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.
| Rent ratio | ||||||||
| Population | House price | Rent | Mar-21 | Feb-21 | Mar-20 | Peak | % Fall | |
| New Zealand | 5,120,000 | 826,300 | $25,740 | 32.1 | 30.3 | 27.2 | 32.1 | 0% |
| Whangarei District | 98,300 | 988,000 | $25,480 | 38.8 | 39.4 | 35.3 | 44.6 | -13% |
| Auckland metro | 1,717,500 | 1,120,000 | $30,101 | 37.2 | 35.9 | 32.0 | 37.2 | 0% |
| - North Shore | 225,800 | 1,350,000 | $33,540 | 40.3 | 38.8 | 33.8 | 40.3 | 0% |
| - Waitakeres | 204,500 | 988,000 | $30,160 | 32.8 | 33.3 | 29.5 | 33.3 | -1% |
| - Auckland City | 444,100 | 1,385,000 | $36,140 | 38.3 | 36.0 | 32.3 | 38.3 | 0% |
| - Manukau | 368,500 | 1,065,000 | $32,240 | 33.0 | 32.1 | 31.6 | 33.0 | 0% |
| Hamilton | 176,500 | 780,000 | $26,000 | 30.0 | 28.8 | 24.8 | 30.0 | 0% |
| Tauranga | 151,300 | 901,000 | $29,640 | 30.4 | 31.6 | 25.5 | 31.6 | -4% |
| Rotorua | 77,300 | 650,000 | $25,480 | 25.5 | 24.7 | 18.6 | 25.5 | 0% |
| Gisborne | 50,700 | 630,000 | $27,040 | 23.3 | 22.9 | 18.4 | 27.7 | -16% |
| Hastings | 66,300 | 721,000 | $27,820 | 25.9 | 24.4 | 22.7 | 29.9 | -13% |
| Napier | 88,000 | 737,000 | $26,520 | 27.8 | 29.7 | 21.6 | 29.7 | -6% |
| New Plymouth | 86,100 | 612,500 | $24,700 | 24.8 | 22.2 | 24.6 | 25.4 | -2% |
| Whanganui | 48,100 | 521,000 | $20,800 | 25.0 | 22.6 | 18.8 | 25.0 | 0% |
| Palmerston North | 90,400 | 650,000 | $23,400 | 27.8 | 28.2 | 21.1 | 28.2 | -2% |
| Wellington metro | 487,700 | 882,700 | $30,181 | 29.2 | 29.5 | 25.2 | 29.5 | -1% |
| - Kapiti Coast | 57,000 | 880,000 | $27,040 | 32.5 | 28.1 | 26.0 | 32.5 | 0% |
| - Porirua | 61,000 | 960,000 | $29,900 | 32.1 | 34.9 | 25.6 | 34.9 | -8% |
| - Upper Hutt | 47,100 | $554,150 | $30,680 | 18.1 | 17.3 | 18.7 | 22.5 | -20% |
| - Lower Hutt | 111,800 | 801,000 | $31,200 | 25.7 | 25.6 | 22.9 | 29.0 | -12% |
| - Wellington | 40,800 | 1,060,000 | $36,920 | 28.7 | 29.8 | 22.4 | 29.8 | -4% |
| Nelson | 54,600 | 682,000 | $26,780 | 25.5 | 26.3 | 24.0 | 28.5 | -11% |
| Christchurch City | 394,700 | 600,000 | $23,920 | 25.1 | 24.2 | 21.9 | 25.1 | 0% |
| Timaru District | 48,400 | 430,000 | $19,760 | 21.8 | 21.5 | 20.0 | 22.1 | -1% |
| Dunedin | 134,100 | 650,000 | $25,324 | 25.7 | 25.8 | 22.9 | 26.0 | -1% |
| Queenstown-Lakes | 47,400 | 1,185,000 | $30,680 | 38.6 | 32.8 | 41.5 | 42.3 | -9% |
| Invercargill | 57,100 | 430,000 | $20,280 | 21.2 | 19.4 | 18.7 | 21.6 | -2% |
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
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Contact:
For sources, definitions, and methodology, please contact:
David Chaston, Publisher
www.interest.co.nz
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