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 16 June 2017
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
May-17
Apr-17
Mar-16
Peak
% fall
 
May-17
May-17
May-17
 
       
 
 
 
 
 
 
 
 
 
NZ total 4,790,000
540,000
$20,800
25.96
26.0
25.3
26.3
-1%
 
 
 
 
 
 
 
 
 
Whangarei District
80,500
755,000
$19,760
38.21
38.2
42.0
44.6
-14%
 
 
 
 
 
 
 
 
 
Auckland metro
1,486,000
865,000
$26,558
32.57
32.6
31.9
34.4
-5%
- North Shore  
1,013,000
$30,940
32.74
31.5
34.6
38.6
-15%
- West  
755,000
$26,520
28.47
29.0
30.8
31.9
-11%
- Auckland  
952,000
$33,540
28.38
30.5
27.5
33.7
-16%
- South  
875,000
$27,040
32.36
31.7
30.4
33.1
-2%
 
 
 
 
 
 
 
 
 
Hamilton
145,600
526,000
$20,800
25.29
25.6
24.2
26.1
-3%
 
 
 
 
 
 
 
 
 
Tauranga
115,700
645,000
$23,920
26.96
27.0
26.9
29.3
-8%
 
 
 
 
 
 
 
 
 
Rotorua
68,900
350,000
$17,160
20.40
20.4
17.7
21.7
-6%
 
 
 
 
 
 
 
 
 
Gisborne
46,600
286,500
$15,600
18.37
17.4
14.5
24.0
-24%
 
 
 
 
 
 
 
 
 
Napier
57,800
395,000
$20,800
18.99
19.0
19.2
21.8
-13%
 
 
 
 
 
 
 
 
 
Hastings
75,500
375,000
$18,720
20.03
22.5
18.6
22.6
-11%
 
 
 
 
 
 
 
 
 
New Plymouth
73,800
395,000
$19,240
20.53
20.3
21.0
22.8
-10%
 
 
 
 
 
 
 
 
 
Wanganui
43,500
190,000
$13,520
14.05
14.5
13.0
20.8
-33%
 
 
 
 
 
 
 
 
 
Palmerston North
82,100
359,000
$17,680
20.31
19.2
18.0
23.5
-14%
.
 
 
 
 
 
 
 
 
Wellington metro
487,700
521,300
$22,305
23.37
23.9
21.9
25.0
-7%
- Kapiti Coast District
48,900
487,000
$20,280
24.01
23.2
22.0
24.7
-3%
- Porirua City
52,700
525,000
$21,944
23.92
23.8
24.4
29.4
-19%
- Upper Hutt City
41,500
$437,000
$23,400
18.68
21.3
19.3
22.5
-17%
- Lower Hutt City
103,000
469,900
$22,620
20.77
22.8
20.2
27.9
-26%
- Wellington City
200,100
655,000
$30,160
21.72
22.3
23.4
24.6
-12%
 
 
 
 
 
 
 
 
 
Nelson
46,200
482,500
$20,540
23.49
23.1
21.8
24.9
-6%
 
 
 
 
 
 
 
 
 
Christchurch
367,700
455,000
$20,800
21.88
21.5
20.8
21.9
0%
 
 
 
 
 
 
 
 
 
Timaru
44,700
325,000
$17,160
18.94
18.4
17.0
21.6
-12%
 
 
 
 
 
 
 
 
 
Dunedin
126,000
355,000
$18,200
19.51
19.0
17.0
20.0
-2%
 
 
 
 
 
 
 
 
 
Queenstown-Lakes
28,700
880,000
$26,000
33.85
36.3
30.8
36.3
-7%
 
 
 
 
 
 
 
 
 
Invercargill
53,000
237,000
$13,780
17.20
16.9
15.1
21.6
-21%
                 

 

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