Valuers Registration Board

A letter of complaint was received from the Complainant that Valuer M, had over-valued the subject property. Valuer M assessed the value in June 2005 at $163,000. The complainant said he was persuaded by the valuation report and purchased the property based on 40% equity and a 60% bank loan expecting that the property value would appreciate in the medium term. He visited the subject area in August 2006 and made enquiries of local real estate agents as to the current market value. He was dismayed, he said, to learn that local agents valued the unit at around NZ$90,000 – NZ$ 100,000 but were not interested in selling the property.