Question 1

How much does a valuation cost?

Accepted Answer

The cost of a valuation will vary based on several considerations including but not limited to the complexity, information available, travel and time involved.

Residential market valuations in south Auckland with a standard turn around of up to 5 (five) working days currently range from $825 up to $1,325 including GST.

Urgent residential market valuations required within 3 (three) working days attract a minimum additional fee of $250 including GST.

Commercial property and non-market valuations e.g. insurance and rental valuations vary widely and we recommend a quote or estimate is sought.

Clients may prefer a quote before instructing a Valuer. However, a quote can be difficult to provide as the Valuer may not fully understand the time and complexity involved until they have inspected the property and/or completed the valuation.

A scope of works document usually accompanies a quote and this will outline the limitations of the quote.

Often, a valuation will be more difficult and take longer than anticipated. In the instance where a Valuer has quoted a fee, they may have underquoted and may absorb the financial loss or request an additional fee. Therefore, a Valuer may prefer to provide an estimate as opposed to a quote.

If you require a quote or estimate, please complete the quote form and we will get back to you.

Question 2

How long does a valuation take?

Accepted Answer

The time it takes to complete a valuation will depend on several considerations including but not limited to the complexity, information available and workload of the Valuer.

Other factors including access, information availability, the supply of supporting documents and communication can all facilitate or hinder the efficiency of the valuation process and delivery.

For a time indication, contact the Valuer. Keep in mind that valuations can take longer than anticipated and delays occur when information required is not provided e.g. building floor plans or consent information. Also, if another valuation takes longer, this may have a flow on effect to your valuation.

If your valuation is urgent or required by a certain date, please let the Valuer know before they accept the job to ensure they can meet your deadline.

Residential valuation ordering service through Valocity and Cotality (previously CoreLogic) require in-scope residential valuations to be completed within 4 (four) to 6 (six) working days.

This time frame can be reduced to within 3 (three) working days if the customer pays an urgency fee on top of the standard fee. The urgency fee is usually a minimum of $250 including GST for residential property valuations.

Question 3

I need a valuation for mortgage lending purposes, can you help me?

Accepted Answer

New Zealand  Banks maintain approved valuer panels and often utilise valuation ordering system (VOS) companies to instruct Registered Property Valuers. Two VOS exist and include Valocity and Cotality (previously CoreLogic).

Valuation reports at times will not be accepted if they have been instructed directly by the borrower, i.e., without being sourced from a VOS or by direct bank instruction.

For lending purposes, we recommend that the client confirm with their lender  the requirements for valuation instruction and sourcing. This can be confirmed direct with the lender or via the mortgage broker. If the lender is willing to accept a registered valuation the client has sourced directly, we recommend this advice is provided in writing. Otherwise the client may risk a time delay in the finance process as the report may require additional credit checking or worst case, the client may be forced to pay for a second valuation ordered via a VOS.

Eve Prouse Property Valuations Limited is an approved service provider on the residential panel of the following lenders:
ANZ Bank New Zealand Limited
ASB Bank Limited
Bank of New Zealand
NZGT Custodians (Bluestone) Limited & Bluestone Servicing NZ Limited
China Construction Bank (New Zealand) Limited
Kiwibank Limited
SBS Bank
Westpac New Zealand Limited

If you have a mortgage or plan to take out a mortgage with any other lender, please contact your lender to confirm their requirements for valuation instruction and sourcing i.e. permission to order a valuation direct or through a VOS via the lender or mortgage broker.

Frequently asked questions

How much does a valuation cost?

How long does a valuation take?

I need a valuation for mortgage lending purposes, can you help me?