$22,360
23.97
28.0
25.4
28.0
-14%
 
 
 
 
 
 
 
 
 
Hamilton
145,600
$350,000
$18,200
19.23
19.3
21.2
23.6
-19%
 
 
 
 
 
 
 
 
 
Tauranga
115,700
$432,000
$19,500
22.15
18.7
21.3
26.0
-15%
 
 
 
 
 
 
 
 
 
Rotorua
68,900
$262,550
$14,560
18.03
16.2
16.0
21.9
-18%
 
 
 
 
 
 
 
 
 
Gisborne
46,600
$225,000
$14,560
15.45
15.0
15.2
26.4
-41%
 
 
 
 
 
 
 
 
 
Napier
57,800
$291,500
$17,680
16.49
19.2
18.7
21.7
-24%
 
 
 
 
 
 
 
 
 
Hastings
75,500
$287,500
$16,640
17.28
17.4
18.6
21.5
-20%
 
 
 
 
 
 
 
 
 
New Plymouth
73,800
$360,000
$18,720
19.23
20.2
19.0
23.6
-19%
 
 
 
 
 
 
 
 
 
Wanganui
43,500
$150,500
$11,440
13.16
13.1
16.9
20.2
-35%
 
 
 
 
 
 
 
 
 
Palmerston North
82,100
$301,500
$16,484
18.29
18.1
20.0
24.2
-25%
 
 
 
 
 
 
 
 
 
Wellington metro
487,700
$421,000
$20,725
20.31
18.0
18.7
23.5
-14%
- Kapiti Coast District
48,900
$365,000
$18,304
19.94
19.5
21.0
25.1
-20%
- Porirua City
52,700
$439,000
$19,344
22.69
19.6
22.1
28.2
-20%
- Upper Hutt City
41,500
$334,000
$19,760
16.90
19.1
16.7
22.8
-26%
- Lower Hutt City
103,000
$370,000
$19,864
18.63
20.0
19.3
22.9
-19%
- Wellington City
200,100
$553,107
$26,520
20.86
18.6
19.2
24.6
-15%
 
 
 
 
 
 
 
 
 
Nelson
46,200
$383,000
$19,760
19.38
19.1
19.5
24.1
-20%
 
 
 
 
 
 
 
 
 
Christchurch
367,700
$459,798
$23,400
19.65
19.1
19.0
22.7
-14%
 
 
 
 
 
 
 
 
 
Timaru
44,700
$285,000
$16,484
17.29
18.9
18.9
22.1
-22%
 
 
 
 
 
 
 
 
 
Dunedin
126,000
$280,000
$15,600
17.95
18.0
17.9
20.0
-10%
 
 
 
 
 
 
 
 
 
Queenstown-Lakes
28,700
$640,000
$24,960
25.64
22.8
31.1
35.2
-27%
 
 
 
 
 
 
 
 
 
Invercargill
53,000
$186,000
$12,480
14.90
16.8
13.5
22.3
-33%
                 

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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