The Real Estate Institute of New Zealand (REINZ) has introduced a new house price index (HPI). It improves on the previous index by better accounting for the quality-mix of real-estate sales.
So far, the housing market has remained remarkably resilient, at least in price, if not in sales. Not very long ago, many commentators were suggesting falls of 20, 30 or even 40% in house prices from their peak late last year. Recent figures from the Real Estate Institute of New Zealand (REINZ) show that in fact, October 2008 values were down just 4.3% on those of a year ago. Quotable Value (QV), which calculates its figures on a quarter-over-quarter-a-year-ago basis, has calculated a 6.8% decline in prices, a broadly similar result.