Comparing median HomesEstimates to median Council Valuations – Wellington

New Council Valuations for Wellington were released on the 7th of November.

Residential house prices jumped up an average of 44.6% over the last three years with affordable suburbs, such as Newlands and Tawa experiencing the biggest increases.

Wellington CVs have been updated on the homes.co.nz website. Click here to view them.

How do the median HomesEstimates compare to the median Council Valuations?

We’ve done the comparisons. The below table will give you a good perspective of the entire Wellington region and all the information you need to keep up with the changes in your suburb.

What is a HomesEstimate?
An estimated value for an individual home, calculated from recent sales and public data. It is a starting point in determining a home’s value and is not a formal valuation. The HomesEstimate is calculated monthly.

Everything you need to know about CVs

Since we like keeping you up-to-date, here’s some more information.

What is CV?

An estimate of the worth of a property at the time the valuation is published by the council.

How are CVs calculated?

CV’s are calculated in a similar way to the homes.co.nz monthly HomesEstimate. A complex algorithm analyses the sales in an area and the features of similar properties around it. Few properties are physically examined each year (e.g. when building consents are signed off) to help improve the valuations as well.

How often are CVs updated?

Councils update CVs every three years. Wellington has just been updated and Hamilton is due for a CV update next week. To check the most up-to-date CV for your home visit homes.co.nz.

Is your CV out-of-date?    

Since CVs are calculated every 3 years, your CV may no longer be an actual reflection of what your property would sell for. For the most up-to-date estimate of the market value, check your HomesEstimate by visiting homes.co.nz. Register and receive monthly updates.

If your CV increases, will your rates increase as well?

Not necessarily, although rates bills often rise with house values. There are other factors to consider – these include how your suburb has performed relative to others in your city and changes to the total housing stock. As the housing stock in a Council’s area grows, there are more properties that share the total rates bill.

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Fiona D'Silva Moiyadi

About the author

Marketing Manager at homes.co.nz (Brand & Strategy Consultant)

Fiona is a passionate strategic marketer, brand specialist, entrepreneur and writer. She is a perfectionist at heart, very enthusiastic and has successfully launched and marketed several products, both locally and globally.
Fiona enjoys cooking, reading, going for long drives with her husband and is currently writing her first book - and it's all about love!
To connect with her or know more, find her on LinkedIn.