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 20 June 2018
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
May-18
Apr-18
May-17
Peak
% fall
 
May-18
May-18
May-18
 
       
.
 
 
 
 
 
 
 
 
NZ total 4,805,000
562,000
$23,400
24.0
24.0
25.7
26.8
-10%
   
 
 
 
 
 
 
 
Whangarei District 89,700
760,000
$21,320
35.6
38.2
38.0
44.6
-20%
   
 
 
 
 
 
 
 
Auckland metro 1,486,000
852,000
$29,041
29.3
28.9
32.5
34.2
-14%
 - North Shore City 225,800
987,500
$30,940
31.9
29.7
33.0
38.6
-17%
 - Waitakeres City 204,500
760,000
$26,000
29.2
29.0
28.3
32.1
-9%
 - Auckland City 444,100
940,000
$33,540
28.0
26.4
29.1
33.0
-15%
 - Manukau City 368,500
825,000
$28,080
29.4
29.8
31.6
32.9
-11%
   
 
 
 
 
 
 
 
Hamilton City 165,400
542,000
$21,840
24.8
26.5
25.0
26.5
-6%
   
 
 
 
 
 
 
 
Tauranga City 131,500
660,000
$25,480
25.9
27.5
26.5
29.3
-11%
   
 
 
 
 
 
 
 
Rotorua District 71,700
385,000
$19,760
19.5
22.7
20.4
22.7
-14%
   
 
 
 
 
 
 
 
Gisborne District 48,500
280,000
$17,680
15.8
17.6
19.0
24.0
-34%
   
 
 
 
 
 
 
 
Hastings District 62,000
482,000
$22,620
21.3
23.6
19.2
25.0
-15%
   
 
 
 
 
 
 
 
Napier City 79,900
408,000
$20,020
20.4
20.0
20.3
23.3
-13%
   
 
 
 
 
 
 
 
New Plymouth District 80,700
418,000
$19,500
21.4
21.1
20.1
22.8
-6%
   
 
 
 
 
 
 
 
Whanganui District 44,500
235,000
$14,144
16.6
12.5
14.1
20.8
-20%
   
 
 
 
 
 
 
 
Palmerston North City 87,300
380,000
$18,720
20.3
19.6
20.1
23.5
-14%
   
 
 
 
 
 
 
 
Wellington metro 487,700
567,000
$24,843
22.8
22.5
23.5
25.0
-9%
 - Kapiti Coast District 52,700
530,000
$22,880
23.2
22.9
24.4
26.7
-13%
 - Porirua City 56,100
613,000
$23,140
26.5
23.3
23.7
29.4
-10%
 - Upper Hutt City 43,200
$469,150
$23,400
20.0
19.3
18.2
22.5
-11%
 - Lower Hutt City 104,700
530,000
$24,180
21.9
23.6
20.6
27.9
-21%
 - Wellington City 212,700
736,000
$30,940
23.8
23.4
22.2
24.6
-3%
   
 
 
 
 
 
 
 
Nelson City 51,400
511,000
$22,464
22.7
23.8
23.6
24.9
-9%
   
 
 
 
 
 
 
 
Christchurch City 381,500
457,500
$21,840
20.9
20.4
21.4
21.9
-4%
   
 
 
 
 
 
 
 
Timaru District 47,100
330,000
$17,680
18.7
20.4
19.3
21.6
-14%
   
 
 
 
 
 
 
 
Dunedin City 128,800
409,000
$19,500
21.0
20.2
19.5
21.0
0%
   
 
 
 
 
 
 
 
Queenstown-Lakes District 37,100
820,000
$26,000
31.5
36.5
33.9
36.6
-14%
   
 
 
 
 
 
 
 
Invercargill City 54,800
239,000
$14,924
16.0
15.4
17.6
21.6
-26%
                 

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