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 17 Aug 2016
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Jul-16
Jun-16
Jul-15
Peak
% fall
 
Jul-16
Jul-16
Jul-16
 
       
 
 
 
 
 
 
 
 
 
NZ total      4,700,000
$505,000
$20,800
24.28
24.0
24.8
25.9
-6%
 
 
 
 
 
 
 
 
 
Whangarei District
80,500
$360,500
$18,200
19.81
19.3
16.5
23.0
-14%
 
 
 
 
 
 
 
 
 
Auckland metro
1,486,000
$825,000
$26,943
30.62
31.1
30.3
33.0
-7%
- North Shore  
$985,357
$29,120
33.84
36.2
33.1
36.2
-7%
- West  
$817,006
$25,480
32.06
31.1
30.2
32.4
-1%
- Auckland  
$914,405
$30,680
29.80
31.2
27.1
31.9
-7%
- South  
$797,580
$22,360
35.67
34.9
30.9
35.7
0%
 
 
 
 
 
 
 
 
 
Hamilton
145,600
$510,000
$19,760
25.81
24.5
20.8
25.8
0%
 
 
 
 
 
 
 
 
 
Tauranga
115,700
$544,000
$22,880
23.78
25.5
22.0
26.0
-9%
 
 
 
 
 
 
 
 
 
Rotorua
68,900
$315,050
$16,640
18.93
16.9
16.9
21.9
-14%
 
 
 
 
 
 
 
 
 
Gisborne
46,600
$249,000
$14,560
17.10
17.1
15.6
26.4
-35%
 
 
 
 
 
 
 
 
 
Napier
57,800
$366,000
$18,720
19.55
18.7
19.7
21.7
-10%
 
 
 
 
 
 
 
 
 
Hastings
75,500
$310,000
$18,200
17.03
17.9
16.0
21.5
-21%
 
 
 
 
 
 
 
 
 
New Plymouth
73,800
$369,500
$18,200
20.30
21.1
20.2
23.6
-14%
 
 
 
 
 
 
 
 
 
Wanganui
43,500
$185,000
$13,000
14.23
13.9
12.5
20.2
-29%
 
 
 
 
 
 
 
 
 
Palmerston North
82,100
$331,750
$17,160
19.33
19.6
18.3
24.2
-20%
 
 
 
 
 
 
 
 
 
Wellington metro
487,700
$450,000
$23,313
19.30
19.6
20.0
23.5
-18%
- Kapiti Coast District
48,900
$425,000
$20,800
20.43
21.6
18.6
25.1
-18%
- Porirua City
52,700
$500,250
$20,280
24.67
26.4
21.3
28.2
-13%
- Upper Hutt City
41,500
$407,000
$19,500
20.87
19.2
18.7
22.8
-9%
- Lower Hutt City
103,000
$425,000
$19,760
21.51
21.6
18.7
22.9
-6%
- Wellington City
200,100
$579,884
$26,884
21.57
21.9
18.6
24.6
-12%
 
 
 
 
 
 
 
 
 
Nelson
46,200
$411,000
$20,280
20.27
23.3
19.8
29.1
-30%
 
 
 
 
 
 
 
 
 
Christchurch
367,700
$454,945
$21,840
20.83
20.5
20.0
27.1
-23%
 
 
 
 
 
 
 
 
 
Timaru
44,700
$323,500
$17,160
18.85
19.7
20.3
22.1
-15%
 
 
 
 
 
 
 
 
 
Dunedin
126,000
$330,000
$15,600
21.15
20.5
18.3
21.2
0%
 
 
 
 
 
 
 
 
 
Queenstown-Lakes
28,700
$910,000
$26,000
35.00
32.9
25.2
35.2
-1%
 
 
 
 
 
 
 
 
 
Invercargill
53,000
$207,500
$12,480
16.63
16.2
16.0
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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