17 Mar REINZ or QV | New Zealand Property Values
Source stuff.co. nz
At the end of each month, real estate agencies send REINZ the details of all the property sales they handled that became unconditional during the month. REINZ then collates the information and usually releases it within a couple of weeks.
That means its monthly property market report is based on sales information that is usually no more than six weeks old when it is released and will include price information that is less than two weeks old, making it timely.
Quotable Value uses information sent to it after a property sale has been settled.
Solicitors doing conveyancing work have a legal obligation to forward QV the details of property sales once settlement has taken place. This is fed into a database that local councils use to update their rating valuation rolls.
So QV may not receive its sales information for a couple of months or more after a sales contract becomes unconditional, depending on how long the settlement period was and how promptly the lawyer forwarded the information.
That inevitably leads to a debate among market commentators about which set of information is best, QV’s or REINZ’s.
What are your thought?