Comments on: Does QV represent market value?

By: Govt buys into GV house value myth for Christchurch residents | North Wellington Real Estate

Thu, 23 Jun 2011 01:28:20 +0000

[...] one?b) Why use the Rating Value figure (GV) as opposed to a registered valuation?Have a read of an article I wrote a couple of years back to get a feel for my opinion about GV’s being used to accurately define market value here [...]

By: david

david — Thu, 28 Oct 2010 03:43:00 +0000

The QV valuer readjusting your QV shouldn’t be taking your purchase price into account as it is distant history.
When was the last time someone from QV came to update the QV figure? My guess would be never????
If this is so, I reckon you have a great argument for having all improvements included in his assessment.
Will he even know what was done previously and what has been done by you?
I wouldn’t tell him, just walk him through pointing out all the fine features of your property and whispering some gentle suggestions as to your feel for the value of your property in his ear (oh, and add about $20k!). It can’t hurt! Sounds cynical but it has worked like a charm many times for me :)

By: Charlie

Charlie — Thu, 28 Oct 2010 00:29:29 +0000

Hi David
very informative piece, thank you. I am about to list my house on the market but only yesterday received news that the RV has dropped by over 10% resulting in a RV less than the previous owners paid for the house in 2005. I am applying for an urgent reassessment, but would be grateful for your opinion as to whether work undertaken prior to our purchase of the house (around a year before) is worth raising with the QV valuer? In our case, there were significant improvements made (central heating, new kitchen etc) prior to our purchase but QV are arguing that these would have been taken into account in our purchase price (despite the fact that this was 21k under the market valuation we had done at the time, and 14k below the old RV). We have also added substantially to the value of the house, but it would certainly strengthen our argument if we could also add the other improvements to the list! Thoughts? Thanks in anticipation

By: david

david — Fri, 25 Jun 2010 08:04:57 +0000

agree Brent, the whole rates vs household public amenity use gets to all house owners especially investors. I own 4 properties and resent having to give the council money for the stadium which I never use x 4. This is nothing we can do about it apart from getting elected in the Council

By: BrentR

BrentR — Fri, 25 Jun 2010 02:55:31 +0000

Good read David. Rateable Values tend to play a big part, and no, i have never heard an agent mention updating the RV. Infact only this week did i realise that the RV never took chattels into account. Im not an agent but i am in property. Also on the rates topic, still dont think its the fairest way to set rates because we might own a house of more value through either our own input or outside influence…opening a street up?? as it doesnt mean i use the footpaths or library anymore than the next guy.