What a CMA is
CMA stands for Comparative Market Analysis. It's how an agent works out a realistic price range for your home, by comparing it with similar homes that have actually sold nearby recently. It's the evidence behind the figure, not a guess in a nice folder.
It's also a requirement. Under the real estate Code of Conduct, an agent's appraisal has to be in writing, reflect current market conditions and be backed by comparable sales. If there aren't any good comparable sales, the agent has to explain that to you in writing too.
What goes into one
- Recent comparable sales: homes with a similar number of bedrooms, land size, condition and location, ideally sold in the last 6 to 12 months. The closer the match, the more weight a sale gets.
- Homes for sale right now: the listings a buyer would compare yours with, because that's your competition today.
- Your home's own features: condition, renovations, section size, sun, views, parking, and anything else that would make it sell for more or less than a similar home down the street.
- How quickly homes are selling: whether similar homes are being snapped up or sitting on the market, which says a lot about buyer demand in your part of the suburb.
- How recent sales were achieved: whether nearby homes sold by tender, at auction or with a price, and how long they took. So many Karori homes sell by tender that there often isn't an asking price to compare with, so the sale method and the buyer interest behind each sale matter.
A real example from South Karori
Numbers 9 and 11 Stockden Place both sold in September 2025, for $965,000 and $970,000. Both were my listings. That's about as close a comparable pair as you'll find: same street, same month, very similar results. An appraisal for another home on Stockden Place would lean on those two sales far more than on a sale elsewhere in Karori.
CMA vs. rating valuation (RV)
This is the most common mix-up I come across. Your RV is set by the council so it can work out your rates. Every property in the city is revalued at the same time, usually every three years, using mass valuation methods rather than a visit to your home.
Wellington City's current rating valuations are as at 1 September 2024, and they were sent to owners in February 2025. So they show where the market was in late 2024, not where it is today.
| Appraisal (CMA) | Rating valuation (RV) |
|---|---|
| Based on recent sales near your home | Set for the whole city at once |
| Reflects the market now | Fixed at one date and usually redone every three years |
| Looks at your home's actual features | A broad estimate, usually without an inspection |
| Used to set a realistic price | Used to work out your rates |
So it's normal for a home to sell above or below its RV. It isn't a red flag. It's just the difference between a live read of the market and a figure set at one point in time.
An appraisal isn't a registered valuation
An agent's appraisal is different from a registered valuation, which only a registered valuer can provide. You might need one of those for some bank lending, a relationship property settlement or legal matters. For deciding whether to sell and what to expect, a well-supported appraisal is usually what you need.
How often should it be updated?
Comparable sales change all the time, so an appraisal from even a few months ago can be out of date, especially if there have been several sales on your street since. If you're thinking about selling and your last appraisal is more than a few months old, it's worth getting a fresh one.
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