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.

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.

Updated 18 July 17
Median
Median
----------------Median multiple----------------
(see Notes below)
Population
House price
H'hold Income
 
       
 
Jun-17
 
 
Jun-17
May 17
Apr 17
Jun 16
Jun 15
 
 
 
 
 
 
 
 
 
NZ total 4,760,000
529,000
$87,073
6.08
6.16
6.23
5.86
5.44
 
 
 
 
 
 
 
 
 
Whangarei
80,500
407,000
$84,276
4.83
5.35
5.12
4.55
4.02
 
 
 
 
 
 
 
 
 
Auckland metro
1,486,000
850,500
$90,787
9.37
9.46
9.41
9.34
8.93
- North Shore
225,800
952,000
$96,241
9.89
10.59
10.07
11.35
10.23
- West
204,500
775,000
$89,127
8.70
8.48
8.50
9.02
8.27
- Auckland Central
444,100
1,002,500
$93,869
10.68
10.41
10.27
9.25
9.65
- South
368,500
840,000
$84,621
9.93
9.61
9.29
8.59
8.15
 
 
 
 
 
 
 
 
 
Hamilton
145,600
519,000
$83,071
6.25
6.27
6.44
5.96
4.67
 
 
 
 
 
 
 
 
 
Tauranga
115,700
660,000
$81,135
8.13
7.84
7.82
8.04
5.83
 
 
 
 
 
 
 
 
 
Rotorua
68,900
355,000
$82,829
4.29
4.23
4.12
3.51
3.49
 
 
 
 
 
 
 
 
 
Gisborne
46,600
260,000
$74,844
3.47
3.96
3.88
3.33
2.92
 
 
 
 
 
 
 
 
 
Hastings
75,500
412,000
$77,100
5.34
5.20
5.14
4.50
4.31
 
 
 
 
 
 
 
 
 
Napier
57,600
360,000
$76,862
4.68
4.95
5.20
4.25
4.16
 
 
 
 
 
 
 
 
 
New Plymouth
73,800
392,000
$80,420
4.87
4.81
4.89
4.58
4.31
 
 
 
 
 
 
 
 
 
Wanganui
43,500
200,000
$76,654
2.61
2.48
2.82
2.33
2.26
 
 
 
 
 
 
 
 
 
Palmerston North
82,100
355,000
$85,359
4.16
4.17
4.06
3.79
3.57
 
 
 
 
 
 
 
 
 
Wellington metro
487,700
530,000
$94,798
5.59
5.55
5.72
4.90
4.40
- Kapiti Coast District
48,900
510,000
$82,948
6.15
5.98
5.83
5.33
4.24
- Porirua City
52,700
580,000
$90,769
6.39
5.74
6.30
5.74
4.77
- Upper Hutt City
41,500
$435,000
$92,191
4.72
4.62
5.18
4.49
3.90
- Lower Hutt City
103,000
475,000
$93,139
5.10
4.95
5.25
4.62
4.07
- Masterton
40,800
290,000
$67,564
4.29
4.88
4.44
4.14
3.32
- Wellington City
200,100
650,000
$105,463
6.16
6.32
6.56
5.81
5.06
 
 
 
 
 
 
 
 
 
Nelson
46,200
490,000
$79,373
6.17
6.19
6.01
5.79
4.78
 
 
 
 
 
 
 
 
 
Christchurch
367,700
450,000
$86,870
5.18
5.14
5.30
5.17
5.21
 
 
 
 
 
 
 
 
 
Timaru
44,700
305,000
$81,160
3.76
4.10
4.21
3.86
3.98
 
 
 
 
 
 
 
 
 
Dunedin
126,000
360,000
$74,182
4.85
4.80
4.67
4.41
4.06
 
 
 
 
 
 
 
 
 
Queenstown-Lakes
28,700
860,000
$72,211
11.91
12.23
13.10
12.32
9.40
 
 
 
 
 
 
 
 
 
Invercargill
53,000
230,000
$77,311
2.97
3.14
2.86
2.67
2.74
                 

 

Disclaimer

IMPORTANT – PLEASE READ

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Contact:

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