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 2018
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Sep-18
Aug-18
Sep-17
Peak
% fall
 
Sep-18
Sep-18
Sep-18
 
       
 
 
 
 
 
 
 
 
 
NZ total         4,910,000
556,000
$22,100
25.2
25.2
25.2
26.8
-6%
   
 
 
 
 
 
 
 
Whangarei District             89,700
755,000
$20,800
36.3
34.9
39.1
44.6
-19%
   
 
 
 
 
 
 
 
Auckland metro         1,486,000
850,000
$27,000
31.5
31.5
32.6
34.2
-8%
 - North Shore City            225,800
980,000
$30,160
32.5
29.6
35.3
38.6
-16%
 - Waitakeres City            204,500
755,000
$27,040
27.9
28.8
30.1
32.1
-13%
 - Auckland City            444,100
937,000
$32,240
29.1
27.7
28.5
33.0
-12%
 - Manukau City            368,500
875,000
$28,080
31.2
30.6
32.1
32.9
-5%
   
 
 
 
 
 
 
 
Hamilton City            165,400
549,000
$22,360
24.6
23.4
25.3
26.5
-7%
   
 
 
 
 
 
 
 
Tauranga City            131,500
632,000
$25,220
25.1
25.3
26.1
29.3
-14%
   
 
 
 
 
 
 
 
Rotorua District             71,700
420,000
$20,124
20.9
20.4
18.9
22.9
-9%
   
 
 
 
 
 
 
 
Gisborne District             48,500
342,500
$18,200
18.8
19.2
16.2
24.0
-22%
   
 
 
 
 
 
 
 
Hastings District             62,000
482,500
$22,360
21.6
23.8
20.9
25.0
-14%
   
 
 
 
 
 
 
 
Napier City             79,900
440,000
$19,760
22.3
19.2
20.6
23.3
-4%
   
 
 
 
 
 
 
 
New Plymouth District             80,700
410,000
$19,760
20.7
21.3
22.0
22.8
-9%
   
 
 
 
 
 
 
 
Whanganui District             44,500
227,000
$15,600
14.6
13.5
18.2
20.8
-30%
   
 
 
 
 
 
 
 
Palmerston North City             87,300
390,000
$19,240
20.3
19.3
18.1
23.5
-14%
   
 
 
 
 
 
 
 
Wellington metro            487,700
594,500
$24,575
24.2
25.2
23.8
25.2
-4%
 - Kapiti Coast District             52,700
505,000
$23,660
21.3
24.4
26.7
26.7
-20%
 - Porirua City             56,100
665,000
$24,440
27.2
27.8
24.0
29.4
-7%
 - Upper Hutt City             43,200
$479,150
$26,000
18.4
19.1
19.2
22.5
-18%
 - Lower Hutt City            104,700
560,000
$25,480
22.0
20.5
20.6
27.9
-21%
 - Wellington City            212,700
710,000
$30,940
22.9
23.9
23.7
24.6
-7%
   
 
 
 
 
 
 
 
Nelson City             51,400
592,000
$23,400
25.3
24.0
20.6
25.3
0%
   
 
 
 
 
 
 
 
Christchurch City            381,500
452,500
$21,840
20.7
20.1
20.8
21.9
-6%
   
 
 
 
 
 
 
 
Timaru District             47,100
335,000
$18,200
18.4
21.0
19.8
21.6
-15%
   
 
 
 
 
 
 
 
Dunedin City            128,800
409,000
$20,280
20.2
20.3
19.5
20.6
-2%
   
 
 
 
 
 
 
 
Queenstown-Lakes District             37,100
1,008,000
$26,000
38.8
35.8
35.4
40.5
-4%
   
 
 
 
 
 
 
 
Invercargill City             54,800
258,000
$14,560
17.7
16.0
16.1
21.6
-18%
                 

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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