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 20 Feb 2018
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Jan-18
Dec-17
Nov-16
Peak
% fall
 
Jan-18
Jan-18
Jan-18
 
       
.
 
 
 
 
 
 
 
 
NZ total         4,560,000
520,000
$19,760
26.32
25.5
23.9
26.8
-2%
   
 
 
 
 
 
 
 
Whangarei District             80,500
739,000
$20,800
35.53
37.5
37.0
44.6
-20%
   
 
 
 
 
 
 
 
Auckland metro         1,486,000
820,000
$24,483
33.49
31.8
32.3
34.4
-3%
- North Shore            225,800
1,060,000
$31,200
33.97
36.0
34.3
38.6
-12%
- West            204,500
739,000
$26,000
28.42
30.2
30.4
32.1
-11%
- Auckland            444,100
845,000
$32,240
26.21
27.9
27.1
33.0
-21%
- South            368,500
734,500
$27,040
27.16
30.5
31.5
33.1
-18%
   
 
 
 
 
 
 
 
Hamilton            145,600
500,000
$21,840
22.89
25.9
24.4
26.5
-14%
   
 
 
 
 
 
 
 
Tauranga            115,700
640,000
$23,920
26.76
26.4
25.5
29.3
-9%
   
 
 
 
 
 
 
 
Rotorua             68,900
365,000
$18,720
19.50
20.6
18.8
22.5
-13%
   
 
 
 
 
 
 
 
Gisborne             46,600
283,000
$17,160
16.49
17.7
18.7
24.0
-31%
   
 
 
 
 
 
 
 
Napier             57,600
495,000
$20,540
24.10
25.0
20.8
25.0
-4%
   
 
 
 
 
 
 
 
Hastings             75,500
423,250
$19,500
21.71
21.7
19.6
23.3
-7%
.  
 
 
 
 
 
 
 
New Plymouth             73,800
415,000
$18,720
22.17
21.3
20.7
22.8
-3%
   
 
 
 
 
 
 
 
Wanganui             43,500
200,000
$15,600
12.82
14.8
16.4
20.8
-38%
   
 
 
 
 
 
 
 
Palmerston North             82,100
365,000
$18,200
20.05
20.4
18.8
23.5
-15%
   
 
 
 
 
 
 
 
Wellington metro            487,700
500,000
$21,953
22.78
23.9
20.5
25.0
-9%
- Kapiti Coast District             48,900
550,000
$23,400
23.50
23.0
21.4
26.7
-12%
- Porirua City             52,700
447,000
$24,440
18.29
24.5
22.8
29.4
-38%
- Upper Hutt City             41,500
$459,150
$24,804
18.51
19.5
18.4
22.5
-18%
- Lower Hutt City            103,000
500,000
$25,064
19.95
20.6
22.5
27.9
-28%
- Wellington City            200,100
630,000
$31,200
20.19
21.4
19.9
24.6
-18%
   
 
 
 
 
 
 
 
Nelson             46,200
510,000
$22,360
22.81
23.6
22.6
24.9
-9%
   
 
 
 
 
 
 
 
Christchurch            367,700
439,000
$21,840
20.10
20.9
20.3
21.9
-8%
   
 
 
 
 
 
 
 
Timaru             44,700
355,000
$16,640
21.33
18.4
19.5
21.6
-1%
   
 
 
 
 
 
 
 
Dunedin            126,000
365,000
$19,760
18.47
20.0
17.9
20.6
-11%
   
 
 
 
 
 
 
 
Queenstown-Lakes             28,700
900,000
$26,000
34.62
36.6
30.4
36.6
-5%
   
 
 
 
 
 
 
 
Invercargill             53,000
252,500
$13,000
19.42
16.9
16.2
21.6
-10%
                 

 

Disclaimer

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Contact:

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