Question 1

How is HomesEstimates calculated?

Accepted Answer

The estimates are based on an algorithm. They use trends based on property assessments, property attributes, your property's sales, comparable sales in the area, and agents' appraisals. You can read more about estimates HERE.

Question 2

Is a HomesEstimate a formal valuation?

Accepted Answer

Absolutely not. The HomesEstimate is just an estimate of how much a house might be worth. It’s not an agent/valuer appraisal and shouldn't be used for buying or selling. We haven't looked at the house ourselves, so the estimate could be more accurate.

Question 3

Why is my Capital Value different from my HomesEstimate?

Accepted Answer

HomesEstimates utilizes a variety of data points beyond just Capital Value. While Capital Values are reviewed every three years, HomesEstimates are updated every two weeks. As market values can change since the last Rating Assessment, the property value may differ from the Capital Value. 
For more information, please check HERE.

Question 4

How often are the HomesEstimates updated?

Accepted Answer

HomesEstimates are updated fortnightly, based on available data.

Question 5

Can I remove my HomesEstimates?

Accepted Answer

No, we do not remove estimates from the website.

Question 6

Can I update my HomesEstimates?

Accepted Answer

Yes, we can update your property’s HomesEstimates. Please check the options for updates HERE.

Question 7

Will manually updating my property's features affect my HomeEstimates?

Accepted Answer

No, you can update some property details, but these changes will not affect the HomesEstimate. We do not rely on information provided by owners for accuracy, as it can lead to inconsistencies.

Question 8

Can I use the HomesEstimate to get a loan?

Accepted Answer

No, the banks in New Zealand require a formal valuation by a registered Valuer to be done on a property in order to register a loan against that property.  The HomesEstimate is not a formal valuation and homes.co.nz is not a registered Valuer.

Question 9

How accurate is the HomesEstimate overall?

Accepted Answer

The HomesEstimate's accuracy depends on the availability and accuracy of council and sales data in an area. The accuracy percentages are calculated by comparing our HomesEstimates to recent sales in the area. An up-to-date accuracy estimate for the HomesEstimates can be found under the “How Accurate is the HomesEstimate” drop down tab HERE.

Question 10

Are mortgagee sales included in the HomesEstimate calculations?

Accepted Answer

Yes. These transactions are still considered to be a reasonable estimate for the market value of properties in the area and will be included.

Question 11

Are related-party transactions included in the HomesEstimates calculations?

Accepted Answer

Related-party transactions are not included. The HomesEstimate provides an estimated price for a home in a full-value, and arms-length sale, but excludes related-party transactions (e.g., sales between family members). These transactions will appear on homes.co.nz but are not considered when estimating HomesEstimates in the area.

FAQs

Frequently asked questions