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Summarised by Centrist
Auckland’s new capital values (CVs), used for setting rates, are arriving this month, but were assessed in mid-2024. Sign-off delays mean they’re only being released now making the data 12 months out of date.
Many sellers use CVs as price benchmarks, and that could skew expectations in both directions because the numbers could be off.
“Most agents will tell you CVs are for rating, not pricing,” the report says, but in a slow and uncertain market, they’ve become a proxy for value.
Whether that works for or against homeowners now depends almost entirely on where they live. Average Auckland values have dropped another 1.1% since the valuation date. When broken down further, of the 206 Auckland suburbs analysed, 94 rose in value since last year’s CV snapshot, while 110 fell.
In some suburbs, estimated values are now more than $100,000 above what the new CV will state.
Others face the opposite problem. “The risk is clear in places like Whitford and Newmarket,” the analysis noted, where average values have dropped 8.4% and 8.8% respectively, (the former equating to a $304,000 fall).
