The move follows the issue of a competitive tender to the valuation industry.

The real estate sector and city property owners and buyers will not see any change in the information and services offered by the City Council.

Property values for rating are used by the community as an indicator for sales prices. They will continue to be provided on the Council website – www.ccc.govt.nz - your property info.

SVO has wide experience of determining property values in New South Wales and is now entering the New Zealand Market. In Christchurch, SVO will be employing New Zealand-trained valuers who will be based in Christchurch.

For rating, Christchurch property values will continue to be Capital Value – made up of Land Value plus Improvements. Values are determined under rules issued by the Valuer General to ensure they provide a credible rating base and to preserve the independence of the valuation setting from the rating process.

The city’s current values are based on an assessment as at 1 September 2001, provided for Council by Quotable Value New Zealand. The next revaluation will occur in September 2004.