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House Price Measurement in New Zealand and Australia

House Price Measurement in New Zealand and Australia. Frances Krsinich - Statistics New Zealand Mark Dubner – Australian Bureau of Statistics. 10 –12 May 2010. Introduction. Stocktake of measures in NZ and Australia Different dimensions: - quality adjustment - timing - weighting - coverage.

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House Price Measurement in New Zealand and Australia

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  1. House Price Measurement in New Zealand and Australia Frances Krsinich - Statistics New Zealand Mark Dubner – Australian Bureau of Statistics 10 –12 May 2010 Joint ILO/UNECE meeting on CPIs

  2. Introduction • Stocktake of measures in NZ and Australia • Different dimensions:- quality adjustment- timing- weighting- coverage

  3. Introduction • Long run trends are similar across measures (within each country) • Short term movements vary • Eurostat guide

  4. Quality Adjustment • Composition of sales vary each period • Common methods:- hedonic regression- mix-adjustment / stratification- repeat sales- (SPAR used in NZ)

  5. Quality adjustment • Can only adjust for characteristics we have data on • Repeat sales – ‘like with like’ – but some issues

  6. Timing • Timeliness versus accuracy • Different points at which price can be captured:- sale agreed- finance approved- contracts exchanged- settlement

  7. Weighting • What are we trying to measure? • Weights required to adjust sales data to stocks • In practice – may not make much difference (examples…)

  8. Australia ABS house price index- stratified- also project homes Private organisations- APM - stratified medians- Residex – repeat sales- REIA – medians- RP Data Rismark – variety of methods- Commonwealth Bank – first home buyers

  9. Australian measures – long term

  10. Australian measures – short term

  11. New Zealand No official house price index New homes – home ownership in NZ CPI Quotable Value- quarterly- accurate (SPAR method) but late (3.5 months) REINZ- monthly- less accurate (national median) but timely (2 weeks)- new stratified approach, tracks QV well

  12. New Zealand measures – long term

  13. New Zealand measures – shorter term

  14. New Zealand and Australian measures combined

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