GVs have jumped. Does it matter?
So the new Government Valuations are out, also known as GVs, RVs and CVs and what a jump they have had!! So let me straight off the bat say “they are not actual valuations, it does not mean that these are your new selling prices!”
There is a reason I say this and have been saying it for years.
If you have 2 houses side by side with an identical footprint, house and section size but one is newly refurbished and the other hasn’t been modernised for 30+ years but they have the same GV, are they worth the same? I would suggest anyone answering "yes" should leave the Kool Aid alone!
The GVs are a way of setting rates. When the GVs dropped 6 years ago, rates still went up.
I believe most people are aware of this but it has probably been the single most talked about topic for both buyers and sellers in the last 6 weeks while we have been waiting for the new numbers.
To clarify, a real estate agent and a professional valuer both appraise a property by looking only at recent sales. In my opinion these are the only figures that are important. And a couple of public websites that have provided appraisals using only GVs have recognised their flawed methods and are now letting buyers know what the recent sales are in a given suburb, a much better way of helping both buyer and seller recognise market values.
If you are thinking of selling your home, would like an appraisal, or want more information on the Upper Hutt property market please call me on the numbers below or contact me via email firstname.lastname@example.org alternately fill in your details here on my website.
(04) 212 6787
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