What's your house worth?

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BlueShift

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#196246 24-May-2016 14:59

Sounds like a pretty rude question to ask out right, but apparently the-auction-site-whose-mention-wakes-up-Peter-Reader has developed an app that lets you easily browse the sale prices of homes from all over the place.

Mine won't be on there, its never been sold, but I'm tempted to have a snoop around and see what the neighbours paid for theirs.

House prices are public information, I assume for historic reasons relating to rating, but they are just about the only thing that is. People can take an educated guess at what you paid for anything else - your car, your holiday, your business suit, but they can't just go online and find out down to the last dollar.

ETA the link I forgot :-)

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#1558710 24-May-2016 15:02

Link?

venomio

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#1558711 24-May-2016 15:02

Auckland house prices: {What it should cost for the land and house} x 3

I think the house I live in has been estimated to be in the just over $1m+ range.

4 bedroom 2 year old house in Flat Bush, Auckland.

kobiak

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#1558712 24-May-2016 15:06

homes.co.nz ?

helping others at evgenyk.nz

antoniosk

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#1558716 24-May-2016 15:16

kobiak:

homes.co.nz ?

Trademe property, which uses source data from homes.co.nz, which accesses council information, which isnt always uptodate (wcc never recorded the house sale when we brought this place, but the title change has gone through fine. And the rates are regular. go figure)

________

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trig42

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#1558722 24-May-2016 15:32

Interesting.

Checked our current house (on which we have got a 3 month old Valuation) - Homes was about 10% under that. Seems it is using some sort of formula based on Rating Valuations, unless there is a recent sale. I checked my parents house, which sold a year ago, and the valuation on that is a little higher than what the sold it for (which I'd expect).

An OK tool if you are hunting around, but like anything, a house is worth what the market will bear paying.

mattwnz

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#1558723 24-May-2016 15:37

trig42:

Interesting.

Checked our current house (on which we have got a 3 month old Valuation) - Homes was about 10% under that. Seems it is using some sort of formula based on Rating Valuations, unless there is a recent sale. I checked my parents house, which sold a year ago, and the valuation on that is a little higher than what the sold it for (which I'd expect).

An OK tool if you are hunting around, but like anything, a house is worth what the market will bear paying.

The tool is like using a sledgehammer to crack a nut. I know a house that has just sold for nearly double the price that their estimate is giving. It woks fine I think for an average house. But not for anything that is above or below average.

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BTR

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#1558726 24-May-2016 15:41

I got this error " Sorry, we didn't find any data for this area. We add data daily, so please check back soon. " Which is odd since my house was built in the 50's....

D1023319

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#1558727 24-May-2016 15:46

To me home ownership is not about its monetary value, its about independence and freedom.

- I can modify it as and when i like

- I am not going to be evicted if the landlord wants it back

- No unexpected rent rises, etc..

- no rules as to its use

Geektastic

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#1558735 24-May-2016 15:48

Your house is worth what you can sell it for...not what a computer says it is worth.

The International Valuation Standards Council definition of Market Value is

"The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion."

Fred99

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#1558736 24-May-2016 15:51

Excellent.

There are many advantages to sellers and buyers in having that information available easily and for free. It'll have more effect when the present sellers market takes a turn.

For sellers, less risk of having their price expectations talked up by agents, only to find the agent talk down the expectations once they've been given an exclusive listing or auction. For buyers less risk of wasting time with agents trying to upsell them to something they don't want to or can't afford.

Valuers might not be too happy, neither may some agents be. Honest agents should be thrilled, as they'll be dealing with better educated more aware clients, and valuers will still have work when formal valuation is needed by banks etc.

trig42

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#1558769 24-May-2016 15:56

BTR:

I got this error " Sorry, we didn't find any data for this area. We add data daily, so please check back soon. " Which is odd since my house was built in the 50's....

They only have data from 20 councils I think. Some (most) areas won't have any data.

I checked Auckland, Napier and Thames. Thames had no data.

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NonprayingMantis

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#1558772 24-May-2016 15:58

It's an estimate. Nothing more nothing less. There will be plenty that sell for above or below those number. In some cases much more above or below.

From what I can tell, it looks like it takes the general area, checks what home sea have sold for vs CV in the last 6-12 months, then estimates other houses at the same.
E.g: houses in my Eden sell for 40% abive CV in the last year. Therefore you can guess other houses in the area will do the same.

mattwnz

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#1558788 24-May-2016 16:20

NonprayingMantis: It's an estimate. Nothing more nothing less. There will be plenty that sell for above or below those number. In some cases much more above or below.

From what I can tell, it looks like it takes the general area, checks what home sea have sold for vs CV in the last 6-12 months, then estimates other houses at the same.
E.g: houses in my Eden sell for 40% abive CV in the last year. Therefore you can guess other houses in the area will do the same.

And if the gov has to buy them back, like they did in Christchurch, you only get the CV. SO these values aren't really irrelevant, people should make sure that they are happy with the CV their are given. Even the CV isn't an accurate figure on many houses. Many architecturally designed houses are worth far more than the CV shows, and when they sell, they help to push up the value of other poorer quality houses, as the CV doesn't really look at build quality.

Jaxson

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#1558789 24-May-2016 16:21

It's all public info anyway, so the real story is that someone made an easy to search with app.

frankv

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#1558790 24-May-2016 16:22

"Homes estimate: Coming soon" for my house (Marton). That seems to apply to everywhere in Marton except for a handful of recently sold houses.

Matamata doesn't seem to have any data. Nothing for Te Aroha, not even recent sales (my sister bought a place there last week).

If you look for "Wilton Rd, Tatuanui" (near Te Aroha), it shows one recent sale which appears to in fact be 185A Wilton Rd, Wellington.

A lot of work needed for this to be reliable, I think.

Caveat emptor.

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