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 21 Aug 2015
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Jul-15
Jun-15
May-14
Peak
% fall
 
Jul-15
Jul-15
Jul-15
 
       
 
 
 
 
 
 
 
 
 
NZ total         4,590,000
$465,000
$18,720
24.84
24.0
22.9
25.4
-2%
 
 
 
 
 
 
 
 
 
Whangarei District
80,500
$280,000
$17,004
16.47
16.8
17.1
23.0
-28%
 
 
 
 
 
 
 
 
 
Auckland metro
1,486,000
$735,000
$23,449
31.34
32.8
25.5
32.8
-4%
- North Shore  
$928,951
$28,080
33.08
31.0
27.8
33.1
0%
- West  
$706,788
$23,400
30.20
32.4
25.1
32.4
-7%
- Auckland  
$788,978
$29,120
27.09
29.9
25.1
31.1
-13%
- South  
$690,650
$22,360
30.89
30.3
24.5
30.9
0%
 
 
 
 
 
 
 
 
 
Hamilton
145,600
$389,900
$18,720
20.83
19.9
19.8
23.6
-12%
 
 
 
 
 
 
 
 
 
Tauranga
115,700
$437,000
$19,864
22.00
21.0
19.8
26.0
-15%
 
 
 
 
 
 
 
 
 
Rotorua
68,900
$250,000
$14,820
16.87
18.6
17.8
21.9
-23%
 
 
 
 
 
 
 
 
 
Gisborne
46,600
$235,000
$15,080
15.58
13.5
17.8
26.4
-41%
 
 
 
 
 
 
 
 
 
Napier
57,800
$332,500
$16,900
19.67
18.6
18.8
21.7
-9%
 
 
 
 
 
 
 
 
 
Hastings
75,500
$250,000
$15,600
16.03
18.5
16.9
21.5
-25%
 
 
 
 
 
 
 
 
 
New Plymouth
73,800
$377,500
$18,720
20.17
18.7
19.1
23.6
-15%
 
 
 
 
 
 
 
 
 
Wanganui
43,500
$149,500
$11,960
12.50
13.0
14.2
20.2
-38%
 
 
 
 
 
 
 
 
 
Palmerston North
82,100
$304,000
$16,640
18.27
18.6
18.1
24.2
-25%
 
 
 
 
 
 
 
 
 
Wellington metro
487,700
$395,750
$19,183
20.63
20.9
19.0
23.5
-12%
- Kapiti Coast District
48,900
$348,000
$18,720
18.59
17.9
19.5
25.1
-26%
- Porirua City
52,700
$421,000
$19,760
21.31
21.0
23.1
28.2
-24%
- Upper Hutt City
41,500
$374,000
$20,020
18.68
17.2
17.3
22.8
-18%
- Lower Hutt City
103,000
$379,168
$20,280
18.70
18.8
16.0
22.9
-18%
- Wellington City
200,100
$480,347
$25,844
18.59
19.4
19.3
24.6
-24%
 
 
 
 
 
 
 
 
 
Nelson
46,200
$392,000
$19,760
19.84
18.5
19.8
24.1
-18%
 
 
 
 
 
 
 
 
 
Christchurch
367,700
$447,347
$22,360
20.01
19.3
19.7
22.7
-12%
 
 
 
 
 
 
 
 
 
Timaru
44,700
$328,000
$16,120
20.35
20.1
21.0
22.1
-8%
 
 
 
 
 
 
 
 
 
Dunedin
126,000
$285,000
$15,600
18.27
18.3
17.3
20.0
-9%
 
 
 
 
 
 
 
 
 
Queenstown-Lakes
28,700
$655,000
$26,000
25.19
26.1
27.2
35.2
-29%
 
 
 
 
 
 
 
 
 
Invercargill
53,000
$200,000
$12,480
16.03
16.3
15.8
22.3
-28%
                 

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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