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 Oct 2017
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Sep-17
Aug-17
Jul-16
Peak
% fall
 
Sep-17
Sep-17
Sep-17
 
       
 
 
 
 
 
 
 
 
 
NZ total         4,805,000
525,000
$20,800
25.24
25.8
26.3
26.3
-4%
 
 
 
 
 
 
 
 
 
Whangarei District
80,500
775,000
$19,760
39.22
36.6
41.8
44.6
-12%
 
 
 
 
 
 
 
 
 
Auckland metro
1,486,000
845,000
$26,068
32.42
32.6
33.1
34.4
-6%
- North Shore  
1,051,000
$30,680
34.26
35.4
34.4
38.6
-11%
- West  
775,000
$26,000
29.81
29.3
30.4
31.9
-6%
- Auckland  
930,000
$31,460
29.56
30.4
30.1
33.7
-12%
- South  
835,000
$26,000
32.12
29.6
30.3
33.1
-3%
 
 
 
 
 
 
 
 
 
Hamilton
145,600
541,000
$20,800
26.01
26.0
25.1
26.1
0%
 
 
 
 
 
 
 
 
 
Tauranga
115,700
625,000
$23,400
26.71
26.2
27.5
29.3
-9%
 
 
 
 
 
 
 
 
 
Rotorua
68,900
335,000
$16,640
20.13
18.7
18.0
21.7
-7%
 
 
 
 
 
 
 
 
 
Gisborne
46,600
270,000
$16,640
16.23
15.1
14.6
24.0
-33%
 
 
 
 
 
 
 
 
 
Napier
57,800
430,000
$20,800
20.67
21.0
18.4
22.1
-6%
 
 
 
 
 
 
 
 
 
Hastings
75,500
375,000
$17,680
21.21
23.3
19.4
23.3
-9%
 
 
 
 
 
 
 
 
 
New Plymouth
73,800
395,000
$19,240
20.53
21.6
20.1
22.8
-10%
 
 
 
 
 
 
 
 
 
Wanganui
43,500
199,500
$14,820
13.46
14.1
13.7
20.8
-35%
 
 
 
 
 
 
 
 
 
Palmerston North
82,100
336,000
$17,940
18.73
21.2
19.2
23.5
-20%
 
 
 
 
 
 
 
 
 
Wellington metro
487,700
531,000
$22,633
23.46
22.1
22.5
25.0
-6%
- Kapiti Coast District
48,900
552,000
$20,800
26.54
24.7
21.3
26.5
0%
- Porirua City
52,700
555,000
$23,920
23.20
20.0
24.2
29.4
-21%
- Upper Hutt City
41,500
$449,150
$22,360
20.09
18.1
20.4
22.5
-11%
- Lower Hutt City
103,000
485,000
$21,320
22.75
18.1
21.1
27.9
-18%
- Wellington City
200,100
692,500
$30,940
22.38
21.7
23.0
24.6
-9%
 
 
 
 
 
 
 
 
 
Nelson
46,200
481,000
$20,540
23.42
23.8
22.5
24.9
-6%
 
 
 
 
 
 
 
 
 
Christchurch
367,700
435,000
$21,320
20.40
20.9
20.7
21.9
-7%
 
 
 
 
 
 
 
 
 
Timaru
44,700
335,000
$18,460
18.15
18.3
20.0
21.6
-16%
 
 
 
 
 
 
 
 
 
Dunedin
126,000
370,000
$18,200
20.33
18.7
17.7
20.3
0%
 
 
 
 
 
 
 
 
 
Queenstown-Lakes
28,700
920,000
$26,000
35.38
32.7
30.0
36.3
-2%
.
 
 
 
 
 
 
 
 
Invercargill
53,000
220,000
$13,000
16.92
19.2
16.0
21.6
-22%
                 

 

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