How much is my house worth in New Zealand? A property valuation – an assessment of a property’s market worth – can help you understand the market value of your property. You’ve no doubt seen or heard of Capital Values (CV), Estimated Values (EV), Registered Valuations (RV), or other types of property valuation. What property valuation do banks use to determine the value of your house for mortgage in New Zealand? What is a bank valuation? Are bank house valuations accurate?

Video Timeline

1. Capital Value (CV) - 00:48
Capital value (CV), also known as Rateable or Government Value, is set by local councils and helps determine how much they should charge you in annual rates. It’s a general guide to your property’s worth based on a number of different elements such as location, size and the recent sale prices for other properties in the surrounding area.

2. Estimated Value (EV) from CoreLogic, or iVal from Valocity - 01:41
What do banks use to determine the value of a home for a mortgage? When it comes to property valuation, New Zealand banks generally have their preferred panel valuation service provider. The two major providers in NZ are CoreLogic and Valocity. In the normal process banks will order an ‘Automated Valuation Model (AVM) Report’, from their provider. This is known as the Estimated Value (EV) by CoreLogic and iVal by Valocity.

3. Registered Valuation (RV) - 03:08
A registered property valuation is an independent assessment of a property’s market worth conducted by a registered valuer. The registered valuation is considered to be a more accurate and reliable way to get the value of your property, though this is time-consuming, and involves additional cost on top of your purchase price.

4. Purchase price - 04:34
In some situation, the purchase price of a property can be used as the valuation when financing a property. For example, if you’ve bought a property recently and you’re thinking about topping up from the property, then you may be allowed to use the purchase price as the valuation.

Learn more (blog version): https://prosperityfinance.co.n....z/blog/how-do-new-ze
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