|Adjustments||Not Seasonally Adjusted|
|Building Permits||Dec 2022||2,525,211,253||3,036,311,614||NZD, NSA||Monthly|
|House Price Value||Dec 2022||790,000||810,000||NZD, NSA||Monthly|
|Non-residential Building Permits||Dec 2022||856,385,655||829,639,886||NZD, NSA||Monthly|
|Residential Building Permits||Dec 2022||1,631,892,317||2,150,942,933||NZD, NSA||Monthly|
For New Zealand, the REINZ Monthly Property Report (f.k.a. Housing Market Indicators, Property Market Report) reports median sales price and median days to sell; for dwellings and vacant residential land; for StatsNZ regional councils and districts, REINZ areas, and the country.
REINZ uses a median method instead of an average method to give a more accurate measure of the mid-point of residential properties in New Zealand. Using the middle house in the range to reflect the sales price of what majority of houses are sold for. If they use an averaged approach, the price would fluctuate between these two extremes depending on the highest and lowest prices.
We seasonally adjust using the median house price, using the U.S. Census Bureau's X-13 ARIMA program.