New Zealand House Prices, Rents & Rental Yields (2026)
How much property costs in New Zealand, what it rents for and how that compares with neighbouring markets in Oceania. City-centre prices per m² rank 2 of 2 in this comparison; gross yields rank 2 of 2.
- Apartment price per m² (city centre)
- $6,883
- 2023
- Apartment price per m² (outside centre)
- $5,849
- 2023
- Gross rental yield (city centre)
- 3.4%
- 2024
- Price-to-income ratio
- 10.5
- 2024
- Rent: 1-bedroom, city centre
- $1,154/mo
- 2023
- Mortgage interest rate (20-year fixed)
- 6.8%
- 2023
Price and rent trends in New Zealand
Latest property market indicators
| Indicator | Value | Year | Change | Source |
|---|---|---|---|---|
| Apartment price per m² (city centre)Average asking price per square metre to buy an apartment in city centres | $6,883 | 2023 | -7.9% vs 2022 | Numbeo |
| Apartment price per m² (outside centre)Average price per square metre to buy an apartment outside city centres | $5,849 | 2023 | -8.6% vs 2022 | Numbeo |
| Price-to-income ratioMedian apartment price divided by median annual disposable family income | 10.5 | 2024 | +16.7% vs 2023 | Numbeo |
| Gross rental yield (city centre)Annual rent as a percentage of purchase price, city-centre apartments | 3.4% | 2024 | -0.6 pp vs 2023 | Numbeo |
| Price-to-rent ratio (city centre)Purchase price divided by annual rent, city-centre apartments | 29.1 | 2024 | +15.9% vs 2023 | Numbeo |
| Rent: 1-bedroom, city centreAverage monthly rent of a one-bedroom apartment in the city centre | $1,154/mo | 2023 | -9.9% vs 2022 | Numbeo |
| Rent: 1-bedroom, outside centreAverage monthly rent of a one-bedroom apartment outside the centre | $920/mo | 2023 | -17.6% vs 2022 | Numbeo |
| Rent: 3-bedroom, city centreAverage monthly rent of a three-bedroom apartment in the city centre | $1,931/mo | 2023 | -10.3% vs 2022 | Numbeo |
| Rent: 3-bedroom, outside centreAverage monthly rent of a three-bedroom apartment outside the centre | $1,659/mo | 2023 | -6.0% vs 2022 | Numbeo |
| Mortgage interest rate (20-year fixed)Average yearly mortgage interest rate, 20-year fixed | 6.8% | 2023 | +2.1 pp vs 2022 | Numbeo |
| Home ownership rateShare of owner-occupied dwellings | 64.6% | 2024 | ±0.0 pp vs 2018 | Trading Economics |
Year-by-year data
| Year | Apartment price per m² (city centre) | Apartment price per m² (outside centre) | Price-to-income ratio | Gross rental yield (city centre) | Price-to-rent ratio (city centre) | Rent: 1-bedroom, city centre | Rent: 1-bedroom, outside centre | Rent: 3-bedroom, city centre | Rent: 3-bedroom, outside centre | Mortgage interest rate (20-year fixed) | Home ownership rate |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | — | — | 10.5 | 3.4% | 29.1 | — | — | — | — | — | 64.6% |
| 2023 | $6,883 | $5,849 | 9 | 4.0% | 25.1 | $1,154/mo | $920/mo | $1,931/mo | $1,659/mo | 6.8% | — |
| 2022 | $7,475 | $6,397 | 8 | 4.6% | 21.9 | $1,281/mo | $1,117/mo | $2,152/mo | $1,764/mo | 4.7% | — |
| 2021 | $6,667 | $4,476 | 8.1 | 4.6% | 21.8 | $1,359/mo | $1,194/mo | $2,235/mo | $1,854/mo | 3.4% | — |
| 2020 | $5,027 | $4,123 | 8.5 | 4.3% | 23.5 | $1,094/mo | $859/mo | $1,810/mo | $1,418/mo | 3.7% | — |
| 2019 | $5,280 | $4,054 | 8.3 | 4.6% | 21.9 | $1,120/mo | $910/mo | $1,907/mo | $1,568/mo | 4.5% | — |
| 2018 | $5,661 | $4,323 | 8.2 | 4.8% | 20.7 | $1,157/mo | $944/mo | $2,017/mo | $1,516/mo | 4.9% | 64.6% |
| 2017 | $4,787 | $3,465 | 8.1 | 5.0% | 20 | $1,144/mo | $892/mo | $1,904/mo | $1,523/mo | 5.0% | — |
New Zealand compared with Oceania
| Country | Apartment price per m² (city centre) | Gross rental yield (city centre) | Price-to-income ratio | Mortgage interest rate (20-year fixed) |
|---|---|---|---|---|
| New Zealand | $6,883 | 3.4% | 10.5 | 6.8% |
| Australia | $7,383 | 3.7% | 11 | 5.9% |
Related
- Properties for sale in New Zealand (23,372)
- Mortgages in New Zealand for foreigners
- New Zealand market overview
- Tax rates in New Zealand
Prices, rents, yields and mortgage rates: Numbeo (crowd-sourced, national averages of city data). Values in US dollars.