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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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    File URL: http://www.rbnz.govt.nz/research_and_publications/discussion_papers/2009/dp09_07.pdf
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    Bibliographic Info

    Paper provided by Reserve Bank of New Zealand in its series Reserve Bank of New Zealand Discussion Paper Series with number DP2009/07.

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    Length: 39 p
    Date of creation: Aug 2009
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    Handle: RePEc:nzb:nzbdps:2009/07

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