Property valuations NZ: 6 ways to know a property’s worth

(free)

If a property sold recently, knowing its sale price can give you a rough idea of what it may be worth now (it’s also really interesting to know!). To find out past sale prices:

• Simply search the property’s address on Homes.co.nz by Trade Me Property.

• Scroll down to ‘Past sales & timeline’ to see past sale prices. 

• Then add or subtract from the value depending on whether prices in the area have gone up or down since the sale. 

This can give a rough, ballpark idea of what the home may be worth but it shouldn’t be relied on as an accurate property valuation. 

(free)

Homes.co.nz by Trade Me Property has another handy feature, the HomesEstimate, which provides a regularly updated value estimate for almost every property in New Zealand. This is calculated automatically using a proprietary formula, so it’s not a property valuation – but it can be a great starting point when figuring out what your property’s worth. 

When you search a property on Homes you’ll find the estimate just under the address and images of the property. Scroll down a bit and you’ll also find an estimate range including a high and low figure for the property, the average suburb sale price, and the property’s rateable value.

(Free)

Stick around on Homes for a bit. The next step is to look at recent sales of comparable properties in the immediate area of the home you’re trying to value. To do this you can either:

• Scroll down and look at nearby recent sales, keeping an eye out for properties with similar finishes, land size, rooms and potential appeal. 

• Or you can use the map function to do the same thing. Find this at the top of the page next to photos and floorplan – once you’re in just zoom out a bit and look for red dots, which indicate recent sales. 

Consider location, rooms, size, condition of the home, outdoor areas, any upgrades or renovations, finishes and street appeal when comparing other homes to yours. Once you’ve found a few similar properties in your area that sold recently this should give you a rough idea of what your home may sell for. 

(Free)

One of the best ways to get a property valuation for free is to ask a real estate agent for an appraisal. They’ll usually send a brief report with an appraisal range based on their market knowledge and recent comparable sales in the area. Agents know more than most about the property market and what buyers in the area want so these can be quite accurate. 

Keep in mind, agents want to sell your property so they may provide an unrealistically high appraisal so that you choose them. Do your own homework, and get multiple appraisals to avoid getting sucked in. 

(Free)

One of the best ways to get a property valuation for free is to ask a real estate agent for an appraisal. They’ll usually send a brief report with an appraisal range based on their market knowledge and recent comparable sales in the area. Agents know more than most about the property market and what buyers in the area want so these can be quite accurate. 

Keep in mind, agents want to sell your property so they may provide an unrealistically high appraisal so that you choose them. Do your own homework, and get multiple appraisals to avoid getting sucked in. 

Cost: $700 - $1200

A property valuation via a registered valuer is the most accurate way to figure out what your home’s worth in most cases. These qualified, trained professionals will look at a number of factors to decide your property’s value including:

• Property size. 

• Room size and number of rooms. 

• Building construction and materials. 

• Property condition. 

• Garaging. 

• The property’s appeal. 

• Land size.

• Quality of the site. 

• Property zoning. 

• Title type.

• Previous sale prices. 

• Location, including wider location and your street. 

Once they’ve visited the property they’ll provide a valuation report, which should include a single figure - plus commentary on how they decided on that number. These reports are often required by banks to approve lending to buyers.