REINZ House Price Index Recalibrated

REINZ House Price Index Recalibrated

REINZ, the most up to date source of real estate data in New Zealand, announced today that it has recalibrated its REINZ House Price Index data after a significant investment in upgrading its database and information systems over the past two years. The upgrade, including linking into the LINZ database, results in data that more closely reflects the location and suburb of properties sold, and thus the accuracy of the index data at the detailed level.

The REINZ House Price Index was initially developed in conjunction with the Reserve Bank in 2009 and has provided a more accurate analysis of underlying house price movements compared to the broader median price data also published each month. .

The results, for March 2015, of this recalibration are shown in the table below with the change in the old House Price Index shown in the Old column and the recalibrated House Price Index in the New column.

Real Estate Institute of New Zealand (REINZ) Chief Executive Colleen Milne says the Index and sub-indices have been recalibrated back to January 2011. “We are excited to be able to present this recalibrated House Price Index, made possible by the significant investment of time and money REINZ has devoted to upgrading its database over the past couple of years. All future updates to the REINZ House Price Index will be available for purchase and will be based on the recalibrated data”

ENDS

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