New Zealand: House Prices, Rents, and Rental Yields
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Wide range of yields, highest in Wellington
| Last Updated: Aug. 15, 2007 | |||||
| AUCKLAND CITY 1 - Apartments | COST (US$) | YIELD (p.a.) | PRICE/SQ.M. (US$) | ||
| TO BUY | MONTHLY RENT | TO BUY | MONTHLY RENT | ||
| 45 sq. m. | 202,792 | 1,185 | 7.01% | 4,506 | 26.33 |
| 70 sq. m. | 305,299 | 1,622 | 6.38% | 4,361 | 23.17 |
| 140 sq. m. | 632,084 | 2,542 | 4.83% | 4,515 | 18.16 |
|
1 Auckland Central, Mt Eden, Newmarket, Parnell, Ponsonby, Remuera, St Mary's Bay Source: Global Property Guide |
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| Last Updated: Dec. 23, 2006 | |||||
| WELLINGTON - Houses with big lots |
COST (US$) | YIELD (p.a.) | PRICE/SQ.M. (US$) | ||
| TO BUY | MONTHLY RENT | TO BUY | MONTHLY RENT | ||
| 80 sq. m. | 152,380 | 700 | 5.51% | 1,905 | 8.80 |
| 100 sq. m. | 183,673 | 980 | 6.40% | 1,837 | 9.80 |
| 160 sq. m. | 241,496 | 1,650 | 8.20% | 1,509 | 10.30 |
| 210 sq. m. | 248,000 | 1,920 | 9.29% | 1,181 | 9.10 |
| 250 sq. m. | 294,000 | 2,500 | 10.20% | 1,176 | 10.00 |
| 300 sq. m. | 400,000 | 2,950 | 8.85% | 1,333 | 9.80 |
| WELLINGTON - Luxurious apartments |
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| 30 sq. m. | 113,605 | 943 | 9.96% | 3,787 | 31.40 |
| 48 sq. m. | 173,469 | 1,248 | 8.56% | 3,614 | 25.80 |
| 56 sq. m. | 207,482 | 1,327 | 7.67% | 3,705 | 23.70 |
| 107 sq. m. | 346,938 | 2,177 | 7.53% | 3,242 | 20.30 |
| South Island 1 - Luxurious apartments |
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| 60 sq. m. | 170,068 | 500 | 3.53% | 2,834 | 8.30 |
| 100 sq. m. | 316,326 | 870 | 3.30% | 3,163 | 8.70 |
| 150 sq. m. | 509,523 | 1,088 | 2.56% | 3,397 | 7.30 |
| 230 sq. m. | 1,103,605 | 1,750 | 1.90% | 4,798 | 7.60 |
| 1 Christchurch/ Queenstown Source: Global Property Guide |
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Prices are high in Auckland City, averaging US$4,460 per sq. m. A 45-sq. m. apartment sells for around US$4,500 per sq. m., and has yields of up to 7%. Average yields in the city is at 6%.
Wellington apartments can return really excellent yields, according to Global Property Guide research. Luxury three-bedroom apartments yield around 7.5%, while studios return gross yields of around 10%. Wellington houses with lots can also produce very good yields, at 10.2% for 250 sq. m. houses, but less for smaller houses.
Rents have not risen as fast as house prices. While house prices rose by 13.5% in 2004, rents only rose by 6.5% (October 2003 to October 2004). Thus, gross rental yields have dropped very slightly to 5.6%, down from 5.8%, over the five quarters to Q3 of 2004.
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