OneRoof estimated property valuations FAQs

An automated valuation model estimate (AVM Estimate) is a statistically derived estimate of the value of the subject property. An AVM Estimate is generated (i) by a computer driven mathematical model in reliance on available data; (ii) without the physical inspection of the subject property; (iii) without taking into account any market conditions (including building, planning, or economic), and/or (iv) without identifying observable features or risks (including adverse environmental issues, state of repair, improvements, renovations, aesthetics, views or aspect) which may, together or separately, affect the value.

An AVM Estimate is current only at the date of publication or supply. An AVM Estimate must not be relied upon as a professional valuation or an accurate representation of the market value of the subject property as determined by a valuer. Valocity expressly excludes any warranties and representations that an AVM Estimate is an accurate representation as to the market value of the subject property.

To the full extent permitted by law, Valocity excludes all liability for any loss or damage howsoever arising or suffered by the recipient, whether as a result of the recipient's reliance on the accuracy of an AVM Estimate or otherwise arising in connection with an AVM Estimate.

Sometimes the actual sold or rent price for a property doesn't fit within our estimated value range. This could be because:

- we don't have enough comparable data to make an assumption based on previous similar sales or rental prices;

- we don't have additional data about external factors that could impact the sale or rental price of a property, like changes in the economy, recent renovations, unique features, future infrastructure plans or the environment;

- the data associated with the legal sale of a property can take up to three months to appear in OneRoof's estimated property valuations;

- what a property sells or rents for is ultimately up to the buyer, renter and seller.

The median sales price is the mid-point of all properties sold over a certain period of time. This provides buyers, sellers, homeowners and agents with a good idea of how the market is performing, and can help determine how expensive a particular suburb is. The median sales price is a good tool to understand how a particular property compares to the sales mid-point of the suburb - is it higher or lower than the median sales price? This could impact the time it takes to resell the property, or how many people might be considering the same property for themselves.

The median sales price is calculated by taking the mid-point of the sales price for the properties that have sold within a suburb over a certain period of time. There will be properties that are lower or higher in value than the mid-point and, because values do change quite significantly due to sales numbers, this can make a big statistical difference.

The median rent is the mid-point of all properties rented over a certain period of time. This is a good tool for investors who want to see if a particular property is higher or lower than the median rent of that suburb, and therefore if it’s a good investment. Likewise, the median rent tells those looking to rent a property if the suburb is within their price range or, if median rents are high, if now is the time to buy a property instead.

The median rent of a suburb is calculated by taking the mid-point of the weekly rent for newly rented properties by suburb, property type and number of bedrooms. There will be properties that are more or less expensive than the mid-point and monthly values do change quite significantly because small numbers of new rentals can make a big statistical difference.

Capital growth is a measurement used to show how much a property has increased in value since the time it was purchased. Capital growth is used by investors and purchasers to see whether an area has a high likelihood of strong returns and is the most popular measurement and objective for property investors.

Capital growth is the change in value from the beginning to the end of the calculated period (monthly, quarterly or annually) which is calculated by using an AVM (automated valuation model).

To the extent that the Product Data incorporates Original Data or Adapted Data, the recipient:

acknowledges and accepts that it has no proprietary rights to any Original Data or Adapted Data supplied or made available by Valocity;

• undertakes to use reasonable endeavours to ensure the Original Data (and any Adapted Data) is protected at all times from unauthorised use or access by third parties;

• acknowledges the Adapted Data may contain data and information sourced from councils, regional councils and other authority bodies; and

• must not use the Original Data and Adapted Data other than as expressly set out in the recipient’s end user terms;

• agrees that where Bulk Data is supplied or made available to the recipient, the Bulk Data is made available by Auckland Council subject to the following exclusions and limitations in relation to liability:

(a) Auckland Council disclaims all warranties regarding the Original Data and Adapted Data (whether express or implied) to the full extent permitted by law, including any implied warranties of merchantability or fitness for purpose;

(b) Without limiting (a) above, the recipient acknowledges and agrees that the Original Data is licensed to Valocity on an ‘as is’ basis and that Auckland Council does not warrant that the Original Data is free of errors or omissions;

(c) Auckland Council does not warrant that the supply of the Original Data to Valocity will be timely, immediate or uninterrupted; and

(d) Neither Auckland Council nor any of its councillors, directors, officers, employees or agents shall be liable for any loss, injury, damage or expense (whether direct, indirect, special or consequential) suffered by the recipient, arising from the Original Data or the Adapted Data and/or supply, delivery, access and/or lack supply, delivery or access to the Original Data or the Adapted Data, except where the loss, injury, damage or expense is due to the negligence of Auckland Council or any of its contractors or employees, in which case any liability of Auckland Council is limited to the total fees paid by Valocity to Auckland Council during the term of its current licence agreement with Auckland Council.

The recipient acknowledges that this section is also for the benefit of Auckland Council for the purposes of the Contracts (Privity) Act 1982.

In this section:

Adapted Data is any Original Data adapted, enhanced, refreshed, added to or changed by Valocity or those under its control.

Auckland Council means Auckland Council (or any replacement body).

Bulk Data means any Customer who is supplied or made available the Original Data and/or Adapted Data over a six (6) month period or more, and that supply or availability relates to (or is likely to relate Display Guidelines for Valocity Enabled Applications Page 17 of 28 Version 1.4 to) 2% or more of the Original Data.

Original Data is any Product Data delivered by Auckland Council to Valocity.

To the extent that the Product Data incorporates LINZ Data, the recipient:

will amend or delete the LINZ Data (or any part of it) within 10 Business Days of being directed by Valocity (which must only be made where Valocity receives a corresponding request from LINZ), and provide Valocity with reasonable evidence (satisfactory to LINZ) that such LINZ Data has been so amended or deleted; and

accepts and agrees in respect of the LINZ Data:

• that while all reasonable efforts have been made by LINZ to ensure that the LINZ Data is as accurate as practicable within the bounds of the Specifications, LINZ makes no representations and gives no warranties that the LINZ Data is free from errors, omissions or other inaccuracies and the recipient releases LINZ from all liability (whether in contract, tort (including negligence), equity or any other basis) for any errors, omissions or other inaccuracies in the LINZ Data;

• LINZ makes no representations and gives no warranties that the LINZ Data, as delivered to Valocity, will be capable of being processed on the computer equipment or software of the recipient nor does LINZ have any obligation to train any personnel of the Recipient;

• LINZ gives no warranty that the LINZ Data will be free from infection, viruses or destructive code and LINZ will not be liable (whether in contract, tort (including negligence), equity or any other basis) for any damage to, or viruses that may infect, any computer equipment or software of the recipient due to the use, installation or conversion of the LINZ Data; and

• LINZ gives no representations or warranties that any person has consented to the provision of the LINZ Data to the recipient or has otherwise consented to, or approved, any subsequent use or disclosure of the LINZ Data; and

• it must not be used for direct marketing purposes or for the creation of direct marketing lists for providing or selling to other parties.

Accepts and agrees in respect of LINZ:

1. LINZ shall not be liable (whether in contract, tort (including negligence), equity or any other basis) for any loss or damage, sustained by the recipient directly or indirectly from any use whatsoever of the LINZ Data (even if LINZ has been advised of the possibility of such loss or damage), with such loss/damage including any damage to property, injury to persons, loss of profits, business interruption loss, loss of data, and loss as a result of any amendment to or deletion of the LINZ Data in accordance with paragraph 1 above;

2. Without limiting (a) above, LINZ will not be liable (whether in contract, tort (including negligence), equity or any other basis) for any loss or damage whatsoever arising from Display Guidelines for Valocity Enabled Applications Page 18 of 28 Version 1.4 modification, amendment or deletion (whether pursuant to paragraph 1 above or otherwise) made to the LINZ Data or any compilation or derivative work created from or using the LINZ Data in each case whether made by Valocity or the Recipient; and

3. Where any exclusion of LINZ’s liability under this Agreement is inapplicable or is held unenforceable, the liability of LINZ (whether in contract, tort (including negligence), equity or any other basis) under or in connection with this Agreement, or arising out of any use, reproduction, modification, amendment or deletion of the LINZ Data (by Valocity, the recipient or any other person), shall be limited to the (GST exclusive) fees paid by Valocity for the LINZ Data which gave rise to relevant loss or damage;

4. will to the extent it is permitted to pass on any LINZ Data, ensure that any third parties that directly or indirectly receive LINZ Data from the recipient (including any compilations, derivative works, modified versions, copies or reproductions made from the LINZ Data) with the limitations, exclusions and caps expressed in this section, and where this is not possible, the recipient must include the following acknowledgement note: “Sourced from Land Information New Zealand data. Crown Copyright Reserved”.

The recipient acknowledges that this section is also for the benefit of LINZ for the purposes of the Contracts (Privity) Act 1982.

In this section:

Landonline means the online transaction centre for property professionals operated by LINZ at: http://www.linz.govt.nz/land/landonline

LINZ means Land Information New Zealand.

LINZ Data means Product Data delivered by LINZ to Valocity.

Specifications means those specifications set out in the Introduction to the Provision of Bulk Data from Landonline