What's your home worth?
A guide to determining the value of your NZ property.
How much is my house worth?
1. Free property insights on homes.co.nz
This online resource provides you with a property price estimate based on market values, rateable value (RV) data, sales histories, the property’s size and what year it was built. To discover house price trends in your neighbourhood, you can also check the price of similar houses around you.
With homes.co.nz's property insights you’ll learn:
- The estimated value of your property
- What neighbouring properties have sold for
- To track your home's value, update its information and stay up to date with suburb trends
- Your insurance estimates, capital valuations and council records
- Who the local real estate agents are that are actively selling properties in your neighbourhood
2. Work with a real estate agent
By law, real estate agents in NZ must provide you with a written appraisal before you sign up for their services. This is a current market appraisal (CMA), and will be based on:
- The agent's knowledge of the area
- Sale prices for similar properties in the suburb
- The characteristics and condition of your home
Be prepared to receive a range of different valuations from real estate agents because some aspects of the CMA are based on the agents' opinions of your home’s features.
3. Get a professional valuation
Maybe you don't want to use a real estate agent, or perhaps you just want a second opinion on how much your property is worth. You can opt to get a registered valuer to provide you with an independent valuation. This comes at a cost but these valuations are independent and are often more detailed.
Your real estate agent has to provide you with an appraisal of what they think your house is worth, or you can get an independent valuation.
4. Stay on top of property news
Being well informed about market trends in your city and region can also be a big help. Take a look at our Property Price Index to educate yourself on what the market is doing in your region, and for your type of home. The Index is produced from data on properties listed on Trade Me Property over the previous three months and provides the latest on 'for sale' price trends by type and size of property.
In reality, what your home is worth depends on property market conditions today – how many people are looking to buy, and how desirable your property’s location and condition are. This is constantly changing and might vary quite a lot over six months.
A quick guide to property value terms
1. Capital Value (CV)
This is the likely price a property would sell for at the time of a revaluation. It’s based on the property’s combined land value and improvements value but doesn’t include any chattels which may be included in the sale of the property.
2. Rateable Value (RV)
This value is determined by your local council to establish your rates payments. A revaluation of properties usually occurs every three years - if a new improvement is done after the rating value date, it will only be assessed at the next revaluation.
3. Registered Valuation
A registered valuer provides this information, but you’ll have to pay for it. Lenders often request one to confirm a loan. It gives you a clear indication of the market value of the property at that moment. When you’re selling it will help you negotiate a higher price if your property’s registered value is higher than its CV.
4. Rebuild Value
This is what insurance companies will ask for when you insure your home. If it’s destroyed and needs to be replaced, how much would it cost to rebuild? Insurance companies usually have calculators to help you work out an approximate rebuild value.
5. Land Value
The most likely selling price of the bare land at the date of valuation. It includes bare land and development including drainage, retaining walls and levelling.
6. Improvement Value
The difference between the capital value and land value. This includes the value of the buildings, other structures and any landscaping.
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