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.

 

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.

Updated 16 Apr 2019
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Mar-19
Feb-19
Mar-19
Peak
% fall
 
Mar-19
Mar-19
Mar-18
 
       
.
 
 
 
 
 
 
 
 
NZ total 4,955,000 585,000 $23,400 25.0 25.6 23.9 26.8 -7%
                 
Whangarei 89,700 775,000 $22,620 34.3 36.4 37.5 44.6 -23%
                 
Auckland metro 1,486,000 856,000 $28,172 30.4 31.1 30.4 34.2 -11%
 - North Shore 225,800 1,010,500 $31,720 31.9 32.8 35.2 38.6 -18%
 - Waitakeres 204,500 775,000 $28,080 27.6 28.1 28.8 31.7 -13%
 - Auckland 444,100 950,000 $33,800 28.1 29.9 28.8 33.0 -15%
 - Manukau 368,500 840,000 $29,120 28.8 30.5 30.4 32.9 -12%
                 
Hamilton 165,400 575,000 $23,400 24.6 24.8 24.5 26.5 -7%
                 
Tauranga 131,500 680,000 $26,000 26.2 28.4 26.0 29.3 -11%
                 
Rotorua 71,700 449,000 $20,280 22.1 23.8 17.9 23.8 -7%
                 
Gisborne 48,500 380,000 $22,100 17.2 24.2 19.5 24.2 -29%
                 
Hastings 62,000 518,500 $23,400 22.2 22.3 22.0 25.0 -12%
                 
Napier 79,900 510,000 $22,360 22.8 23.7 22.7 23.7 -4%
                 
New Plymouth 80,700 452,000 $20,800 21.7 21.5 20.4 22.8 -5%
                 
Whanganui 44,500 262,500 $17,160 15.3 15.1 13.7 20.8 -27%
                 
Palmerston North 87,300 415,000 $20,540 20.2 23.0 19.2 23.5 -14%
                 
Wellington metro 487,700 620,000 $27,797 22.3 25.2 22.3 25.5 -13%
 - Kapiti Coast 52,700 575,000 $23,400 24.6 25.9 24.7 26.7 -8%
 - Porirua City 56,100 651,000 $25,844 25.2 29.1 28.2 29.4 -14%
 - Upper Hutt 43,200 $494,150 $26,000 19.0 19.9 17.9 22.5 -16%
 - Lower Hutt 104,700 580,000 $27,040 21.4 23.8 22.2 27.9 -23%
 - Wellington City 212,700 773,000 $35,360 21.9 23.9 22.1 24.6 -11%
                 
Nelson 51,400 552,500 $23,400 23.6 25.8 22.1 25.8 -8%
                 
Christchurch 381,500 470,000 $22,360 21.0 21.1 21.5 21.9 -4%
                 
Timaru ; 47,100 350,500 $18,200 19.3 22.0 19.6 22.0 -12%
                 
Dunedin 128,800 439,000 $21,320 20.6 20.7 19.0 21.9 -6%
                 
Queenstown-Lakes District 37,100 975,000 $26,000 37.5 33.8 32.9 40.5 -7%
                 
Invercargill 54,800 310,000 $15,600 19.9 19.9 17.2 21.6 -8%
                 

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