19 Aug 2014

Council finds 33% rise in home values

4:12 pm on 19 August 2014

Houses in Auckland have risen in value by an average of 33 percent over three years in the council's latest official revaluation.

Some of the region's cheaper areas have undergone the sharpest rises in value, with the new figures being used to set property rates from next year.

The Maungakiekie-Tamaki Local Board area shows the sharpest increase at 44 percent in suburbs including Onehunga and Panmure.

Other high increases are in the Whau board in the west and Kaipatiki on the western side of the North Shore.

The rates rises or decreases for individual properties are affected by how their value has moved compared with the city-wide average.

The council's revaluation team leader, Peter McKay, says overall values have risen strongly.

"We're seeing larger value movements at this re-evaluation in comparison to perhaps the last two revaluations. Value movements, generally, are well into double figures for most property owners."

Individual property valuations will be released in November, and affect rates bill from July next year.