How many individual parcels of surplus vacant land identified in June 2025 have been sold for less than their most recent independent or rating valuation, if any, and what is the aggregate difference in dollars between sale prices achieved and those valuations?

Answer

Kāinga Ora – Homes and Communities advises me that 11 individual parcels of surplus vacant land identified in June 2025 were sold for less than their most recent independent or rating valuation. Across these 11 parcels, the aggregated sale proceeds were $1,373,174 below their combined valuations. However, when considering all vacant land parcels sold by Kāinga Ora during the period, aggregated sale proceeds exceeded combined valuations by $1,495,948. A current market valuation is an independent estimate of what a property may sell for, not a guaranteed sale price. The actual market value is ultimately established through the sales process and reflects what a willing buyer is prepared to pay on the day. While some properties sell below their valuation, others sell above it. Kāinga Ora markets all properties openly to achieve the best possible price. Under its divestment policy, land may be sold for up to 5 percent below market valuation with additional approvals required for transactions more than 5 percent below.