The question is commonly put to me – “Are houses selling over or under GV (Rating Value) at the moment?”
Here is my analysis from the latest monthly release of data from the Real Estate Institute (Sept 10th). The figures are averages for each suburb. There is a very high margin of error involved in the above figures because the sample sizes are very small. This type of analysis is useful to get a very general feel only and shouldn’t be relied on as evidence for negotiations when viewing specific properties.
Suburb | Average Sell Price | Average Rating Value | % difference | No. of Sales
Churton Park $448500 $452500 -0.84% 6
Crofton Downs $446333 $453333 -1.6% 3
Johnsonville $380375 $364063 4.4% 16
Khandallah $644867 $662667 -2.69% 15
Newlands $408833 $446667 -8.4% 4
Ngaio $603333 $590000 6.77% 3
Paparangi $372666 $380000 -1.93% 3
Grenada Village $542206 no GV’s recorded as all sales this month were new homes that haven’t been rated yet.
NB. This data doesn’t include sections or properties that have no GV recorded.
There is plenty of great stuff like this on my North Wellington Property website www.northernsuburbs.co.nz
September 26 2011 12:58 pm | North Wgtn House Market Trends