YOUR HOUSE VALUE
A quarterly analysis of North Island property values
WHAT IS “E-VALUER”?
E-Valuer is an estimate of market value and forms part of a QV.co.nz E-Valuer report.
It is an automated model which provides an instant estimate of a property’s current market value based on recent sales of comparable properties in the immediate area and other factors.
In the tables, an E-Valuer Report was run for each house in the suburb, and then a weighted average was calculated. The result is an average current value of all houses in the area. This may represent a more robust guide than median or average sale prices which measure only what happens to be selling in the area and can therefore be skewed, depending on which parts of the market is more active – the top or bottom end. Where there is insufficient data to calculate enough E-Valuer Reports in an area, value is not shown. While CoreLogic has used reasonable endeavours to ensure the accuracy of the information, the accuracy of the data relied upon to assess the estimated value is not guaranteed.
WHAT THE TABLES TELL YOU
The data for these tables is provided by CoreLogic and gives a comprehensive summary of actual house sale prices and volumes for the periods and areas listed.
The North Island areas detailed generally have at least 500 houses, and sufficient sales, to give meaningful results. Sections are excluded, as are mortgagee sales and “non-market” sales (such as sales to related parties and transfers to trusts). But flats and apartments are included, and are now included in this issue..
Three-monthly median prices have been used to give greater depth and accuracy. They are a useful indicator of trends where the number of sales is high, but offer only a very rough guide in areas where sales are low. For smaller areas, they should be treated with caution.
The average sales price compared to CV (capital value set for councils every three years which may be used as a basis to apportion rates) gives a general guide to what properties may sell relative to a reader’s own CV (which you will find on your rates bill or council website). Negative values mean that on average properties are selling below their latest CV, while positive numbers mean they are selling above. Most CVs are set between July and September in the year given. The tables should be regarded as giving only broad indications of value.
To determine market value of a particular property, visit QV.co.nz for the actual E-Valuer estimate and get advice from valuers and real estate agents.