Quotable Value QV valuation accuracy?

[JonoBoy]

I'm looking at a property to buy in Lower Hutt and in this uncertain market, I'm wondering if QV will help guide me on how much to offer at tender. Anyone used the Verified QV Report ($280), and was it accurate?

[Sanya]

If you are only wanting a value, you can get it for free by visiting the QV site.

Accuracy is hard to determine because it comes down to buyer behavior.

I have noted that QV values tended to be lower than online valuations from homes.co.nz and One Roof.

[donna]

And Core Logic is lower still - from my experience.

Homes.co.nz is used by the RE Agents. Core Logic by the banks and local authorities for rates. Not sure who uses QV.

cheers,

Donna

[Sanya]

Not sure who uses QV.


Donna

I believe most councils use QV, including Wellington (see https://wellington.govt.nz/property-...ing-valuations) and Kapiti.

[donna]

Does QV use Core Logic - like the banks?

cheers

Donna

[chook]

Just spoke to a valuer in Wellington, values are 40% lower than the RV

[donna]

^^ yeah it’s not far off in Kapiti. We have a place with RV $800K - homes.co.nz says $880K average - high end $945K. At its peak it was $1.3m.