Locals on the Hibiscus Coast may soon benefit from increased competition and potentially lower prices for property valuations.

The Commerce Commission has welcomed changes made by Valocity, a property data and digital services provider, to its online property valuation ordering system (VOS).

Valocity provides essential services to the residential property industry in New Zealand, including major banks, property valuers, and borrowers.

The company offers various types of property valuations, including Full Market Valuations (FMVs), which require a physical property inspection.

Following a Commission investigation, Valocity has agreed to modify its VOS platform to allow borrowers to reject the fee set by Valocity and request quotes from valuers.

These changes are expected to take effect from March 2025.

Commission Chair John Small acknowledged the change, stating, "This is an important market for tens of thousands of Kiwis each year, so we're pleased that Valocity has agreed to make these changes to its online valuation ordering service."

The Commission has also engaged with other industry participants, reminding them of their responsibilities under the Commerce Act.

Agreements that substantially lessen competition are illegal under section 27 of the Commerce Act.