The ratio between New Zealand house prices and rents | the 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.
|Population||House price||Rent||Dec-19||Nov-19||Dec-18||Peak||% Fall|
|- North Shore City||225,800||1,050,000||$33,280||31.6||31.1||30.4||38.6||-18%|
|- Waitakeres City||204,500||805,000||$27,820||28.9||28.7||29.4||31.7||-9%|
|- Auckland City||444,100||1,030,000||$33,800||30.5||29.6||28.3||33.0||-8%|
|- Manukau City||368,500||900,000||$29,120||30.9||28.2||29.1||32.9||-6%|
|New Plymouth District||80,700||510,000||$21,424||23.8||20.7||22.0||23.8||0%|
|Palmerston North City||87,300||495,000||$22,620||21.9||21.7||20.1||23.5||-7%|
|- Kapiti Coast District||52,700||675,000||$26,000||26.0||25.5||24.6||27.1||-4%|
|- Porirua City||56,100||775,800||$27,040||28.7||25.9||25.2||29.4||-2%|
|- Upper Hutt City||43,200||$0||$28,080||0.0||18.8||18.0||22.5||-100%|
|- Lower Hutt City||104,700||616,000||$30,160||20.4||23.0||19.3||27.9||-27%|
|- Wellington City||212,700||803,500||$33,800||23.8||24.0||22.7||25.5||-7%|
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.
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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For sources, definitions, and methodology, please contact:
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