Can you trust a CV?

PHOTO: STREETVIEW This Kaitangata house had a rateable value of $43,000 but sold for $190,000.

A King Country house that had a council valuation of $130,000 but sold for $60,000 may be the bargain of the year.

Homes.co.nz has released a list of the residential properties that sold furthest above and below their council valuations, in percentage terms, in the first eight months of 2019.

The property in the town of Kakahi, in the Ruapehu District, had three bedrooms, one bathroom and a 4191 square metre section.

In second place was a property in Forrest Hill, Auckland, which had a 2017 CV of $920,000 but sold for $425,000 in January.

Prices compared to CVs

CoreLogic data shows there is significant variation around the country.

	More than 20% below	10% to 20% below	less than 10% below	0% to 10% above	10% to 20% above	20% to 30% above	30% to 40% above	40% to 50% above	50% to 60% above	More than 60% above
Rodney	2%	12%	36%	34%	11%	4%	1%	0%	0%	0%
North Shore	1%	20%	41%	28%	7%	2%	0%	0%	0%	0%
Waitakere	0%	13%	40%	34%	10%	2%	0%	0%	0%	0%
Auckland City	1%	17%	35%	31%	11%	3%	0%	0%	0%	0%
Manukau	0%	15%	41%	30%	10%	3%	0%	0%	0%	0%
Papakura	0%	9%	36%	45%	8%	1%	0%	0%	0%	0%
Franklin	0%	6%	37%	45%	10%	2%	0%	0%	0%	0%
Porirua	0%	1%	1%	3%	19%	27%	24%	11%	7%	8%
Upper Hutt	0%	0%	0%	1%	6%	18%	27%	26%	13%	9%
Hutt City	0%	0%	1%	6%	15%	20%	20%	18%	9%	9%
Wellington City	0%	7%	20%	42%	28%	3%	0%	0%	0%	0%
Waimakariri	0%	2%	16%	63%	16%	2%	0%	0%	0%	0%
Christchurch	1%	8%	30%	45%	13%	3%	0%	0%	0%	0%
Selwyn	0%	3%	31%	58%	7%	1%	0%	0%	0%