Wednesday, February 28, 2024

Auckland property values up 34%

Auckland Council’s latest property valuations have shown an average value increase of 34% – with local board Aotea Great Barrier recording the greatest increase.

The updated values released today reflect the likely price a property would have sold for as at 1 June 2021, and will be used to determine the share of rates for the next rating year starting 1 July 2022/2023, Council said in a statement.

The local board with the largest increase was Aotea Great Barrier, showing a 59% average increase.

The other local board areas with the largest movements were in Māngere-Ōtāhuhu, Henderson-Massey and Maungakiekie-Tāmaki, all of which have seen average increases between 41 and 49%. These areas have all undergone intensification in recent years, and these movements demonstrate the impact of this, Council said.

In comparison, the Waitematā area, which has a large share of apartments, has a lower average increase of 15%.

Chief Economist at Auckland Council, Gary Blick says 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. The value increases have moved out from the city centre, which is what we would expect as housing in those areas becomes more desirable.” – Chief Economist Gary Blick

Standalone dwellings have increased by 34% whilst increases for already intensified housing types like apartments (8%) and flats (27%) are slightly lower.

Group Treasurer John Bishop explained that percentage increases weren’t the only consideration when viewing the latest data.

“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% of the average,” he said.

For full details, visit Our Auckland.

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