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 Jul 2015
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Jun-15
Jun-15
Apr-14
Peak
% fall
 
Jun-15
Jun-15
Jun-15
 
       
 
 
 
 
 
 
 
 
 
NZ total         4,590,000
$450,000
$18,720
24.04
23.3
22.8
25.4
-5%
 
 
             
Whangarei District
80,500
$279,500
$16,640
16.80
17.4
18.6
23.0
-27%
 
 
 
 
 
 
 
 
 
Auckland metro
1,486,000
$755,000
$23,022
32.80
30.8
24.0
32.8
0%
- North Shore  
$887,284
$28,600
31.02
31.7
27.1
31.8
-2%
- West  
$757,870
$23,400
32.39
29.4
24.6
32.4
0%
- Auckland  
$902,650
$30,160
29.93
31.1
24.9
31.1
-4%
- South  
$678,536
$22,360
30.35
29.5
24.2
30.3
0%
 
 
 
 
 
 
 
 
 
Hamilton
145,600
$372,000
$18,720
19.87
20.3
19.5
23.6
-16%
 
 
 
 
 
 
 
 
 
Tauranga
115,700
$415,000
$19,760
21.00
20.9
21.6
26.0
-19%
 
 
 
 
 
 
 
 
 
Rotorua
68,900
$276,000
$14,820
18.62
15.9
16.4
21.9
-15%
 
 
 
 
 
 
 
 
 
Gisborne
46,600
$196,000
$14,560
13.46
14.7
15.5
26.4
-49%
 
 
 
 
 
 
 
 
 
Napier
57,800
$319,000
$17,160
18.59
17.0
18.8
21.7
-14%
 
 
 
 
 
 
 
 
 
Hastings
75,500
$296,000
$15,964
18.54
18.9
16.7
21.5
-14%
 
 
 
 
 
 
 
 
 
New Plymouth
73,800
$350,000
$18,720
18.70
19.5
19.0
23.6
-21%
 
 
 
 
 
 
 
 
 
Wanganui
43,500
$162,500
$12,480
13.02
11.6
13.1
20.2
-35%
 
 
 
 
 
 
 
 
 
Palmerston North
82,100
$290,000
$15,600
18.59
18.0
17.9
24.2
-23%
 
 
 
 
 
 
 
 
 
Wellington metro
487,700
$390,000
$18,620
20.94
20.1
19.1
23.5
-11%
- Kapiti Coast District
48,900
$333,000
$18,564
17.94
20.3
19.2
25.1
-28%
- Porirua City
52,700
$425,000
$20,280
20.96
23.4
19.8
28.2
-26%
- Upper Hutt City
41,500
$335,000
$19,500
17.18
16.7
16.3
22.8
-25%
- Lower Hutt City
103,000
$356,750
$18,980
18.80
17.6
19.8
22.9
-18%
- Wellington City
200,100
$493,556
$25,480
19.37
20.0
19.8
24.6
-21%
 
 
 
 
 
 
 
 
 
Nelson
46,200
$360,000
$19,500
18.46
20.0
20.0
24.1
-23%
 
 
 
 
 
 
 
 
 
Christchurch
367,700
$450,742
$23,400
19.26
19.6
19.1
22.7
-15%
 
 
 
 
 
 
 
 
 
Timaru
44,700
$313,128
$15,600
20.07
18.9
19.5
22.1
-9%
 
 
 
 
 
 
 
 
 
Dunedin
126,000
$285,000
$15,600
18.27
18.2
16.7
20.0
-9%
 
 
 
 
 
 
 
 
 
Queenstown-Lakes
28,700
$678,500
$26,000
26.10
27.0
27.6
35.2
-26%
 
 
 
 
 
 
 
 
 
Invercargill
53,000
$204,000
$12,480
16.35
16.7
13.7
22.3
-27%
                 

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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