Rental Yield Indicator

 
Indicative gross rental yields for three bedroom houses in 56 selected areas with high rental activity during the previous six months. Based on REINZ lower quartile selling prices and median rents recorded by Tenancy Services' Bonds Centre in each area over the previous six months.
    Indicative gross rental yields for the six months ending:
Town/region Yield % Sept 2018 Yield % June 2018

Yield %  March 2018

 Yield %  Dec 2017 Yield % Sept 2017 Yield %
June 2017		 Yield % March 2017 Yield %   Dec 2016 Yield %  Sept 2016 Yield % June 2016 Yield % March 2016 Yield %
Dec 2015
Yield %
Sept 2015
Yield %
June 2015
Yield %
March 2015
Yield %
Dec 2014
Yield % 
Sept 2014
Whangarei:                                  
Kamo/Tikipunga/Kensington 5.5 5.5 5.4 5.5 5.3 5.5 5.4 5.4 5.9 6.1 6.0 5.6 7.1 6.5 6.9 7.6
6.4
                                 
 
Rodney - Orewa/Whangaparaoa 3.9 4.0 4.0 4.0 4.0 4.0 4.0 3.8 3.9 4.1 4.1 4.1 4.3 4.5 4.5 4.6
4.8
                                 
 
North Shore:                                
 
Beach Haven/Birkdale 3.9 3.9 3.8 3.8 4.0 3.8 3.7 3.7 3.7 3.7 3.9 3.8 3.9 4.0 4.3 4.3
4.6
Torbay 3.9 3.7 3.7 3.6 3.6 3.6 3.7 3.6 3.4 3.6 3.8 3.6 3.8 4.0 4.5 4.6
4.5
                                 
 
Waitakere:                                
 
Glen Eden 4.1 3.9 3.8 3.9 3.9 3.9 4.0 3.8 3.7 3.9 4.0 4.0 4.1 4.3 4.6 4.9
5.1
Massey/Royal Heights 4.0 4.2 4.2 3.9 3.9 3.8 4.0 3.9 3.8 4.1 4.1 4.0 4.1 4.4 4.6 4.9
5.1
Henderson 4.1 4.1 4.2 4.1 4.1 4.0 3.9 3.8 3.8 3.8 4.1 4.1 4.1 4.4 4.7 4.9
5.0
                                 
 
Central Auckland:                                
 
Avondale 4.1 4.0 3.7 3.6 3.6 3.5 3.6 3.6 3.7 3.6 3.7 3.7 3.9 4.1 4.2 4.4
4.5
                                 
 
Manukau:                                
 
Highland Park 3.3 3.6 3.7 3.6 3.8 3.6 3.5 3.5 3.4 3.3 3.3 3.6 3.6 3.8 3.8 4.1
4.3
Papakura/Drury/Karaka 4.9 4.7 4.6 4.7 4.7 4.3 4.3 4.4 4.4 4.7 4.8 4.8 4.9 5.5 5.6 5.9
6.0
Franklin - Pukekohe/Tuakau 4.5 4.6 4.7 4.7 4.8 4.8 4.6 4.4 4.3 4.5 4.9 5.0 5.0 5.3 5.5 5.6
5.6
                                 
 
Hamilton:                                
 
Deanwell/Melville/Fitzroy 5.1 5.1 5.1 4.9 4.8 4.8 4.8 5.0 5.1 5.4 5.3 5.5 6.2 6.8 6.9 6.9
6.9
Fairfield/Fairview Downs 4.8 4.7 4.6 4.6 4.5 4.5 4.9 4.8 4.8 5.1 5.4 5.7 6.0 6.8 6.7 6.2
7.0
Te Kowhai/St Andrews/Queenswood 4.7 4.7 4.7 4.6 4.6 4.5 4.4 4.3 4.6 4.7 4.7 4.9 5.3 5.4 5.4 5.6
5.8
                                 
 
Cambridge/Leamington 4.6 4.6 4.3 4.2 4.4 4.4 4.6 4.6 4.7 4.8 5.2 5.3 5.2 5.5 5.5 5.6
5.9
                                   
Te Awamutu 5.1 5.0 4.9 5.1 5.0 5.1 5.0 5.1 5.2 5.2 5.7 6.2 6.3 6.5 6.2 6.3
6.4
                                 
 
Tauranga:                                
 
Tauranga Central/Greerton 4.9 4.8 4.7 4.8 5.1 4.7 4.6 4.4 4.3 3.7 5.2 5.2 5.6 6.0 6.1 5.9
5.9
Bethlehem/Otumoetai 4.2 4.2 4.3 4.3 4.1 4.0 4.1 3.7 4.2 4.2 4.6 4.8 4.8 4.5 4.8 5.3
5.4
Mt Maunganui 4.6 4.6 4.4 4.2 4.3 4.4 4.4 4.2 4.2 4.4 4.8 4.6 4.7 5.4 5.7 5.6
5.2
Pyes Pa/Welcome Bay 4.5 4.6 4.4 4.6 4.7 4.3 4.8 4.8 4.9 4.8 5.4 5.5 5.3 5.9 5.7 5.7
5.8
Kaimai/Te Puke 5.1 4.8 4.9 5.5 5.0 4.9 5.3 5.4 5.5 5.6 5.8 5.9 6.2 6.4 6.2 6.2
5.7
                                   
Whakatane 5.8 6.1 6.3 6.0 6.1 6.0 6.1 5.8 6.5 6.6 6.4 7.1 7.3 6.7 6.3 6.7
6.9
                                   
Roturua:                                  
Holdens Bay/Owhata/Ngapuna 7.0 7.8 7.8 7.4 9.3 10.5 8.0 9.7 10.7 9.4 8.7 8.3 8.7 n.a. n.a. n.a. n.a.
Kuirau/Hillcrest/Glenholm 5.5 5.4 5.8 4.9 5.6 5.5 4.9 7.3 7.5 6.4 5.9 6.3 6.6 n.a. n.a. n.a. n.a.
Ngongotaha/Pleasant Heights/Koutu 6.7 6.0 6.7 7.6 8.5 6.2 8.6 8.2 7.2 7.9 7.7 8.0 8.2 n.a. n.a. n.a. n.a.
                                   
Hastings - Flaxmere 8.4 9.2 9.6 9.8 9.9 9.3 8.9 8.6 9.4 9.3 10.9 11.5 11.0 12.1 12.2 11.7
11.8
                                 
 
Napier - Taradale 4.9 4.7 4.6 4.4 4.4 4.9 5.0 4.9 5.1 5.5 5.4 5.6 5.5 5.3 6.2 6.3
6.1
                                   
Taranaki:                                  
New Plymouth Central/Moturoa 4.6 4.8 4.6 4.7 5.4 4.9 4.7 5.3 5.1 5.4 5.8 5.4 5.5 n.a. n.a. n.a. n.a.
Waitara/Inglewood 6.6 6.5 6.4 6.1 6.0 7.2 8.1 7.0 7.7 7.7 8.8 8.9 8.0 n.a. n.a. n.a. n.a.
                                   
Whanganui 8.5 9.0 9.0 8.9 8.7 8.6 9.1 9.7 9.7 10.3 9.6 10.0 14.9 n.a. n.a. n.a. n.a.
                                   
Palmerston North:                                  
Kelvin Grove/Roslyn 5.9 6.2 6.3 6.5 6.3 6.5 6.6 6.6 7.0 7.3 7.4 7.2 7.2 n.a. n.a. n.a. n.a.
Palmerston North Central 5.1 5.1 5.0 4.9 5.5 6.0 5.9 5.6 6.5 6.3 5.6 5.5 6.2 n.a. n.a. n.a. n.a.
Takaro/Cloverlea/Milson 5.8 6.1 6.0 5.9 6.2 6.2 6.1 6.3 6.7 6.8 7.2 7.1 7.3 n.a. n.a. n.a. n.a.
                                 
 
Kapiti Coast:                                
 
Paraparaumu/Raumati 5.2 5.0 4.9 5.0 5.0 4.9 4.8 5.3 5.6 5.7 5.9 6.0 6.1 6.2 6.1 6.1
5.9
Waikanae/Otaki 4.5 4.5 5.4 5.2 4.7 4.7 5.2 5.5 5.8 5.8 5.9 6.5 6.8 6.6 6.7 5.5
5.4
                                 
 
Upper Hutt:                                  
Heretaunga/Silverstream 4.9 4.9 4.8 5.0 5.4 4.7 4.7 4.6 5.3 5.6 5.8 5.8 6.1 n.a. n.a. n.a. n.a.
Totara Park/Maoribank/Te Marua 5.6 5.6 5.6 5.6 5.7 5.8 5.8 5.2 5.7 6.2 6.3 6.2 6.8 n.a. n.a. n.a. n.a.
                                   
Lower Hutt:                                  
Epuni/Avalon 4.5 4.7 5.0 4.5 4.8 4.9 5.1 5.6 5.1 5.5 5.8 5.2 5.1 n.a. n.a. n.a. n.a.
Taita/Naenae 5.4 5.5 5.7 5.9 5.5 5.6 5.8 6.1 6.2 6.5 6.8 6.9 7.1 n.a. n.a. n.a. n.a.
Wainuiomata 5.3 5.6 5.6 5.6 5.7 5.9 5.9 6.3 7.0 7.2 7.7 7.7 7.7 n.a. n.a. n.a. n.a.
                                   
Wellington:                                
 
Johnsonville/Newlands 5.0 4.9 4.9 4.6 5.0 5.0 4.9 4.8 4.8 5.2 5.5 5.4 5.6 5.8 5.6 5.5
6.2
Vogeltown/Berhampore/Newtown 4.3 5.0 4.9 4.3 4.5 4.5 4.2 4.1 4.6 4.9 5.4 5.2 5.5 5.1 5.5 5.2
5.6
                                 
 
Tasman:                                
 
Motueka 4.3 4.2 4.2 4.5 5.0 4.4 4.0 4.0 4.7 5.3 5.2 5.4 5.3 5.3 5.5 5.6
5.5
Richmond/Wakefield/Brightwater 4.3 4.5 4.5 4.6 4.8 4.6 4.7 4.6 4.8 5.3 5.3 5.3 5.5 5.6 5.6 5.8
5.9
                                   
Nelson - Stoke/Nayland/Tahunanui 4.7 4.8 4.9 4.9 4.8 5.0 5.1 5.1 5.2 5.3 5.5 5.7 5.8 5.9 5.7 5.7
6.0
                                   
Blenheim 5.4 5.7 5.6 5.5 5.7 5.6 5.8 6.3 6.5 6.5 7.0 7.0 6.4 6.5 6.5 6.6
6.5
                                 
 
Christchurch:                                
 
Hornby/Islington/Hei Hei 6.0 5.9 5.7 5.8 5.6 5.6 5.6 5.7 6.1 6.1 6.0 6.0 6.2 6.2 6.3 6.5
6.3
Riccarton 5.6 5.6 5.2 5.7 5.1 4.7 5.0 5.2 5.5 5.0 5.7 5.0 4.9 5.9 5.2 4.9
5.1
Woolston/Opawa 7.2 7.4 7.8 6.7 6.2 6.0 6.2 6.5 6.6 7.4 6.3 6.4 6.6 6.8 7.3 7.2
8.0
                                   
Ashburton 6.3 5.2 5.3 5.8 6.3 7.0 8.3 8.4 6.3 6.1 6.2 7.0 6.9 7.0 6.8 6.7
7.2
                                 
 
Timaru 5.8 5.6 5.8 6.2 6.0 5.7 6.0 5.9 6.1 6.4 6.5 6.4 6.2 6.6 6.8 6.7
6.3
                                 
 
Queenstown/Frankton/Arrowtown 4.3 4.2 4.2 4.3 4.4 4.6 4.3 4.1 4.5 4.3 4.6 5.2 5.0 4.8 4.9 4.7
5.3
                                 
 
Dunedin:                                  
Kenmure/Mornington 5.7 6.2 5.9 5.4 5.8 6.3 7.5 6.5 6.3 6.7 7.9 7.1 6.6 n.a. n.a. n.a. n.a.
Mosgiel 5.5 5.8 5.6 5.4 5.4 5.4 5.5 5.7 5.7 5.7 6.4 6.4 6.1 n.a. n.a. n.a. n.a.
South Dunedin/St Kilda 6.8 7.3 7.6 7.6 8.6 8.0 7.9 7.5 8.1 7.4 7.2 8.0 8.2 n.a. n.a. n.a. n.a.
                                   
Invercargill 8.3 8.2 7.9 7.9 8.9 8.3 8.3 7.9 8.3 8.4 8.7 9.1 9.0 6.7 9.0 9.2
9.5

Source: Base data from REINZ / MBIE

*Yield is a property's annual rent expressed as a percentage of its purchase price. The indicative yield figures in this table are gross, and are calculated from the REINZ's lower quartile selling price for three bedroom houses in each area during the previous 6 months, and the median rent for three bedroom houses calculated from new tenancy bonds received by the Ministry of Business Innovation and Employment for the same areas/period. This gives an indication of the gross rental yield that would have been achieved in each area if a three bedroom house was purchased at the lower quarter price and rented at the median rent for that area.