AFAIK the accounts don't break out the valuation adjustments for this subset of properties prior to April 2022 but yes they would be valued to the expected realisable value once they are classified as being for sale. Prior to that they would be subject to the normal valuation process by the independent valuers. We can see the actual adjustments to this subset of properties since April 2022 as follows:
Per the annual (AR) and interim reports (IR) - all figures NZ$000s :
- Transfers from other assets categories = $98,824
- Add expenditure incurred +$942
- Add revaluation gain +$1,886
- = Reported value held for resale per AR 2023 p56 of $101,652
- Add expenditure incurred +$440
- Less Value of properties sold -$42,070
- Less revaluation loss -$1,258
- = Reported value held for resale per IR 2024 p47 of $58,764
The nett revaluation impact over the last reported 18 months was +$628k.