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 Nov 2017
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Oct-17
Sep-17
Aug-16
Peak
% fall
 
Oct-17
Oct-17
Oct-17
 
       
 
 
 
 
 
 
 
 
 
NZ total 4,805,000
525,000
$19,760
26.82
25.2
24.5
26.8
0%
 
 
 
 
 
 
 
 
 
Whangarei District
80,500
775,000
$20,540
37.97
39.1
42.2
44.6
-15%
 
 
 
 
 
 
 
 
 
Auckland metro
1,486,000
845,000
$24,820
34.25
32.5
33.8
34.4
0%
- North Shore  
1,051,000
$29,744
35.97
35.3
33.8
38.6
-7%
- West  
775,000
$25,740
30.30
30.1
32.1
32.1
-6%
- Auckland  
930,000
$33,644
25.26
29.0
33.0
33.0
-23%
- South  
835,000
$27,040
31.99
32.1
32.7
33.1
-3%
 
 
 
 
 
 
 
 
 
Hamilton
145,600
541,000
$20,280
26.38
25.3
25.8
26.4
0%
 
 
 
 
 
 
 
 
 
Tauranga
115,700
625,000
$23,920
24.46
26.1
26.0
29.3
-16%
 
 
 
 
 
 
 
 
 
Rotorua
68,900
335,000
$18,200
19.45
18.9
21.6
21.7
-10%
 
 
 
 
 
 
 
 
 
Gisborne
46,600
270,000
$14,040
22.08
16.2
16.6
24.0
-8%
 
 
 
 
 
 
 
 
 
Napier
57,800
430,000
$20,540
20.69
20.9
20.0
22.1
-6%
 
 
 
 
 
 
 
 
 
Hastings
75,500
375,000
$18,200
22.09
20.6
16.1
23.3
-5%
 
 
 
 
 
 
 
 
 
New Plymouth
73,800
395,000
$18,460
22.75
22.0
19.3
22.8
0%
 
 
 
 
 
 
 
 
 
Wanganui
43,500
199,500
$14,300
15.03
18.3
12.7
20.8
-28%
 
 
 
 
 
 
 
 
 
Palmerston North
82,100
336,000
$18,460
20.04
18.1
19.8
23.5
-15%
 
 
 
 
 
 
 
 
 
Wellington metro
487,700
531,000
$22,039
23.14
23.4
22.2
25.0
-7%
- Kapiti Coast District
48,900
552,000
$23,400
20.81
26.7
22.7
26.7
-22%
- Porirua City
52,700
555,000
$22,984
20.67
24.0
21.0
29.4
-30%
- Upper Hutt City
41,500
$449,150
$23,660
19.09
19.2
19.2
22.5
-15%
- Lower Hutt City
103,000
485,000
$22,880
19.89
20.3
18.6
27.9
-29%
- Wellington City
200,100
692,500
$30,680
20.40
23.3
23.1
24.6
-17%
 
 
 
 
 
 
 
 
 
Nelson
46,200
481,000
$21,840
20.49
20.6
24.9
24.9
-18%
 
 
 
 
 
 
 
 
 
Christchurch
367,700
435,000
$21,840
20.83
20.8
20.4
21.9
-5%
 
 
 
 
 
 
 
 
 
Timaru
44,700
335,000
$18,200
19.09
19.8
18.1
21.6
-12%
 
 
 
 
 
 
 
 
 
Dunedin
126,000
370,000
$18,200
20.88
19.5
18.7
20.9
0%
 
 
 
 
 
 
 
 
 
Queenstown-Lakes
28,700
920,000
$26,000
36.54
35.4
32.7
36.5
0%
 
 
 
 
 
 
 
 
 
Invercargill
53,000
220,000
$13,520
16.94
16.1
18.3
21.6
-22%
                 

 

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