Ask what a New Zealand home is worth and you can get four different answers, all correct in their own way. There is the agent's appraisal, the registered valuation, the CV (capital value) and the RV (rateable value). They are produced by different people for different reasons, they use different information, and they can land a long way apart, which is why so many sellers and buyers end up confused or, worse, anchored to the wrong figure. If you are selling, knowing which number means what protects you from underselling. If you are buying, it stops you overpaying because a listing leans on a flattering figure. This guide explains all four in plain English: what each is, who creates it, and when it actually matters. It is general information, not personalised advice, and any single number is only ever a guide. For your situation, get a professional appraisal or a registered valuation from a licensed person.
Four different 'values' and why they differ
The reason the numbers disagree is that they are answering different questions. An agent appraisal estimates what a property might sell for in today's market, to help you set expectations for a sale. A registered valuation is a formal, independent assessment of market value by a qualified valuer, often required by a lender. The capital value, or CV, and the rateable value, or RV, are figures set by the council, primarily so it can work out your rates, and they are updated only periodically rather than tracking the live market. So one number is about the live market from an agent's view, one is a formal independent figure, and the council figures are an administrative snapshot that can be years old. Because they serve different purposes, treating them as interchangeable is a common and costly mistake. The sections below take each in turn so you can see exactly what it does and does not tell you.
What an agent appraisal is
An agent appraisal is a licensed real estate agent's indicative estimate of what your home could sell for in the current market. The agent looks at recent comparable sales in your area, the condition and features of your property, and current demand, then gives you a price range. It is the usual starting point when you are thinking about selling, and it is free from most agents. Crucially, it is indicative only: it is not a registered valuation and it is not binding, and the actual sale price can land above or below it depending on how the campaign goes. Because agents want to win the listing, it pays to ask how the appraiser arrived at the range and to look at the comparable sales they used, rather than simply taking the headline figure. Maifang can arrange a free indicative appraisal, which is a no-obligation way to get a realistic starting range without sitting through a string of agency pitches.
What a registered valuation is
A registered valuation is a formal, independent assessment of a property's market value, carried out by a registered or qualified valuer and set out in a written report. Unlike an appraisal, it is produced by someone who is not trying to win your listing, which makes it more independent, and it carries more weight with lenders. You will often need one when a bank wants confirmation of value for lending purposes, particularly for lower-deposit lending or certain property types, and buyers or sellers sometimes commission one for their own certainty. A registered valuation usually costs a fee, whereas an agent appraisal is typically free. It is the closest thing to an authoritative figure, but even it is a professional opinion on a point in time, not a guaranteed sale price. For selling, an appraisal is the common starting point; a registered valuation comes in when a lender or a party wants formal, independent confirmation.
CV / RV and how councils use them
Your CV (capital value) and RV (rateable value) are set by the local council, and their main job is to help the council apportion rates fairly across properties, not to tell you what your home would fetch tomorrow. The capital value is usually broken into the land value and the value of improvements (the buildings). These figures are reassessed only every few years, so by the time you are looking at them they can be well out of date, especially in a market that has moved a lot since the last revaluation. That is why a home can sell for far above or below its CV, and why headlines comparing sale prices to CV can be misleading. The CV is useful as a rough, free reference point and for understanding your rates, but it should never be mistaken for current market value. Our explainers on what a CV is and what an RV is go into more detail.
Which number to trust for what
Use each figure for the job it is built for. To gauge what your home might sell for, an agent appraisal is the practical starting point, with a registered valuation when you or a lender want formal, independent confirmation. For lending, the bank usually relies on a registered valuation. For your rates and a rough free reference, the CV and RV do the job, but never lean on them as current market value, since they are periodic council figures that lag the market. As a buyer, treat a listing's reference to CV with care; the market price, shown by recent comparable sales, is what matters. The safest habit is to know which number you are looking at, who made it and why, and to get a professional appraisal or valuation before you make a decision worth hundreds of thousands of dollars. No single figure should carry that weight on its own.
Get a free indicative appraisal
If you are weighing up a sale, or simply curious where you stand, a free indicative appraisal is a sensible, no-pressure first step. It gives you a realistic price range from a licensed local agent who knows your area, without any obligation to list or to use that agent. Knowing your likely range helps you plan your next move with confidence, whether that is upgrading to a safer suburb, freeing up equity for the family, or simply deciding the timing is not right yet. Request a free indicative appraisal through Maifang and we will connect you, free and with no obligation, with someone who can give you a grounded starting number, then leave the next move entirely up to you.
In plain English: In plain English: an appraisal is the agent's market estimate, a registered valuation is a formal independent figure for lenders, and CV/RV are council rating numbers that lag the market — use each for its purpose and get a professional figure before you act.
General information, not personalised real-estate, legal or financial advice. Confirm your situation with a licensed adviser. Read the full disclaimer →