Auckland's new property valuations released: Check your CV today
Auckland homeowners checking their latest council valuations, released this morning, might be surprised to see their properties are now valued 9% less on average.
The new rating valuations were released on the Auckland Council website while formal notices will be posted or emailed to ratepayers from Friday.
Based on property market trends in May 2024, the figures show variations across property types and locations throughout the region, with industrial, lifestyle, and rural properties bucking the downward valuation trend.
The valuations are not intended to accurately reflect current market value but are used to determine how the city's rates burden is shared among property owners. It comes as the council prepares to roll out a 5.8% average rates increase from July.
Properties whose values decreased by less than the 9% average will likely face higher-than-average rate increases.
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Auckland Council building (file image). (Source: 1News)
"If your residential property value has reduced more than the average (-9%) change between the two valuations, you can expect a smaller rates increase than the 5.8%," said Auckland Council chief financial officer Ross Tucker.
The overall capital value movements between the 2021 and 2024 valuations show industrial properties increased 5%, while commercial properties fell 5%.
Lifestyle and rural properties both increased by 4%.
Properties closer to Auckland's central business district generally experienced larger value decreases, with Albert-Eden, Maungakiekie-Tāmaki, Waitematā, Whau and Puketāpapa areas all seeing drops of 13 to 14%.
But, values in areas further from the city centre held up better, with Hibiscus and Bays, Upper Harbour and Franklin experiencing smaller decreases between 1 and 4%.
Auckland skyline with harbour bridge visible (file image). (Source: istock.com)
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Auckland Council chief economist Gary Blick explained the context behind the shifts.
"At the time of the 2021 rating valuation in June 2021, the official cash rate had been at an all-time low," he said.
"We saw exceptionally low mortgage rates and strong upward pressure on property prices. The 2021 rating valuation reflected those higher prices.
"In contrast, the 2024 rating valuation in May 2024, occurred when the OCR had been lifted to its recent high of 5.5%. Higher interest rates cooled buyer demand, leading to a decline in property prices.
"Despite that fall, the median house price as at May 2024 was still above the level just prior to the OCR cut of March 2020, and that remains the case today.
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"The recent economic cycle – with its unusually steep climb and fall – helps explain why some properties have had swings between the two rating valuations."
Tucker said most Auckland ratepayers will see some degree of rates increase from July 1, with the average annual rates for a residential property valued at $1.29 million set to be $4069 – an increase of $223 per year or about $4.30 weekly.
The valuations do not change how much the council takes in rates, as this is set annually following community consultation. For the upcoming financial year, Auckland Council has approved an overall average rates increase of 5.8% for residential ratepayers.
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