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Quarterly house price to income ratio New Zealand 2016-2019

New Zealand has one of the highest house price-to-income ratios in the world. In the third quarter of 2019, the ratio was 111.6, a slight increase on the previous year. This ratio was calculated by dividing nominal house prices by nominal disposable income per head and is considered a measure of affordability.

Home ownership dream

New Zealand has been in what is widely considered a housing bubble. The disproportionately large increases in residential house prices have placed the dream of owning their own home out of reach for many in the country. In 2019, over 13 percent of residential properties were sold for over a million New Zealand dollars. The majority of mortgage lending in the country went to owner occupiers. In general, only New Zealand residents and citizens can buy homes in the country to live in, with new regulations tightening investment activity in that market.

Housing quality

While new builds are subject to stricter building regulations and standards, the quality of existing homes have been criticized by those residing in them. In particular, many homes lack efficient insulation. Subsidies have been introduced by community trusts, local health boards, and the government to assist in improving the housing standard across the country. The funding is specifically designated for insulation and installation of energy-efficient heating. 

House price to income ratio in New Zealand from 3rd quarter 2016 to 3rd quarter 2019

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Release date

May 2020


New Zealand

Survey time period

Q3 2016 to Q3 2019

Supplementary notes

Release date is date that data were obtained.

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Statistics on "Real estate in New Zealand"

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