House values to jump as Auckland Council publishes new RV
More than half a million homes in Auckland are expected to see a jump in value - potentially by as much as 50 per cent - when rating valuations are released next month.
With the average house price value across the Auckland region having risen by 40 per cent since the latest rates valuation (RV) three years ago, property experts are expecting to see a similar rise in RV across the city.
TradeMe head of property Nigel Jeffries said "nowhere in Auckland would we expect a rating valuation to drop."
"We will see some lifts, for example in the inner-city suburbs, where prices have moved quite significantly from three years ago."
These figures which Auckland Council used to help calculate property rates could in turn lead to a rise in homeowners' rates bills.
However, deputy mayor Bill Cashmore urged Aucklanders not to panic as any rise in value did not automatically correspond to an identical rates hike.
Any rise in rates was based more on how the property value rose in comparison to the area's average, he said.
"Say the average valuation increase is 50 per cent and your house has gone up by 50 per cent, it won't affect your rates other than the normal incremental increase."
But he said if there was a rise well above or below the average, then this could see a larger hike or drop in rates bill.
Auckland Council is expected to release the latest RVs in early November.
Council master data and valuations manager Emad Asgari said any changes to rates would not take effect till July 1, next year.