How much above e-valuation

[joesanga]

It's an auckland property. No issues with the house, great location and well-presented. How much above the QV e-valuation is a good price to buy/sell? Thanks.

[Bobsyouruncle]

Impossible to answer. Somewhere between 10% less and 100% more depending on what the property is.

[sidinz]

e-valuations are not worth the bytes they're stored on, IMHO.

[joesanga]

Thanks for the replies. I know CVs are pretty useless but if e-valuations are not that meaningful either, then why do banks still use those to determine mortgage loans etc?

[chigz_fj]

evaluation is not consistent with current Auckland market.

I came across a property which had an evalue of 610K, was sold for 640K, 1.5 months later sold for 697K.
I also saw another property with an evalue of 681K, sold for 760K.

[Don't believe the Hype]

Thanks for the replies. I know CVs are pretty useless but if e-valuations are not that meaningful either, then why do banks still use those to determine mortgage loans etc?

the banks need some methodology to determine and accepted value of a property to determine their risk profile. It's not designed to be 3rd decimal point accurate but more about consistency of methodology to manage their risk.

[sidinz]

They can also really be out in smaller cities. One done on my property was very low because there were only three sales to compare it with. They all had 1/3 of the land, so no development potential, one was nine months old and another six, so very out of date as there'd been a recent boom.

Beyond that, my property was very conservatively 'valued' at lower than two of the three for some strange reason.

Based on that, they bank would only lend a smaller amount. When discussing with a valuer, she intimated that e-valuations had caused problems for a lot of people.