18-01-2013

CVs no price guide: Newland

Landlords.co.nz

Buyers in Auckland cannot expect to use CVs as a guide to house prices, commentator Olly Newland says.

“I’m surprised myself at what the prices are,” he said. “Generally speaking, prices in the reasonably good suburbs are 25% to 50% above CV.”

He said even tired, rundown properties were selling for at least 20% more than their CVs.

“CVs used to be the way you valued properties, you’d say they’re selling for 10% more, now it’s a useless number.”