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Developing stratified housing price measures
The following Discussion Paper has been released on the Reserve Bank's website. The discussion papers are available at http://www.rbnz.govt.nz/research/discusspapers/
DP2009/07
Developing
stratified housing price measures for New Zealand
By
Chris McDonald and Mark Smith
http://www.rbnz.govt.nz/research/discusspapers/dp09_07.pdf
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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