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.

Updated 18 Apr 2017
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Mar-17
Feb-17
Feb-16
Peak
% fall
 
Mar-17
Mar-17
Mar-17
 
       
 
 
 
 
 
 
 
 
 
NZ total 4,700,000
$546,000
$20,800
26.25
24.4
23.8
26.3
0%
 
 
 
 
 
 
 
 
 
Whangarei District
80,500
$362,500
$19,500
18.59
20.7
19.1
23.0
-19%
 
 
 
 
 
 
 
 
 
Auckland metro
1,486,000
$890,000
$26,300
33.84
30.8
31.1
33.8
0%
- North Shore  
$1,022,422
$30,160
33.90
32.0
32.9
35.1
-3%
- West  
$786,558
$25,740
30.56
30.6
30.0
32.4
-6%
- Auckland  
$1,082,974
$32,604
33.22
29.6
31.9
33.4
0%
- South  
$871,144
$27,040
32.22
28.3
29.2
32.2
0%
 
 
 
 
 
 
 
 
 
Hamilton
145,600
$540,750
$20,540
26.33
24.0
24.5
26.6
-1%
 
 
 
 
 
 
 
 
 
Tauranga
115,700
$589,650
$23,920
24.65
22.8
23.4
26.0
-5%
 
 
 
 
 
 
 
 
 
Rotorua
68,900
$353,000
$17,160
20.57
18.5
17.3
21.9
-6%
 
 
 
 
 
 
 
 
 
Gisborne
46,600
$280,000
$16,640
16.83
20.2
16.3
26.4
-36%
 
 
 
 
 
 
 
 
 
Napier
57,800
$420,000
$19,240
21.83
20.2
18.5
21.8
0%
 
 
 
 
 
 
 
 
 
Hastings
75,500
$395,375
$18,200
21.72
19.5
19.4
21.7
0%
 
 
 
 
 
 
 
 
 
New Plymouth
73,800
$430,000
$19,760
21.76
23.1
19.6
23.6
-8%
.
 
 
 
 
 
 
 
 
Wanganui
43,500
$194,750
$13,520
14.40
17.1
13.8
20.2
-29%
.
 
 
 
 
 
 
 
 
Palmerston North
82,100
$320,000
$17,160
18.65
19.1
17.1
24.2
-23%
 
 
 
 
 
 
 
 
 
Wellington metro
487,700
$525,000
$23,600
22.25
22.8
20.0
24.8
-10%
- Kapiti Coast District
48,900
$492,000
$20,280
24.26
23.8
19.9
25.1
-3%
- Porirua City
52,700
$560,000
$20,280
27.61
24.7
25.0
28.2
-2%
- Upper Hutt City
41,500
$436,250
$22,360
19.51
18.0
18.4
22.8
-15%
- Lower Hutt City
103,000
$460,000
$23,400
19.66
21.7
21.5
28.0
-30%
- Wellington City
200,100
$651,796
$29,640
21.99
21.7
19.7
24.6
-11%
 
 
 
 
 
 
 
 
 
Nelson
46,200
$483,250
$20,800
23.23
21.9
20.3
29.1
-20%
 
 
 
 
 
 
 
 
 
Christchurch
367,700
$486,320
$21,840
22.27
22.1
20.9
23.2
-4%
 
 
 
 
 
 
 
 
 
Timaru
44,700
$349,000
$16,900
20.65
20.1
17.3
22.1
-6%
 
 
 
 
 
 
 
 
 
Dunedin
126,000
$342,850
$17,680
19.39
19.2
17.8
20.0
-3%
 
 
 
 
 
 
 
 
 
Queenstown-Lakes
28,700
$897,500
$26,000
34.52
32.7
28.5
35.5
-3%
 
 
 
 
 
 
 
 
 
Invercargill
53,000
$230,000
$13,520
17.01
16.2
16.8
22.3
-24%
                 

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
Mobile: +64 (0)21 997 311
Fax:       +64 (0)9 360-9319