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 Nov 2018
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Oct-18
Sep-18
Oct-17
Peak
% fall
 
Oct-18
Oct-18
Oct-18
 
       
 
 
 
 
 
 
 
 
 
NZ total 4,920,000 562,000 $22,360 25.1 25.3 26.8 26.8 -6%
                 
Whangarei 89,700 825,500 $21,840 37.8 36.3 38.0 44.6 -15%
                 
Auckland metro 1,486,000 865,000 $28,167 30.7 31.6 34.2 34.2 -10%
 - North Shore 225,800 1,000,000 $30,784 32.5 32.8 35.5 38.6 -16%
 - Waitakeres 204,500 825,500 $27,040 30.5 27.9 30.3 32.1 -5%
 - Auckland  444,100 972,000 $34,320 28.3 29.1 25.1 33.0 -14%
 - Manukau 368,500 805,000 $28,600 28.1 30.8 32.0 32.9 -14%
                 
Hamilton 165,400 565,000 $22,204 25.4 24.6 26.5 26.5 -4%
                 
Tauranga 131,500 667,500 $24,960 26.7 25.1 24.7 29.3 -9%
                 
Rotorua  71,700 400,000 $19,604 20.4 20.9 19.5 22.9 -11%
                 
Gisborne  48,500 310,000 $18,720 16.6 18.8 22.1 24.0 -31%
                 
Hastings  62,000 507,000 $22,724 22.3 21.6 20.7 25.0 -11%
                 
Napier  79,900 435,000 $22,360 19.5 22.3 22.1 23.3 -17%
                 
New Plymouth  80,700 417,000 $19,604 21.3 20.7 22.8 22.8 -7%
                 
Whanganui  44,500 240,000 $14,560 16.5 14.6 14.7 20.8 -21%
                 
Palmerston North  87,300 412,500 $19,084 21.6 21.0 19.8 23.5 -8%
                 
Wellington metro  487,700 592,500 $23,664 25.0 24.2 23.5 25.2 -1%
 - Kapiti Coast  52,700 581,000 $23,140 25.1 21.3 21.4 26.7 -6%
 - Porirua City  56,100 630,000 $23,140 27.2 27.2 21.2 29.4 -7%
 - Upper Hutt  43,200 $481,650 $24,440 19.7 18.4 19.1 22.5 -13%
 - Lower Hutt  104,700 550,000 $24,960 22.0 22.0 19.9 27.9 -21%
 - Wellington City   212,700 680,000 $28,600 23.8 23.1 20.4 24.6 -3%
                 
Nelson   51,400 518,000 $22,360 23.2 25.3 20.5 25.3 -8%
                 
Christchurch   381,500 474,000 $21,840 21.7 20.7 20.8 21.9 -1%
                 
Timaru   47,100 343,000 $18,200 18.8 18.4 19.2 21.6 -13%
                 
Dunedin  128,800 430,500 $19,760 21.8 19.7 20.5 21.8 0%
                 
Queenstown-Lakes District  37,100 890,000 $26,000 34.2 39.8 36.5 40.5 -16%
                 
Invercargill  54,800 310,000 $15,080 20.6 17.8 17.0 21.6 -5%
                 

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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