In Auckland the latest Government Property Valuations have now been released and people are screaming “My GV is too low!”, or too high.  As you can see by this article published nzherald.co.nz here

The fact is Government Valuation (GV), or Capital Value (CV), is NOT equal to the value of a home.  It is compiled chiefly for rating purposes.

The GV always confuses everyone because it has the word ‘Valuation’ in it.  It’s very important to understand how the Government Valuations are created now days.

Historically a certified valuer would actually go through every  home with a clipboard and make note of improvements, condition of home, aspect, position, local amenities, views, use of site, etc etc.  All the things that effect the value of a home.

Government Valuations are now computer generated in Wellington.  No one actually sees the property.  It doesn’t take a rocket scientist to work out that this is a flawed model for establishing a true market value.

In doing my value assessments for my clients very rarely is the GV/CV accurate.

If you are concerned that your GV has come back too low, do not panic.  If you are wanting an accurate steer on the value  of your home,  I’d be happy to do a free written assessment of the current value of your home.  Give me a call today at021 85 84 83 or send me an email at jason.yianakis@harcourts.co.nz