Auckland Council
Media release
14 October 2011

Auckland Council revaluation endorsed by Valuer-General

The Valuer-General, Neill Sullivan, today certified the 516,000 property values set by this year’s Auckland Council revaluation.

Mr Sullivan says it has been pleasing to see Auckland Council aim for high standards throughout its recent revaluation by implementing best practice processes.

“This has resulted in Auckland’s property valuations being consistent and fair across the region,” he says.

The first Auckland Council revaluation is the largest revaluation ever undertaken in New Zealand. Due to the size of the project, new valuation processes were in place to ensure all properties were valued consistently.

Mr Sullivan is required to approve all rating valuations undertaken by local authorities in New Zealand to ensure consistent and accurate property values. The office of the Valuer-General is the central government body that regulates and audits rating valuations in New Zealand.

Auckland’s revaluation brings properties formerly covered by the legacy councils into the same valuation cycle. Property owners will receive a new valuation notice in the mail from 27 October 2011.

Auckland Council’s Valuation Team Leader, Peter McKay, says most Auckland property owners can expect to see their property’s capital value move somewhere between +/-10% since their last revaluation, which was conducted in either 2007, 2008 or 2009, depending on a property’s location.

”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,” says Mr McKay.

Since the effective date of the revaluation (1 July 2011), there has been a slight increase in values in the residential property market in some locations.

Auckland Council’s in-house valuation team, assisted by Quotable Value (QV), has been working on the revaluation since last year.

Ends

Note to editors:
Residential and specialist property values can view be viewed here: www.aucklandcouncil.govt.nz/revaluation

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