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. We have no plans to charge users for it, so all features are completely free, and we would like to keep it this way. Our revenue will come from commercial advertising and sponsorship which will NEVER have any impact on our data's authenticity.
Our property valuation is calculated by machine learning by factoring in land value which includes nearby SchoolScore, 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 ±10%. 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.
We find the parents and home buyers often believe decile rating of a school determines the quality of education. In fact, deciles are only a measurement of socio-economic position of a school’s student community relative to other schools throughout the country. Ministry of Education use deciles to target funding, the lower the school’s decile, the more funding it receives. Decile rating was never designed to indicate the teaching and learning quality of a school. The SchoolScore rating is a simple tool that helps you understand the quality of education of each school. SchoolScore is designed to help parents make baseline comparison of schools, not the only factor in selecting the right school for your family. We encourage parents to do their own research, for example to consider the “special features” in our school pages and ideally visit the schools to make better judgement. Relab.co.nz is always looking to improve the accuracy of our contents and frequently adds information when government agencies and private schools make school quality data publicly available.
SchoolScore ranks schools on a 1-10 scale, where 10 is the top 10% performing schools and 1 represents the lowest 10% performing schools. Ratings are shown in green, yellow and red to help you see the distinctions. Relab.co.nz currently includes all schools in Auckland in the SchoolScore rating except for a few private schools yet to submit data. The most recent three-year average results are used. Primary and intermediate schools are measured by the National Standards which includes reading, writing and mathematics in years 1 to 8. How students are progressing in relation to National Standards are broken into 4 categories: Above, at, below and well below. "Above" has a higher positive weighting than "at" and "well below" has a higher negative weighting than "below" when calculating the SchoolScore. High schools are measured by NCEA, University Entrance and scholarships. Scholarships have a higher weighting in the SchoolScore than the other 2. Some of the top performing students in schools that offer CIE or IB courses do not participate in NCEA but often receive scholarships. It will affect the NCEA performance and UE of these schools. Therefore, number of students with scholarships reflect the portion of high achievers in a high school.
We understand school rating is always going to be controversial. We have used the best available measurable data sourced directly from Ministry of Education, and the standards are national, set by New Zealand Government. There is absolutely no emotional or subjective alternation of these data in making SchoolScore. However SchoolScore is only a starting point for parents to compare schools. It is not the only standard for parents to refer to when choosing schools. We are working with schools and the government to gather more data and optimise the algorithm in the future. We encourage parents to refer to "Special features" and other contents of relab.co.nz's school pages, ideally visit the schools with your children to make a better judgment. For more information please contact us