Aucklanders can see their updated property values from today, with homes in Great Barrier Island soaring by 59 percent.
Photo: 123rf.com
Auckland Council valuations show an average increase of 34 percent since 2017, with individual information by address found here.
The valuation process is a statutory one, used to work out each property's share of the city's rating burden, which will be carved-up using the new data next year.
It's usually every three years but was deferred in 2020 due to Covid-19 uncertainty. An audit conducted by the Office of the Valuer General in 2021 determined that the council and its valuation partner Quotable Value needed to do more work on the values before they would be ready for release, but the figures have been certified since that work was completed.
Residential Capital Value change Auckland Photo: Supplied / Auckland Council
The property valuations reflect the likely sales price in June last year and will be used to determine the share of rates next year.
It's therefore a double edged sword - residents' homes are worth more, but for some that could bring with it a big hike in rates.
The council says local board areas which saw high rises - between 41 and 49 percent in Māngere-Ōtāhuhu, Henderson-Massey and Maungakiekie-Tāmaki - had all undergone intensification in recent years.
Its chief economist Gary Blick said the effects of the Unitary Plan implemented in 2016 can be seen in the valuations.
"We started to see these impacts in the 2017 revaluation but realistically the effect is showing now," he said.
"The value increases have moved out from the city centre, which is what we would expect as housing in those areas becomes more desirable."
Standalone dwellings have increased by 34 percent while increases for already intensified housing types like apartments (8 percent) are slightly lower.
Waitematā, which has a large share of apartments, has a lower overall average increase of 15 percent.
Group Treasurer John Bishop explains that percentage increases aren't the only consideration. "It's worth noting that though we are seeing the highest value increase on Aotea Great Barrier this year, it is still one of the lowest valued areas in the region at around 43 percent of the average".
Council's financial policy manager Andrew Duncan told a briefing yesterday it was not yet clear whether Three Waters reforms would change its plans to charge a targeted rate.
"Council will be working with the government to carry out the water reforms in the way directed and final decisions by the government haven't been announced yet, they're still working through it. And so the final form of the water reforms will then affect what the council does with its various funding instruments for stormwater."