REINZ to examine data

Alistair Helm, of website Properazzi, said it seemed that some market participants did not to want to reveal accurate information. “My view is that the loan-to-value rules have had more impact than some people are wanting to admit and it’s making a mockery of the data.”

There was no data available that accurately compared the prices of similar properties over time, he said. “What we’re seeing at the moment is dumb reporting.  The institute is saying prices are growing and our members are happy, but no one knows the true figures… It annoys me that they’re not really helping the industry.”

The Real Estate Institute had access to much more detailed information than it produced each month, he said.

“Even without changing any collection process they could today provide far more accurate and valuable information on property prices. One of the fundamental problems with their data reporting is that they aggregate all property types together - be it a one-bedroom unit, a studio apartment, a five-bedroom home or a 20 hectare lifestyle property.”