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Developing stratified housing price measures for New Zealand

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Abstract

Widely used measures of growth in mean or median housing prices will reflect changes in the composition of dwellings sold as well as changes in demand and supply conditions. Using a suburb-level dataset from the Real Estate Institute of New Zealand we use stratification techniques to adjust for compositional change and derive a timely and robust measure of housing prices for New Zealand. Results suggest this stratified measure produces estimates of housing price inflation that accord closely with the accurate but less timely figures obtained from the QV Quarterly House Price Index.

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  • Chris McDonald & Mark Smith, 2009. "Developing stratified housing price measures for New Zealand," Reserve Bank of New Zealand Discussion Paper Series DP2009/07, Reserve Bank of New Zealand.
    • Handle: RePEc:nzb:nzbdps:2009/07
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    File URL: http://www.rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Discussion%20papers/2009/dp09-07.pdf
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    References listed on IDEAS

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    1. Phil Briggs, 2006. "Family trusts: ownership, size and their impact on measures of wealth and home ownership," Reserve Bank of New Zealand Discussion Paper Series DP2006/06, Reserve Bank of New Zealand.
    2. Nalini Prasad & Anthony Richards, 2006. "Measuring Housing Price Growth – Using Stratification to Improve Median-based Measures," RBA Research Discussion Papers rdp2006-04, Reserve Bank of Australia.
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    Cited by:

    1. Sarah Drought & Chris McDonald, 2011. "Forecasting house price inflation: a model combination approach," Reserve Bank of New Zealand Discussion Paper Series DP2011/07, Reserve Bank of New Zealand.
    2. Phil Maguire & Robert Miller & Philippe Moser & Rebecca Maguire, 2016. "A robust house price index using sparse and frugal data," Journal of Property Research, Taylor & Francis Journals, vol. 33(4), pages 293-308, October.
    3. Grant M. Scobie & Katherine Henderson, 2009. "Saving Rates of New Zealanders: A Net Wealth Approach," Treasury Working Paper Series 09/04, New Zealand Treasury.
    4. Jed Armstrong & Ashley Dunstan & Tobias Irrcher, 2017. "Evaluating alternative monthly house price measures for New Zealand," Reserve Bank of New Zealand Analytical Notes series AN2017/02, Reserve Bank of New Zealand.
    5. Asli Kaya & Ayça Topaloglu Bozkurt & Emine Meltem Bastan & Özgül Atilgan Ayanoglu, 2013. "Constructing a house price index for Turkey," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Proceedings of the Sixth IFC Conference on "Statistical issues and activities in a changing environment", Basel, 28-29 August 2012., volume 36, pages 153-171, Bank for International Settlements.

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    More about this item

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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