• Almost 200 Auckland houses have sold for at least twice their current council valuations in the past year alone, new data shows.

The valuation used by councils as part of their rate-setting have traditionally been useful for buyers wanting a guide to the sort of price that a property could be expected to command – especially when most are advertised without an asking price.

But they are only updated every three years – Auckland’s were last updated in 2014, Wellington’s in 2015 and Christchurch’s in 2013.

Homes.co.nz data shows that 190 in Auckland have sold for more than twice their CV in the past year, 20 in Christchurch and four in Wellington. Two in Whangarei went for at least double CV,11 in Dunedin, four in Hamilton, three in Upper Hutt and one in Palmerston North.


READ MORE: New data shows CVs lag house prices by up to a third


It can be hard to work out what is a fair price for a property when the majority are advertised without one.