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 22 Janc 2019
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
dec-18
Nov-18
Dec-17
Peak
% fall
 
Dec-18
Dec-18
Dec-18
 
       
.
 
 
 
 
 
 
 
 
NZ total 4,926,000 560,000 $22,360 25.0 25.9 25.6 26.8 -7%
                 
Whangarei ; 89,700 828,000 $22,880 36.2 33.8 37.5 44.6 -19%
                 
Auckland metro 1,486,000 862,000 $27,400 31.5 31.4 31.8 34.2 -8%
 - North Shore 225,800 980,000 $32,240 30.4 32.6 35.8 38.6 -21%
 - Waitakeres ; 204,500 828,000 $28,080 29.5 27.5 30.2 31.7 -7%
 - Auckland ; 444,100 986,000 $33,800 29.2 28.1 27.9 33.0 -12%
 - Manukau ; 368,500 830,000 $28,600 29.0 29.2 30.5 32.9 -12%
                 
Hamilton 165,400 560,000 $22,880 24.5 24.3 25.6 26.5 -8%
                 
Tauranga 131,500 662,500 $26,000 25.5 25.2 26.4 29.3 -13%
                 
Rotorua 71,700 430,000 $20,020 21.5 21.0 20.6 22.9 -6%
                 
Gisborne 48,500 338,000 $18,720 18.1 18.2 17.7 24.0 -25%
                 
Hastings 62,000 495,000 $24,960 19.8 20.0 25.0 25.0 -21%
                 
Napier 79,900 442,500 $21,840 20.3 21.0 21.7 23.3 -13%
                 
New Plymouth 80,700 460,000 $20,800 22.1 20.2 21.3 22.8 -3%
                 
Whanganui 44,500 259,000 $17,160 15.1 14.0 14.8 20.8 -28%
                 
Palmerston North 87,300 400,000 $19,760 20.2 20.5 20.4 23.5 -14%
                 
Wellington metro 487,700 605,500 $26,031 23.3 23.7 23.9 25.2 -8%
 - Kapiti Coast 52,700 576,000 $23,400 24.6 23.5 23.0 26.7 -8%
 - Porirua City 56,100 668,696 $26,520 25.2 24.5 24.5 29.4 -14%
 - Upper Hutt 43,200 $486,650 $27,040 18.0 17.9 19.5 22.5 -20%
 - Lower Hutt ; 104,700 525,000 $27,300 19.2 20.7 21.0 27.9 -31%
 - Wellington City 212,700 719,000 $31,720 22.7 23.7 21.6 24.6 -8%
                 
Nelson 51,400 557,500 $23,140 24.1 22.6 23.6 25.3 -5%
                 
Christchurch 381,500 470,000 $22,360 21.0 20.6 20.9 21.9 -4%
                 
Timaru 47,100 365,000 $18,200 20.1 20.1 18.4 21.6 -7%
                 
Dunedin 128,800 421,000 $21,840 19.3 19.9 20.0 21.9 -12%
                 
Queenstown-Lakes District ; 37,100 990,000 $26,000 38.1 38.0 36.0 40.5 -6%
                 
Invercargill 54,800 250,000 $15,600 16.0 17.9 16.9 21.6 -26%
                 

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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