The Reserve Bank and Real Estate Institute have developed a new index to more accurately measure changes in house price movements.
The central bank has put out a discussion document on what it calls stratified housing price measures.
It says the institute's monthly data on median house prices is timely, but changes in the mix of properties sold each month means it can be difficult to know whether the change reflects a trend, or whether the change is being skewed by sales of more expensive or cheaper houses.
The Reserve Bank says greater detail of house prices will provide a better gauge of household consumption.
The stratification approach is basically an average of sale prices for common groups of housing, based on figures at a suburb level.
The first index using this technique will be out on Friday 14 August.