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 19 Mar 2018
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Mar-18
Feb-18
Mar-17
Peak
% fall
 
Mar-18
Mar-18
Mar-18
 
       
 
 
 
 
 
 
 
 
 
NZ total         4,560,000
560,000
$30,420
18.41
24.3
26.1
26.8
-31%
   
 
 
 
 
 
 
 
Whangarei District             80,500
780,000
$20,800
37.50
35.7
40.3
44.6
-16%
   
 
 
 
 
 
 
 
Auckland metro         1,486,000
880,000
$37,647
23.38
31.2
34.4
34.4
-32%
- North Shore            225,800
1,070,000
$30,680
34.88
32.9
35.8
38.6
-10%
- West            204,500
780,000
$27,040
28.85
27.9
30.5
32.1
-10%
- Auckland            444,100
960,000
$33,280
28.85
29.4
32.2
33.0
-13%
- South            368,500
837,000
$27,560
30.37
30.8
33.1
33.1
-8%
   
 
 
 
 
 
 
 
Hamilton            145,600
535,000
$21,840
24.50
23.8
26.1
26.5
-7%
   
 
 
 
 
 
 
 
Tauranga            115,700
650,000
$24,960
26.04
26.3
26.3
29.3
-11%
   
 
 
 
 
 
 
 
Rotorua             68,900
345,000
$19,240
17.93
21.0
20.0
22.5
-20%
   
 
 
 
 
 
 
 
Gisborne             46,600
330,000
$16,900
19.53
19.2
16.8
24.0
-19%
   
 
 
 
 
 
 
 
Napier             57,600
486,000
$22,100
21.99
21.9
21.8
25.0
-12%
   
 
 
 
 
 
 
 
Hastings             75,500
432,500
$19,240
22.48
22.5
22.0
23.3
-4%
   
 
 
 
 
 
 
 
New Plymouth             73,800
415,000
$20,384
20.36
19.8
21.0
22.8
-11%
   
 
 
 
 
 
 
 
Wanganui             43,500
210,000
$15,340
13.69
14.5
14.4
20.8
-34%
   
 
 
 
 
 
 
 
Palmerston North             82,100
362,000
$18,720
19.34
19.5
18.6
23.5
-18%
   
 
 
 
 
 
 
 
Wellington metro            487,700
583,000
$34,318
16.99
21.5
22.2
25.0
-32%
- Kapiti Coast District             48,900
527,000
$21,320
24.72
23.0
24.3
26.7
-8%
- Porirua City             52,700
640,000
$22,724
28.16
29.0
27.0
29.4
-4%
- Upper Hutt City             41,500
$464,150
$26,000
17.85
18.7
19.1
22.5
-21%
- Lower Hutt City            103,000
524,000
$23,400
22.39
20.3
20.1
27.9
-20%
- Wellington City            200,100
704,382
$32,240
21.85
21.8
22.3
24.6
-11%
   
 
 
 
 
 
 
 
Nelson             46,200
505,000
$22,880
22.07
23.6
23.4
24.9
-12%
   
 
 
 
 
 
 
 
Christchurch            367,700
460,000
$21,424
21.47
20.7
21.4
21.9
-2%
   
 
 
 
 
 
 
 
Timaru             44,700
351,500
$17,940
19.59
20.1
19.8
21.6
-9%
   
 
 
 
 
 
 
 
Dunedin            126,000
375,000
$19,760
18.98
18.3
19.3
20.6
-8%
   
 
 
 
 
 
 
 
Queenstown-Lakes             28,700
855,000
$26,000
32.88
35.1
30.4
36.6
-10%
   
 
 
 
 
 
 
 
Invercargill             53,000
250,000
$14,560
17.17
16.4
17.2
21.6
-21%
                 

 

Disclaimer

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