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Issues in measuring a monthly house price index in New Zealand

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

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.

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

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

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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

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  1. 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.
  2. 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.
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  6. 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.
  7. Robert J. Shiller, 1991. "Arithmetic Repeat Sales Price Estimators," Cowles Foundation Discussion Papers 971, Cowles Foundation for Research in Economics, Yale University.
  8. Clapp, John M & Giaccotto, Carmelo, 1992. "Estimating Price Trends for Residential Property: A Comparison of Repeat Sales and Assessed Value Methods," The Journal of Real Estate Finance and Economics, Springer, vol. 5(4), pages 357-74, December.
  9. Case, Karl E & Shiller, Robert J, 1989. "The Efficiency of the Market for Single-Family Homes," American Economic Review, American Economic Association, vol. 79(1), pages 125-37, March.
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  11. Clapham, Eric & Englund, Peter & Quigley, John M. & Redfearn, Christian L., 2007. "Revisiting the Past and Settling the Score: Index Revision for House Price Derivatives," Berkeley Program on Housing and Urban Policy, Working Paper Series qt1m2340dt, Berkeley Program on Housing and Urban Policy.
  12. 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.
  13. 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.
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  15. Cheng, Pao Lun, 1974. "Property Taxation, Assessment Performance, and Its Measurement," Public Finance = Finances publiques, , vol. 29(3-4), pages 268-84.
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