Developing stratified housing price measures for New Zealand

Chris McDonald and Mark Smith
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Mark Smith: Reserve Bank of New Zealand

No DP2009/07, Reserve Bank of New Zealand Discussion Paper Series from Reserve Bank of New Zealand

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.

JEL-codes: G12 R31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ure
Date: 2009-08
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Persistent link: http://EconPapers.repec.org/RePEc:nzb:nzbdps:2009/07

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