Thanks for using relab.co.nz. Our goal has always been to provide the most transparent, objective and truly useful information to empower Kiwis make informed property related decisions.
Currently, we serve the greater Auckland area. With Wellington, Christchurch, Dunedin and other New Zealand towns and cities coming very soon!
Our property valuation is calculated by machine learning by factoring in land value which includes nearby schools, safety rating, local income, traffic, views, land shape, contour and zoning and many more, also the improvement value includes year of built, floor area, number of rooms and more. It does not rely on CV or nearby sales. Relab.co.nz does not provide an official appraisal. In order to obtain further valuation opinions, we encourage buyers, sellers and homeowners to visit the properties, or contact professionals such as registered valuers, building inspectors or real estate agents.
Relab's price estimation is computer generated which is only a starting point for determining a home's value. Factors such as property conditions, short term market volatility, inaccurate or missing property data, and factors that we fail to calculate correctly such as views (and how good they are), redevelopment potential and many more can all cause our estimation different than final sale result. We are constantly working on gathering more data and optimising our algorithm, mean while we really appreciate users submitting feedbacks on property page so we can work out better results for you.
Our price range is set at ±8%. Because according to international standard, being within 10% of the actual selling price approximately 65% of the time is considered to be very good. We aim to achieve better accuracy through gathering more data and optimising our algorithm.
It is usually updated every 14 days, if we optimise the algorithm, it is likely to be updated more frequently.
Relabs algorithm is completely unrelated to CV. Also CV only updates once every three years while Relab.co.nz updates at least once every 14 days. The two valuations serve different purposes.
Relab's data come from public (under Creative ACT) and user submitted. We cannot guarantee the data are 100% accurate although we have given our best effort. We encourage registered users to submit accurate data feedbacks on the property page to provide better results.
Deciles are a measure of the socio-economic position of a school’s student community relative to other schools throughout the country. A school's decile does not indicate the overall socio-economic mix of the school or reflect the quality of education the school provides.