The Cotality Hedonic Home Value Index improves how changes in the value of residential real estate in New Zealand are measured and understood.
Geographically rich; covering national, major cities and territorial authorities to the more granular postcode and suburb level geographies.
Drawing on one of the most comprehensive property databases in New Zealand.
A timely measure based on unconditional agreed sales (not settlements).
Tracking changes in the value of a market portfolio containing all known properties (or any smaller portfolio) captured within Cotality’s property database due to market value changes (as opposed to changes in composition).
Trading or hedging residential property value changes; Estimating valuations over time.
Measuring historical residential property risk and returns in a given suburb, region, or nationally over a particular period of time.
Forecasting future residential property returns or risks in a suburb, postcode, region, TA or nationally over a given period of time (e.g. months or years).
Understand the Hedonic Regression Model behind our home value indices.
The hedonic regression model is a method used to calculate the Cotality Home Value Index.
This methodology seeks to overcome the issue of compositional bias associated with median price and repeat sales measures. The premise for this lies in hedonic theory which says that the value of a composite good, such as a house, is the sum of its components. Thus, by separating the sample of houses into their various structural and locational attributes, the differences in these qualitative factors across houses can be controlled.
Hedonic imputation is a method of imputing the value of dwellings having a certain set of characteristics (but no current sales price) by observing the sales prices and characteristics of other dwellings that do have recent sales prices.
To learn more about the methodology used in the Cotality Home Value indices please refer to the following studies, which have been published in the interests of transparency:
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