What are you seeing with the bank financing environment?

[Wellington Broker]

But the point was, if a panel valuer does a valuation, what difference does it make whether it was ordered by another bank or by the client themselves?

I can tell you right now which valuer in Wellington to use if you want to get the highest valuation...

[Wellington Broker]

Let me re-confirm that I understand you correctly - Westpac now uses homes.co.nz to use for their property valuations?

Westpac use Core Logic - they're also unique in that they also still let you choose your own valuer

[cube]

BNZ's velocity value was great for me - higher than homes.co.nz or my own estimate, based on a range of factors.

[eri]

Let me re-confirm that I understand you correctly - Westpac now uses homes.co.nz to use for their property valuations?

below is the guts of the email

i assume that homes.co.nz valuations now provide their default valuations

Hello Thank you for choosing Westpac for your home loan. Around this time of year we like to check in to see how everything's going and to offer you some handy tips. Whatever your property ambitions, we’re here to help make them happen. How much is it worth? See what the property experts at homes.co.nz estimate your property to be worth. Then see how this compares with others in your neighbourhood.

Best regards
The Home Ownership Team
Westpac NZ

[Wellington Broker]

below is the guts of the email

i assume that homes.co.nz valuations now provide their default valuations

Hello Thank you for choosing Westpac for your home loan. Around this time of year we like to check in to see how everything's going and to offer you some handy tips. Whatever your property ambitions, we’re here to help make them happen. How much is it worth? See what the property experts at homes.co.nz estimate your property to be worth. Then see how this compares with others in your neighbourhood.

Best regards
The Home Ownership Team
Westpac NZ

This reads like Homes.co.nz have paid to advertise with Westpac.

[Bobsyouruncle]

Doesn't read that way to me. Looks just like paid advertising.......
Quite strange for a bank.

[eri]

a nearby property sold yesterday for $830,000, well presented, marketed with lots of interest at $855,000

the 2014 rates valuation is $565,000

as a check ran the address through homes.co.nz for their more current value estimate

low - $855,000.............................3% over sold price
medium-$895,000........................8% over
high-$930,000.............................12% over

looks like their algorithm hasn't yet been tweaked for the downturn we are seeing

meanwhile after 7 months at $499,000 this apartment flipper has knocked off $70,000 to move this 2bd + car

http://www.trademe.co.nz/property/residential-property-for-sale/auction-1377014972.htm

the banks will have to be careful

[Davo36]

a nearby property sold yesterday for $830,000, well presented, marketed with lots of interest at $855,000

the 2014 rates valuation is $565,000

as a check ran the address through homes.co.nz for their more current value estimate

low - $855,000.............................3% over sold price
medium-$895,000........................8% over
high-$930,000.............................12% over

looks like their algorithm hasn't yet been tweaked for the downturn we are seeing

meanwhile after 7 months at $499,000 this apartment flipper has knocked off $70,000 to move this 2bd + car

http://www.trademe.co.nz/property/residential-property-for-sale/auction-1377014972.htm

the banks will have to be careful

How do you know they're a flipper eri?

And do you know what they paid for it?

[eri]

How do you know they're a flipper eri?

And do you know what they paid for it?

it's not a flash building but someone has been buying up the apartments, doing them up nicely and selling them on

no problems with that, but i call that flipping

pretty easy to find out what they paid for it nowadays but that's not what i was trying to say

more that my records show it was offered for $499,000 nov. last year

and the txt of the tm listing says

The vendor has dropped their asking price by $70,000

[Nick G]

I would call that trading but close enough

[Viking]

Homes.co easy to deal with. Updated monthly but needs more time as relatively new. If you edit the house info then the site works with that.
Think time will bring it to be more accurate if you do fill in the detail.
Compared mine to Trademe and not a lot of difference.
If you have a registered valuation you can upload that and or the values to the site.
Good response times to queries as well.

Give it a go. The better the info on there the more help to us guys. Might even avoid Valuer fees altogether in the future.

[Bobsyouruncle]

Flipping is just the American term for trading....

[eri]

[Bobsyouruncle]

[Dunning]

Interesting regarding homes.co.nz I've seen that Westpac have been advertising on there for the loan calculation so not surprising that they are pushing the site.

For a comparison, I had asked Westpac for their desktop valuations, provided by Core Logic, 2 weeks ago and they were all under homes.co.nz on the same day
Property 1 8% less - 20k less than Core Logic from Feb this year
Property 2 6% less
Property 3 30% less - Westpac relying on the CV, despite having a RV for close to homes.co.nz from Feb this year.
Property 4 6% less - Westpac were also 5k less than what this was purchased in Feb this year using them for the mortgage.

Homes.co.nz seems to be the most optimisc on prices and Relab.co.nz the most reserved with property insights(trade me) not far from Relab. Westpac's Core Logic came in more reserved than any of the sites.