QV Values - May 2011

[Rosco]

Also interesting to see REINZ April stats.

April median house price is down a bit on March, but still above the November 2007 figures.

Again, have house prices really gone down?

[Bob Kane]

Typical Statistical Nonsense from Questionable Value.
How those people stay in business is amazing. If it wasn't
for the nasty, incestuous relationship they have with so
many NZ Councils, I suspect they wouldn't.

C'mon, guys and gals. How many modern houses have
internal double garages? Nearly all of them! Way back
when, you were lucky to have a garden tool shed for
the lawnmower.

Not sure what's driving your rant - perhaps a good red wine?
It seems you're arguing that the larger house size is just the double garage?
Didn't you read this bit:

Quotable Value research director Jonno Ingerson said much of the increase could be put down to a rise in the construction of four bedroom homes, particularly during the last 20 years.

"Since 2000 more houses built had four bedrooms than three for the first time. Five bedroom homes have also increased from 3 per cent up to 11 per cent," he said.

[One]

Assuming houses now average a double garage, about half the gain is down to the garage.

[Bob Kane]

Doesn't change the fact that houses are now 44% larger than before.

[Perry]

Not sure what's driving your rant - perhaps a good red wine?
It seems you're arguing that the larger house size is just the double garage?

I did read the article - yes. Where is the transition
figure? Once, garages were more often separate.
Was it that too many became tired of walking from
the garage, into the house?

If one is comparing houses of yesteryear, when the
garages were largely external, and drawing the
comparison with contemporary houses with garages
mainly internal, then the first comparison needs to
be the aggregate of the house plus any external
garage area. Otherwise, the stats are skewed. The
twits @ Questionable Value are missing something.
I'll resist the temptation to be specific about what.

[Bob Kane]

Sorry, Perry.
I thought you were getting hung up about the garage and missed the bit about the houses moving from 3 bedrooms to 4 bedrooms and this explained the larger house size.

[Perry]

No contrition necessary. I was indeed ranting, to a degree.
I have such a negative opinion of QV, the very mention of
the name is enough, never mind when their one-size-fits-
all Neanderthal mentality reveals itself afresh. . .

(Which you know by now, anyway)

[JohnJackson]

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QV index attempts to relate changing value of a particular property over time. I.e If a house with GV of 1.5million sells for 1.2million, then this will lead to a decrease in the index value (weighted equally with all other properties sold in the same way).

People who go by median values (or worse mean/average values) are missing out on whats really happening. Its not ideal, but its the best data available.

[PeterTach]

The problem with the rubbish figures that QV prints is the fact that the media use them as some sort of base line bible.
Opinion becomes fact which becomes reference material with becomes a media source article which becomes verified by being printed then enough people read it, repeat it and it becomes common knowledge.

The fact that it's uncleaned data that shouldn't be released without a large number of notes doesn't seem to enter into it.

[cube]

I look forward to you setting up a better system, PeterTach.

When's it due?

[Perry]

QV index attempts to relate changing value of a particular property over time.
It's not ideal, but its the best data available.

Is it really the data that's the difficulty? Or
is it the interpretation that's the problem?

[PeterTach]

It's not my intention to improve this broken system, but it shouldn't be QV's job to promote a system they know to be flawed either.
This is after all a government agency giving the market flawed data.

[eri]

better data that is 90% correct and 10% wobbly

than no data at all...

[Perry]

If there was ever any lingering concerns about the dubious value of Questionable Value . . . .

Auckland Council and QV in stoush, thousands of property rates valuations affected
17 July 2018

QV has been found to have taken short-cuts in thousands of valuations for setting property rates, and missed two deadlines to complete the work. An audit by the Valuer General in June confirmed that QV were being inconsistent in following the rating valuation rules regarding on-site inspections," said the council.

The Valuer-General who oversees local body property revaluations advised the council to urgently carry out a legal review of how QV was carrying out what should be individual on-site inspections. "They did not follow the law, or their contractual requirements, by not carrying out on-site inspections required," said the statement. Stuff has sought comment from QV, but a spokesperson said they were unable to respond.