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 Oct 2019
 
Median

Median 3-br

--------------Rent ratio--------------
(see Notes below)
Population
House price
Yearly rent
Sep-19
Aug-19
Sep-18
Peak
% fall
 
Sep-19
Sep-19
Sep-18
 
       
 
 
 
 
 
 
 
 
 
NZ total 4,972,600 597,000 $23,140 25.8 24.8 25.3 26.8 -4%
                 
Whangarei 89,700 760,000 $24,024 31.6 34.0 34.4 44.6 -29%
                 
Auckland metro 1,486,000 848,000 $28,270 30.0 28.9 31.6 34.2 -12%
 - North Shore 225,800 990,000 $33,020 30.0 31.1 33.0 38.6 -22%
 - Waitakeres 204,500 760,000 $27,560 27.6 27.4 26.4 31.7 -13%
 - Auckland 444,100 924,000 $32,500 28.4 26.5 29.5 33.0 -14%
 - Manukau 368,500 865,000 $29,640 29.2 26.7 30.1 32.9 -11%
                 
Hamilton 165,400 597,000 $23,920 25.0 23.9 24.6 26.5 -6%
                 
Tauranga 131,500 680,000 $24,544 27.7 25.5 25.1 29.3 -5%
                 
Rotorua 71,700 438,000 $22,880 19.1 20.4 20.9 23.8 -19%
                 
Gisborne 48,500 384,000 $18,200 21.1 20.2 18.8 24.2 -13%
                 
Hastings 62,000 550,000 $24,960 22.0 22.5 21.6 25.0 -12%
                 
Napier 79,900 460,000 $23,400 19.7 20.5 22.3 23.9 -18%
                 
New Plymouth 80,700 437,500 $21,320 20.5 20.3 20.7 22.8 -10%
                 
Whanganui 44,500 330,000 $18,720 17.6 15.4 14.6 20.8 -15%
                 
Palmerston North 87,300 466,000 $21,840 21.3 22.7 21.0 23.5 -9%
                 
Wellington metro 487,700 640,000 $26,732 23.9 23.9 24.2 25.5 -6%
 - Kapiti Coast 52,700 611,600 $22,880 26.7 27.1 21.3 27.1 -1%
 - Porirua City 56,100 700,500 $27,560 25.4 26.6 27.2 29.4 -13%
 - Upper Hutt 43,200 509,150 $25,480 20.0 16.7 18.4 22.5 -11%
 - Lower Hutt 104,700 595,000 $29,120 20.4 19.4 22.2 27.9 -27%
 - Wellington City 212,700 825,000 $31,980 25.8 24.0 23.6 25.8 0%
                 
Nelson 51,400 560,000 $22,880 24.5 24.4 25.3 25.8 -5%
                 
Christchurch 381,500 475,000 $22,360 21.2 19.3 20.7 21.9 -3%
                 
Timaru 47,100 346,500 $18,200 19.0 17.0 18.4 22.0 -13%
                 
Dunedin 128,800 485,000 $22,880 21.2 19.9 19.7 21.9 -3%
                 
Queenstown-Lakes District 37,100 995,000 $26,000 38.3 37.7 39.8 40.5 -6%
                 
Invercargill 54,800 315,555 $18,200 17.3 17.4 17.7 21.6 -20%
                 

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