One of New Zealand’s largest residential developers asked us for an independent valuation of multiple titles on one street ‘as is’, as well as more than 30 proposed terraced houses, in order for the project to get bank financing.
The parcel of land was zoned high density, so our challenge was to find appropriate sales evidence for high density development sites in the surrounding suburb.
There weren’t many sites, so we cast our net across the wider central and western regions. What’s more, we had to research sales of new or near-new units to establish values for the proposed terraced housing.
To arrive at an accurate valuation, we drilled into REINZ data of more than 3,000 Auckland sales per month, as well as our own extensive database containing over 400,000 entries. Because we’d previously conducted many valuations of this type, we had fast access to highly accurate market data for both parts of this valuation.
Our valuation supported the purchase price of the land, which enabled the developer to obtain the finance it needed prior to settlement date. Better yet, the accurate pricing helped the client presell 90% of its planned terraced housing. In total, we’ve successfully completed more than 30 similar valuations for this client.