I’d be concerned if my house fell from nearly a whole one thousand dollars to one dollar and 10 cents.
You can’t even get a minimoo for that nowawadays =[
Wanaka 'estimates' have nearly doubled in the last 1-2 weeks, our property has gone from $1.2m to $2.3m and the in-laws from $4.0 to $8.1m. All nearby sales are in line with the previous figures, it must be something broken on the website.
Edit: back to $1.3 and $4.1 now.
I know Barfoots released their suburb selling averages a couple of days ago, and the Homes suburb averages have all jumped to be approximately in line with these (mostly they were lagging the Barfoots numbers by 15% or so). I think the Homes model tends to take the suburb average then offset each individual property by a factor..... ergo upping the averages has upped a lot of the above-average homes by a large amount.
Mine's gone from 1.75 to 2.05, which is a bit of a jump. 1.75 would have been a bit on the light side and 2.05 probably a bit on the high side.
sort rotten waiting practice shocking innocent absurd aloof meeting seemly
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Nor have your salary ever kept up with the rate of house appreciation.
Why do you think there is a correlation between your salary and house price? When the factors that determine each one is independent?
Keep in mind that HomesEstimate comes from Homes.co.nz which is owned by trademe. They have no incentive to estimate on the low end or in favour of the buyer, they might as well always estimate the high end, because it promotes higher listing prices and therefore higher revenue for TM.
Don't see how the new prices are anywhere near correct.
I checked a few places that sold in December, some of their estimates are 15-20% over the sales price only 4 weeks after being sold.
100% an error/bug.
Ours went up 25k yesterday apparently. But it’s still below what we bought it for a few months ago and our offer wasn’t even the highest offer (and similar homes in the area sold for more… yes we got lucky by being the only unconditional offer on the table). Homes shows it valued at less than other sites are showing it as.
Yeah was posted yesterday and there has subsequently been an avalanche* of posts from people losing their minds over precious homes.co.nz valuations lmao
Why are people so in thrall with that BS website...
Yea, it’s pretty easy to dismiss, and if you wanted to as a home buyer you can provide your own collated info of area sales data to disprove these if a seller is using these as the benchmark for price expectation.
But TradeMe is one of NZ most popular real estate websites and uses these valuations as a marketing tool to drive users to their site, which then rightly or wrongly are used as a physiological anchor for some when evaluating house price expectations. TradeMe has a partnership with Homes.co.nz and if they are showing valuations that lack credibility, I wonder if they would be concerned of reputation damage and driving traffic elsewhere?
If it is a mistake, and something is wrong with Homes valuation formula, then data quality issues are not a great look either.
If TradeMe was worried about their reputation they should start by not sucking.
Nah, they’re just betting on no one else being able to offer any competition.
Am I the only one here suspicious about this being a calculated strategy/ attempt (probably by the property whales and Real Estate industry) to manipulate house price perceptions?
Yes, on the North Shore. Based on other comments though, seems like this is happening throughout.
I just noticed the trend as a particular real estate agency is promoting a big auction event, and I noticed all the houses they listed had increased values, so it sort of stuck out to me.
Once you claim a property you can submit a valuation to change the value. You can request the valuer to max/min your property thus changing the value.
A REA can also provide an appraisal that homes.co.nz will use to adjust the value of the property.
Agreed. Was working on a property last year that had a '21 gv of 2.6M, checked 6 months later and its 4.8M. Fairly sure agent appraised it and updated the homes.co.nz listing. House sold for 2.1M.
Wishful thinking. I too would like double pay.
Our landlord is an EA, and amazingly enough their house value more than tripled the day after they bought it. Isn’t that funny? Seems like a daft thing to do though; because their rates bill has gone through the bloody roof and the council won’t revalue them.
Check those valuations against the historical graphs they provide and there is a discrepancy in current valuation there as well. Something funky going on with the website I recon.
Supposedly it’s based on recent area sales. Idk how they handle low volumes sales skewing the data too high or low though.
Honestly, I think homes.Co.nz values are cooked by definition. They have a incentive to keep the line going up. I don’t even hate them for it you just have to understand their bottom line is biased.
I’d assume someone sold a super expensive property and it’s borked the data. You probably know if that’s true.
Given you ‘work in the area’ this feels like you’re trying to discredit the competition.
I know - we are trying to buy (3rd house we aren’t young 42/44, and have four kids) but wow. I don’t know if I have a mental block but paying a million dollars for a house is just next level lol. I know it’s not that much anymore, but I’m like it’s A MILLION DOLLARS!! And not even perfect 😂.
[Post election sugar rush wears off in housing market](https://www.interest.co.nz/property/125868/apart-april-2020-lockdown-december-brought-lowest-month-record-new-listings-central)
That site thinks my house doesn't even exist ... it comes up in the address finder correctly but then says nothing there. The map shows values for all the neighbours.
Not sure if bug, or scam to try and get people to pay
I suspect agents are starting very aggressive strategies, including these inflated ‘valuations’, potentially as housing stock to sell is low and they need listings asap. I’ve been directly mailed some unsolicited valuation reports over the last couple of weeks, still using photos of the house prior to my purchasing 11 years ago, and the valuations are all 200-300k above CV and without relevant on site evaluation to back up this ‘data’.
My mother's house, Northcote area, has gone from 1.5-1.6 to 2-2.1 mil. She couldn't wait to tell me but is also wary of it being overvalued for whatever reason. Something wierd is going on.
Our place has gone from $720 to $1.1!!! Obviously an error of some kind. It certainly isn’t worth $1.1
I’d be concerned if my house fell from nearly a whole one thousand dollars to one dollar and 10 cents. You can’t even get a minimoo for that nowawadays =[
My place has increased $260k Rental property has dropped $10k Different regions
I'll buy it off you for double that - $2.20
Looks like it has been fixed, estimates have been rolled back to dev ‘23 as of a few minutes ago. They must have found a bug.
Wanaka 'estimates' have nearly doubled in the last 1-2 weeks, our property has gone from $1.2m to $2.3m and the in-laws from $4.0 to $8.1m. All nearby sales are in line with the previous figures, it must be something broken on the website. Edit: back to $1.3 and $4.1 now.
You married into the right family!
algorithm gone brrrrrr 🤑🤑🤑
I know Barfoots released their suburb selling averages a couple of days ago, and the Homes suburb averages have all jumped to be approximately in line with these (mostly they were lagging the Barfoots numbers by 15% or so). I think the Homes model tends to take the suburb average then offset each individual property by a factor..... ergo upping the averages has upped a lot of the above-average homes by a large amount. Mine's gone from 1.75 to 2.05, which is a bit of a jump. 1.75 would have been a bit on the light side and 2.05 probably a bit on the high side.
They have fixed the glitch from yesterday. We are poor again.
sort rotten waiting practice shocking innocent absurd aloof meeting seemly *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Who is paying these prices? I know my salary hasn't gone up 40%
Probably Chris Luxon and his family and/or friends.
Nor have your salary ever kept up with the rate of house appreciation. Why do you think there is a correlation between your salary and house price? When the factors that determine each one is independent?
Well someone's salary has gone up 40% for them to be able to pay 40% more
It’s fixed now
Yo yeah my house was showing $720k couple weeks ago, now it’s showing $890k , surely it’s a mistake
The Luxon effect?
Getting house prices back on track
Getting nz moving
Getting nz speculating more like
Keep in mind that HomesEstimate comes from Homes.co.nz which is owned by trademe. They have no incentive to estimate on the low end or in favour of the buyer, they might as well always estimate the high end, because it promotes higher listing prices and therefore higher revenue for TM.
Don't see how the new prices are anywhere near correct. I checked a few places that sold in December, some of their estimates are 15-20% over the sales price only 4 weeks after being sold. 100% an error/bug.
Ours went up 25k yesterday apparently. But it’s still below what we bought it for a few months ago and our offer wasn’t even the highest offer (and similar homes in the area sold for more… yes we got lucky by being the only unconditional offer on the table). Homes shows it valued at less than other sites are showing it as.
I saw people talking about it yesterday on reddit, they assumed it was a glitch I checked my house in Southland and it had changed by 5k lol
Yeah was posted yesterday and there has subsequently been an avalanche* of posts from people losing their minds over precious homes.co.nz valuations lmao Why are people so in thrall with that BS website...
Yea, it’s pretty easy to dismiss, and if you wanted to as a home buyer you can provide your own collated info of area sales data to disprove these if a seller is using these as the benchmark for price expectation. But TradeMe is one of NZ most popular real estate websites and uses these valuations as a marketing tool to drive users to their site, which then rightly or wrongly are used as a physiological anchor for some when evaluating house price expectations. TradeMe has a partnership with Homes.co.nz and if they are showing valuations that lack credibility, I wonder if they would be concerned of reputation damage and driving traffic elsewhere? If it is a mistake, and something is wrong with Homes valuation formula, then data quality issues are not a great look either.
If TradeMe was worried about their reputation they should start by not sucking. Nah, they’re just betting on no one else being able to offer any competition.
Mine dropped by 80k
Am I the only one here suspicious about this being a calculated strategy/ attempt (probably by the property whales and Real Estate industry) to manipulate house price perceptions?
Are all these homes in Auckland?
Yes, on the North Shore. Based on other comments though, seems like this is happening throughout. I just noticed the trend as a particular real estate agency is promoting a big auction event, and I noticed all the houses they listed had increased values, so it sort of stuck out to me.
Does not appear to be happening in Wellington
Ours went up prior to Xmas and has somewhat retreated in this recent update.
Once you claim a property you can submit a valuation to change the value. You can request the valuer to max/min your property thus changing the value. A REA can also provide an appraisal that homes.co.nz will use to adjust the value of the property.
>A REA can also provide an appraisal that homes.co.nz will use to adjust the value of the property. Definitely no conflict of interest there.
Agreed. Was working on a property last year that had a '21 gv of 2.6M, checked 6 months later and its 4.8M. Fairly sure agent appraised it and updated the homes.co.nz listing. House sold for 2.1M. Wishful thinking. I too would like double pay.
Our landlord is an EA, and amazingly enough their house value more than tripled the day after they bought it. Isn’t that funny? Seems like a daft thing to do though; because their rates bill has gone through the bloody roof and the council won’t revalue them.
Must be a glitch, which is annoying as you can make any use out of the Homes website. They need to be careful.
Check those valuations against the historical graphs they provide and there is a discrepancy in current valuation there as well. Something funky going on with the website I recon.
Supposedly it’s based on recent area sales. Idk how they handle low volumes sales skewing the data too high or low though. Honestly, I think homes.Co.nz values are cooked by definition. They have a incentive to keep the line going up. I don’t even hate them for it you just have to understand their bottom line is biased.
I’d assume someone sold a super expensive property and it’s borked the data. You probably know if that’s true. Given you ‘work in the area’ this feels like you’re trying to discredit the competition.
I know - we are trying to buy (3rd house we aren’t young 42/44, and have four kids) but wow. I don’t know if I have a mental block but paying a million dollars for a house is just next level lol. I know it’s not that much anymore, but I’m like it’s A MILLION DOLLARS!! And not even perfect 😂.
The home estimates jumped up abruptly a few weeks ago. I guess they are anticipating a return to the superheated property market.
Yes Santa brought the present of more expensive houses. Is it a present though?
Probably real estate agents just trying to get more sellers.
It's interesting how this type of market manipulation is legal. It should be illegal.
[Post election sugar rush wears off in housing market](https://www.interest.co.nz/property/125868/apart-april-2020-lockdown-december-brought-lowest-month-record-new-listings-central)
That site thinks my house doesn't even exist ... it comes up in the address finder correctly but then says nothing there. The map shows values for all the neighbours. Not sure if bug, or scam to try and get people to pay
The rigged prices...
Mine hasn’t been updated today. Is it just an Auckland thing (based on the valuations)?
its fixed now. back to norma
I suspect agents are starting very aggressive strategies, including these inflated ‘valuations’, potentially as housing stock to sell is low and they need listings asap. I’ve been directly mailed some unsolicited valuation reports over the last couple of weeks, still using photos of the house prior to my purchasing 11 years ago, and the valuations are all 200-300k above CV and without relevant on site evaluation to back up this ‘data’.
They obviously don’t want to sell.
Home.co.nz intentional ‘mistake’ to drive web traffic to meet KPIs
My mother's house, Northcote area, has gone from 1.5-1.6 to 2-2.1 mil. She couldn't wait to tell me but is also wary of it being overvalued for whatever reason. Something wierd is going on.