Biggest leap in property valuations on Waiheke Island!

The Waiheke Local Board area has the biggest increase in property valuations in the Auckland region.

Waiheke Island’s property valuations have risen an average of 66 per cent in the past three years, while the local board area has a 64 per cent increase.

Auckland Council has just released figures on its valuations for 2017 that show a 46 per cent average increase across the region. The average value of residential property in Auckland is now $1,076,000.

The values are based on the price the property would have sold for on July 1, 2017.

Surfdale valuations lifted the most on the island, going up an average of 71 per cent.

Oneroa and Onetangi valuations have increased by an average of 67 per cent, Ostend by 62 per cent, Omiha by 54 per cent and Palm Beach by 51 per cent.

Property values on Great Barrier Island rose by an average of 11 per cent, while Rakino valuations are up 20 per cent.

The valuations reflect price rises in the Auckland property market and will be used by the council when charging rates from July 2018 to 2021.

Property owners will receive valuation notices from the council by mail or email from November 20.

While valuations in the Waiheke Local Board area have soared higher than in most areas of Auckland, some mainland suburbs have bigger increases.

Paerata/Runciman in south Auckland has a 151 per cent average rise, Wainui/Waitoki in north Auckland 102 per cent, Westgate 86 per cent and Drury 81 per cent.

Kawau has an average valuation drop of three per cent and is one of the few places with lower valuations.

Council head of rates Debbie Acott said the valuations cannot be regarded as current market values, because of Auckland’s “dynamic” property market.

Big increases in property value don’t necessarily mean corresponding increases in rates, she said.

“We won’t know the impact of this revaluation on rates until we agree our next budget in 2018,” Acott said.

Council chief economist David Norman said Auckland’s strong population growth over the last three years has not been matched by increases in the number of new houses being built, and this has pushed prices up.

“Record low interest rates have allowed people to bid up prices to secure somewhere to live, because housing has been in short supply.

“And the Unitary Plan has added a lot of value to properties that can now carry higher intensity residential development than before,” he said.

This year, the council’s team of valuers has revalued more than 549,000 properties, including all land except roads and waterways.

The values are based on the price the property would have sold for on July 1, 2017.

Individual property data will be available from November 20 at www.aucklandcouncil.govt.nz.

Retrieved from https://www.stuff.co.nz/business/property/98952499/biggest-leap-in-property-valuations-on-waiheke-island

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