The Property and Valuation Standards Board is systematically reviewing its standards to meet the changing and future needs of Members.

The Property and Valuation Standards Board has undertaken a review of NZVGP 504 - Valuation of Houses Under Construction & Houses to be Built or Previously Unoccupied New Houses and has produced an updated guidance paper to be exposed for member comment.

NZVGP 504 has been renamed in part and extensively amended.

The paper introduces the terms “Initial/Interim/Final Construction report” replacing the terms “initial/partial/final payment report” to separate and avoid confusion given banks are only principally interested in the stage of construction for loan draw down purposes.

A redlined version of the changes has not been provided as a comparison as the changes are extensive. The Board is of the opinion that the Guidance paper should be considered as new guidance and read in its entirety.

What is the purpose of this Guidance Paper?

This Guidance Paper has been prepared for all members, particularly members of the New Zealand Institute of Valuers involved in valuing dwellings under construction, dwellings to be built or previously unoccupied new dwellings.

How do I submit feedback?

Members and stakeholders are encouraged to provide comments on the exposure draft paper. Your comments will help form the final guidance paper.

Please email your feedback or questions through to

All feedback, questions and comments will be provided to the Property and Valuation Standards Board to review.

The draft document is open for members to submit their feedback for a 6-week period. Submissions close at 5:00 pm on Monday 22nd April 2024.

The current (existing) version of the paper is available on our Guidance Papers page.

Kind regards,

Blue Hancock
Property & Valuation Standards Board