Property Valuer --- Dodgy? Clueless or crazy?

[BinaryLimited]

Good Morning All!

Currently live in Cockle Bay, Auckland. Purchased our house in Feb 2015 for $1.225m.
Had a valuer come do a valuation last week and his idea is $1.3m.

The thing that confuses me is that the house 3 houses away with less bedrooms and less land sold for $1.475m in January 2016 ( CV difference from our home is $50k ). It also doesn't have a sea view.
I'm struggling to understand how a valuer thinks and what methods they use to value a home. My finance guy cant seem to make sense of things either.

Copying and pasting from property guru and rpnz is not a method or any work. He was quite expensive for his valuation.

On Another note, we sent him to our investment property...
- Feb 2014 - Feb 2015....valuation was $200k above the price we paid.
- Feb 2015 - To Date...the valuation is an additional $60k...how??


Any help would be great, i'm just lost for words

[investorak]

I would say hes playing safe

Have you asked them?

I would get access to some sales and then compare them with what he has used on your valuation report. Are the properties that he is using a good comparison to your property?

[BinaryLimited]

Thanks, i had a feeling he was playing safe... but that's a bit extreme.
Will be sitting down with him tomorrow to discuss

The properties he has chosen aren't exactly what id use to compare. Have done a full property guru and rpnz search to see all property sales in the area.
The other problem with property guru and rpnz is that they are not correct. Eg. The data for my house is false ( eg. house size, bedrooms, purchase date, age of the house etc )...
Besides being false data, those systems tend to be about 3months out of date...if not more.

Many realestate professionals, valuers etc etc use those out of date systems which are sometimes not correct....which is a big concern.

Is there perhaps a formula that everyone uses? Other than a formula, the only real way to find the value of your property is to put it to market...i refuse to move homes again

[BinaryLimited]

UPDATE : just had a QV person from corelogic here this morning to correct the incorrect data.
Apparently if a house hasn't been marketed via a realestate agent for less that 20/25 days...it is not included in the property guru,rpnz and/or corelogic property comparison reporting.
Keeping in mind that when a property is sold, your lawyer sends the Notice Of Sale to the council who then sends it to QV/Property Guru/RPNZ to update their systems.

It is classified as a "stress buy" , confusing as the property was still purchased.... having it excluded in the property price reports (cma's etc) generates false info...

Is it only me or are others aware/starting to see the flaws in the "valuation, market values" for ones house?