File photo / Paul Estcourt
Auckland homeowners can expect their house valuations to shift by up to 10 per cent after the largest ever property revaluation in New Zealand.
The revaluations, due to be mailed to owners from October 27, bring all 516,000 properties within the Auckland Council area into the same valuation cycle.
The previous valuations, conducted by the disestablished councils that make up the super city, were done in 2007, 2008 or 2009.
Auckland Council valuation team leader Peter McKay said most property owners could expect to see capital values move by about 10 per cent up or down since then.
“Prior to 2008 the market was heated with lots of activity. It is now in recovery mode so, overall, we haven’t seen the big shifts in residential values that we saw in previous revaluations, with the exception of some inner city suburbs,” he said.
The revaluations, effective from July 1 this year, were conducted by Auckland Council’s in-house team with help from Quotable Value, beginning last year.
Valuer-General Neill Sullivan, who is tasked with regulating and auditing rating valuations, today certified the values as consistent and fair across the region.
The revaluation was the largest ever undertaken in New Zealand and, due to the size of the project, new processes were put in place to ensure consistency.