Advanced Search
MyIDEAS: Login

Issues in measuring a monthly house price index in New Zealand

Contents:

Author Info

  • Shi, Song
  • Young, Martin
  • Hargreaves, Bob

Abstract

The sale price appraisal ratio (SPAR) method, which takes the ratios of the current house prices and their previous assessed values to construct an index, has been applied in New Zealand since the 1960s. This paper uses housing market transaction data for 12 cities in New Zealand (1994-2004) to develop monthly SPAR house price indices. These indices were subjected to a variety of statistical tests and benchmarked against the comparable monthly quality controlled weighted repeat sales indices. Finally, the paper provides some useful suggestions for future research based on the SPAR index and other alternative house price indices, such as the assessed value (AV) method.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.sciencedirect.com/science/article/B6WJR-4WH8C7T-1/2/00da13682cef7c2d41342a1f52b487a1
Download Restriction: Full text for ScienceDirect subscribers only

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Bibliographic Info

Article provided by Elsevier in its journal Journal of Housing Economics.

Volume (Year): 18 (2009)
Issue (Month): 4 (December)
Pages: 336-350

as in new window
Handle: RePEc:eee:jhouse:v:18:y:2009:i:4:p:336-350

Contact details of provider:
Web page: http://www.elsevier.com/locate/inca/622881

Related research

Keywords: House price index SPAR Repeat sales Assessed value;

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Jesse M. Abraham & William S. Schauman, 1991. "New Evidence on Home Prices from Freddie Mac Repeat Sales," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 333-352.
  2. Gary C. Cornia & Barrett A. Slade, 2005. "Property Taxation of Multifamily Housing: An Empirical Analysis of Vertical and Horizontal Equity and Assessment Methods," Journal of Real Estate Research, American Real Estate Society, vol. 27(1), pages 17-46.
  3. McMillen, Daniel P. & Weber, Rachel N., 2008. "Thin Markets and Property Tax Inequities: A Multinomial Logit Approach," National Tax Journal, National Tax Association, vol. 61(4), pages 653-71, December.
  4. Englund, Peter & Quigley, John M & Redfearn, Christian L, 1999. "The Choice of Methodology for Computing Housing Price Indexes: Comparisons of Temporal Aggregation and Sample Definition," The Journal of Real Estate Finance and Economics, Springer, vol. 19(2), pages 91-112, September.
  5. Eric Clapham & Peter Englund & John M. Quigley & Christian L. Redfearn, 2006. "Revisiting the Past and Settling the Score: Index Revision for House Price Derivatives," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 34(2), pages 275-302, 06.
  6. Gatzlaff Dean H. & Ling David C., 1994. "Measuring Changes in Local House Prices: An Empirical Investigation of Alternative Methodologies," Journal of Urban Economics, Elsevier, vol. 35(2), pages 221-244, March.
  7. Donald R. Haurin & Patric H. Hendershott, 1991. "House Price Indexes: Issues and Results," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 259-269.
  8. Cheng, Pao Lun, 1974. "Property Taxation, Assessment Performance, and Its Measurement," Public Finance = Finances publiques, , vol. 29(3-4), pages 268-84.
  9. David Geltner & David C. Ling, 2006. "Considerations in the Design and Construction of Investment Real Estate Research Indices," Journal of Real Estate Research, American Real Estate Society, vol. 28(4), pages 411-444.
  10. Karl E. Case & Robert J. Shiller, 1988. "The Efficiency of the Market for Single-Family Homes," NBER Working Papers 2506, National Bureau of Economic Research, Inc.
  11. Steven C. Bourassa & Martin Hoesli & Jian Sun, 2004. "A Simple Alternative House Price Index Method," FAME Research Paper Series rp119, International Center for Financial Asset Management and Engineering.
  12. Robert J. Shiller, 1991. "Arithmetic Repeat Sales Price Estimators," Cowles Foundation Discussion Papers 971, Cowles Foundation for Research in Economics, Yale University.
  13. Brian J. L. Berry & Robert S. Bednarz, 1975. "A Hedonic Model of Prices and Assessments for Single-Family Homes: Does the Assessor Follow the Market or the Market Follow the Assessor?," Land Economics, University of Wisconsin Press, vol. 51(1), pages 21-40.
  14. William C. Goolsby, 1997. "Assessment Error in the Valuation of Owner-Occupied Housing," Journal of Real Estate Research, American Real Estate Society, vol. 13(1), pages 33-46.
Full references (including those not matched with items on IDEAS)

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:eee:jhouse:v:18:y:2009:i:4:p:336-350. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.