House Price Index

Overview

It provides a reliable indication of property value movement throughout New Zealand, offering an understanding of property values and how they are changing, and assisting with comparisons between areas.

The CoreLogic House Price Index is a SPAR (sales price appraisal ratio) index, meaning it applies the performance of recent sales to the entire base of properties in an area to measure how market movements have affected all properties. By calculating the average property value in each area, comparisons can be made with previous periods. It’s more reliable and reflective of property value change over time than measures that use sales prices in a given period, as the composition of properties which sell in a period can change dramatically, producing volatile and less-representative results. When compared to other house price index methodologies, SPAR indices were found to perform the best, offering greater stability, robustness and accuracy.