Whether you’re eyeing up that dream property, checking out how much your neighbour’s property have sold for or reviewing the latest valuation estimate of your own home, you’ve probably stumbled upon one of the property information websites such as Homes.co.nz, OneRoof, PropertyValue or Relab.
In this article, we’re going to compare what these websites do, how best to use them and look at the differences between them.
What are property information websites?
How much is my property worth? What is the market value of my property today? How much can I sell my property for? These are questions that most of us have if we are a property owner and it seems to be one of the most common use of these websites - checking out market valuation, viewing sales history and to get a quick snapshot of information on a property. This is a quick and easy way to snoop on how much that neighbouring property sold for or for you to do some research before making a purchase. But there is a trove of additional information available on most of these websites. And the best part is all the ones we’ll look at are free to use!
A common feature across all these sites is the valuation estimates (more on these later!). It is very important to remember that these are only estimates calculated by a formula, so may not reflect actual values and if you’re thinking about insurance - it is not to be confused with the sum insured amount (more on this below). Although the magic behind these estimates is generally closely guarded, they typically rely on sales data, council valuations and recent market trends.
Accompanying this you’ll find some details about the property such as floor area, the when it was build and even the construction of the property and zoning type. All useful information for prospective buyers. Some websites go a step further and will give estimates for utilities and even house insurance. This is great way to quickly figure out how much it will roughly cost you if you were in the property.
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Who uses these websites?
These websites are super valuable tools for anyone involved with real estate whether you’re a buyer, seller or property professional i.e. investor, agent or developer.
Buyers can use these sites to check what similar homes are worth and have recently sold for. This is great for trying to work out what a house is worth when shopping for your next property and the agent is not as forthcoming with the price indications. This is especially useful for first time buyers with little experience in the market.
Similarly, sellers, and potential sellers, can use it to gauge what their property might be worth. As a seller it’s important to know the worth of your home while not overinflating it. Property information websites are a trove of sales data and estimates to help you strike the right balance.
Developers and investors, whose income relies on the property market, are also avid users of these sites to assess the investment potential of properties and how they can potentially market the property to their customers.
Homes.co.nz
The first website we’ll take a look at is homes.co.nz. Boasting more than half a million monthly users, homes.co.nz markets itself as “The home of property in New Zealand”. It was acquired and is now owned by Trade Me since 2021. The site is easy to use and the layout makes it very easy to navigate. Simply search your address and it will bring up a map of the property and the surroundings. You can either select the property you’re interested in or browse nearby listings and recent sales; great for learning more about the neighbourhood! Looking for a housing agent? Not to worry, you can browse agents by location.
We found the information available on homes.co.nz to be rather comprehensive. While most sites provide a property price range estimate, homes.co.nz also has a rental estimate (for some properties) and excellent historical data to view price trends. Estimated home loan rates and monthly household expenses such as electricity and insurance for the property are some of the nice to have bonus features.
Property owners can lay claim to their property to get updates as information changes, track the property value and also add images and updates to HomesEstimate. You can view:
Estimated market value of property by homes.co.nz
Capital Valuation (CV) information
Past sales information on the property
Property information from council (e.g. floor area, land area, no. of bedrooms/bathrooms)
Estimated home loan repayment
Estimate of rent and rental yield
Estimated solar power generation potential
Map view of nearby properties - valuation, for sale or rent
Find nearby property agents
High level information on neighbourhood (i.e. no of school and distance to CBD)
OneRoof
OneRoof is owned by media company NZME. We think it presents a user with fewer information, without the bells and whistles compared to homes.co.nz. It still provides most of the information a prospective property buyer would care about such as price estimates, sale history and an overview of the property. An overview of the suburb is a nice extra, giving brief demographics and property data.
Where this site is different from the others is that it goes beyond residential property and branches out into commercial, rural property and even businesses for sale. This seems to be an odd distraction from what would otherwise be a very focused and targeted website. Similar to homes.co.nz, you can sign up to track a particular property and be informed when there are changes.
You can view:
Estimated market value of property by OneRoof
Registered Valuation (RV) information
Past sales information on the property
Property data (e.g. floor area, land area) however fewer details compared to homes.co.nz
Estimated home loan repayments
“About the area” - shows flood planes, underground services (waste water etc), schools location, zoning
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PropertyValue
PropertyValue is owned by CoreLogic, a leading property information and insights firm with a global presence. PropertyValue gives users free access to some of this information, although additional reports can be purchased. Their Property Report is selling for $29.95 (incl. $20 discount at the time of this writing) and their Title Details Report cost $5.95. This is a different proposition to homes.co.nz and OneRoof where they do not offer paid information.
One key difference observed is that Property Value provides a range for the valuation instead of a figure which the others provide. For example where homes.co.nz and OneRoof will state a value e.g. $1.33M and $1.47M, Property Value will offer a range e.g. $1.3M to $1.4M.
PropertyValue is lacking some of add-on features homes.co.nz offers, but does have more of a focus on data. This is clear in its Suburb Insights feature, which differs from OneRoof’s as it focuses on market insights such as median sale price, median rent, changes to prices over 12 months and Average Days on Market. Because of this, we think investors or property sellers and buyers with a tendency to dive deeper into the data will find PropertyValue to be a handy tool and where it offers an edge.
In terms of usability of the platform, we think homes.co.nz and OneRoof offers a better experience.
You can view:
Estimated market value range of property by Property Value
Rating Valuation (RV) information
High level property information (e.g. floor area, land area) however fewer details in comparison
Past sales information on the property
Data on median sale price, sale price change, median rent, average days on market ️
View comparable properties in the area that have sold or are for sale ️
Pay to access more comprehensive Property Report and Titles Report
Relab
Relab is an Auckland-based property data start-up that launched the latest version of its website last year and have continued to grow strongly since. In an interview with NZ Business in May 2023, they shared that the platform has grown to the point where 25% of NZ real estate agents are now using Relab.
As the newest kid on the block, they’ve sought to distinguish themselves with map-based features. There is a free version but this is limited to REINZ members while others can access their free trial for 14 days.
You may find far more value by purchasing a Pro Plan for $59.90 a month or unlock their full set of features with their Prospect Plan for $320 a month. You can save 38% on both these plans when opting for their yearly subscription instead of the monthly. Gain access to a host of useful features such as advanced maps, information about subdivision potential, and title details which would be super handy for property investors, real estate agents or data nerds when purchasing their property.
Overall, Relab is a tool that is great for people looking at real estate more seriously such as investors, developers and even perhaps home buyers that are more data driven (especially with the premium subscription). You can view:
Estimated market value of property value (powered by QV)
Council valuation information including council rates ️
Estimate of rental
Map view of the area incl. ability to toggle on flood zones, services and consents
Past sales information on the property
Subdivision calculator ️
School zoning information ️
Household demographics (annual income, age, education, ethnicity, occupancy and occupations) ️
Pay to access Market Analysis, Title & Planning Report
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How accurate are the price estimates?
These property websites are powerful tools for potential buyers and investors. But if you’re anything like us, you often turn to them to scratch that curiosity itch and find out what your neighbour's place is worth. Regardless of why you’re interested, you’ve probably wondered how accurate these estimates actually are.
It's important to remember the estimates you see have been calculated by a computer, so they will never be able to fully account for market factors. If you’re after an accurate estimate, you should engage a professional valuer. But that doesn’t mean these estimates are useless, they can be very useful for that initial indication.
You’ll notice most sites give a price range either as well as or instead of a single figure. We found PropertyValue typically gave the smallest range, followed by homes.co.nz and OneRoof. Although these ranges, along with the estimates, were generally relatively well aligned between the sites there were some differences. This is expected, each site will have its own algorithm and datasets used to calculate this. Valuing a property is not an exact science.
So if you’re browsing these websites out of curiosity, the price estimates are probably good enough to get the job done. But if you’re a more serious user, we’d advise checking across multiple sites and even seeking professional help or more detailed reports!
Summary
It's fair to say Kiwis love owning property. Owning a property is a big aspect of the Kiwi dream for millions of people. So it's no surprise we gossip about the new neighbours, dream up DIY home improvements and that our news is often dominated by the housing market. And when it comes to finding facts and figures about specific properties, Kiwis are pretty spoilt for choice!
Homes, OneRoof, PropertyValue and Relab are all excellent tools, whether you’re a budding property investor or simply curious. We found that most of these tools offer similar functionality with quick and easy to use experiences. If we had to pick a favourite this time around we would have to go with homes.co.nz but, why not give them all a go and see which is your preferred tool. However, if you’re after more in-depth property information we’d recommend looking into Relab’s subscription plans.
Market Valuation vs Sum Insured for House Insurance
If you’re curious to find out more about House insurance for your property and want a quick easy comparison, try Quashed - it’s free. House insurance have been in the spotlight this year after devastating weather events all across New Zealand have rendered some homes “uninsurable” and many others have seen premiums increase 20%-30% or more. For most property owners, it’s a good time to be checking your insurance to see how you’re covered and if you are sufficiently covered. Do not make the mistake of using the market valuation as your sum insured amount or you could be over-insuring; especially in recent years where property values have climbed quickly. The sum insured amount you use for your house insurance should be the cost to rebuild your house only. You can use a calculator such as one provided by CoreLogic or access the sum insured calculator via Quashed. To compare and view your house insurance prices, give Market Scan a go!
Compare my house insurance price and benefits using Market Scan.
Interested to find out more about the property market? We’ve written a quick sum-up of the latest happenings as well as the implications for your insurance here.
