Registered Valuation vs Council Valuation (RV)

A registered valuation is a formal assessment of a property's market value prepared by a valuer registered with the Valuers Registration Board of New Zealand. The valuer physically inspects the property, analyses comparable recent sales, considers the property's condition, location, and features, and produces a detailed written report with a professional opinion of market value.

Registered valuations are required for most bank mortgage applications, relationship property settlements, estate matters, and insurance disputes. The valuer carries professional liability for their opinion, meaning there is accountability if the valuation is negligent.

The key advantage is currency and specificity. A registered valuation reflects what the property is likely worth right now, based on its actual condition and the current market — not a generalised estimate from years ago.

The council valuation (often called the rateable value, RV, or CV for capital value) is a mass-appraisal figure assigned to every property by the local council, primarily to calculate rates. Councils are required to revalue all properties in their district every three years, using statistical models and sales data rather than individual property inspections.

The council valuation is broken into three components: capital value (land plus improvements), land value, and improvement value. While useful as a rough reference point, the RV is not designed to be an accurate estimate of what a property would sell for today. Market conditions can shift significantly between revaluation cycles, and the mass-appraisal process cannot account for individual property condition, renovations, or unique features.

Real estate agents and buyers commonly reference the RV, but it should be treated as a general indicator rather than a price guide. Properties regularly sell above or below their council valuation.

Not necessarily, but they serve different purposes. The council valuation is freely available and provides a rough baseline. If you need an accurate market value for a bank application, legal matter, or confident purchase decision, you need a registered valuation. For casual property browsing, the council RV is a free starting point — just do not treat it as gospel.

Check the council valuation first — it is free and instant. Use it as a rough reference point when evaluating asking prices. If you are serious about purchasing and need to secure a mortgage, arrange a registered valuation early in your due diligence period. Banks typically order their own valuation, but you can also commission one independently for your own confidence.