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 18 Jun 2019
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Apr-19
Mar-19
Apr-19
Peak
% fall
 
Apr-19
Apr-19
Apr-18
 
       
 
 
 
 
 
 
 
 
 
NZ total 4,968,600 578,000 $23,400 24.7 24.8 23.9 26.8 -8%
                 
Whangarei 89,700 790,000 $22,360 35.3 33.0 34.9 44.6 -21%
                 
Auckland metro 1,486,000 860,000 $28,507 30.2 29.9 29.3 34.2 -12%
 - North Shore 225,800 972,500 $32,240 30.2 29.2 31.9 38.6 -22%
 - Waitakeres 204,500 790,000 $28,600 27.6 26.9 28.7 31.7 -13%
 - Auckland 444,100 976,000 $34,840 28.0 28.0 28.0 33.0 -15%
 - Manukau 368,500 800,000 $29,380 27.2 29.6 29.0 32.9 -17%
                 
Hamilton 165,400 580,000 $23,400 24.8 24.4 24.8 26.5 -6%
                 
Tauranga 131,500 677,500 $26,520 25.5 25.3 25.9 29.3 -13%
                 
Rotorua 71,700 440,000 $21,320 20.6 21.1 19.5 23.8 -13%
                 
Gisborne 48,500 440,000 $18,980 23.2 17.2 16.1 24.2 -4%
                 
Hastings 62,000 521,000 $24,440 21.3 21.9 21.7 25.0 -15%
                 
Napier 79,900 495,000 $21,580 22.9 19.7 20.4 23.7 -3%
                 
New Plymouth 80,700 450,000 $20,540 21.9 20.7 21.4 22.8 -4%
                 
Whanganui 44,500 280,000 $18,720 15.0 15.7 16.6 20.8 -28%
                 
Palmerston North 87,300 420,000 $20,800 20.2 20.3 20.0 23.5 -14%
                 
Wellington metro 487,700 611,500 $26,389 23.2 21.9 23.3 25.5 -9%
 - Kapiti Coast 52,700 602,000 $23,400 25.7 23.9 23.6 26.7 -4%
 - Porirua City 56,100 640,000 $27,560 23.2 21.3 26.5 29.4 -21%
 - Upper Hutt 43,200 $499,150 $27,404 18.2 17.1 20.0 22.5 -19%
 - Lower Hutt 104,700 540,000 $28,600 18.9 21.7 21.8 27.9 -32%
 - Wellington City 212,700 725,000 $32,500 22.3 21.2 23.9 24.6 -9%
                 
Nelson 51,400 547,000 $24,440 22.4 23.0 22.7 25.8 -13%
                 
Christchurch 381,500 452,500 $22,360 20.2 20.2 21.1 21.9 -8%
                 
Timaru 47,100 375,000 $17,160 21.9 20.2 18.7 22.0 0%
                 
Dunedin 128,800 438,000 $20,644 21.2 20.7 20.3 21.9 -3%
                 
Queenstown-Lakes District 37,100 975,000 $26,000 37.5 35.0 31.5 40.5 -7%
                 
Invercargill 54,800 281,000 $17,160 16.4 18.5 16.0 21.6 -24%
                 

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:

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www.interest.co.nz
JDJL Limited
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