How Auckland ratepayers can learn their new property valuations
An aerial view of an Auckland suburb showing many blocks of housing.
Photo:
RNZ / Kate Newton
Auckland ratepayers can learn their new property valuations this week.
Auckland Council will release the rating valuations for Auckland's 630,000 properties online from Tuesday, while ratepayers will be sent formal notices from Friday.
Monday's valuation data showed residential values have fallen nine percent since the last CVs were unveiled in 2021.
Auckland Council chief financial officer Ross Tucker said the rating valuations are based on property market trends and recent sales activity as at 1 May, 2024.
"As we know, the last council valuations from 1 June, 2021 were completed close to the market peak and between then and May 2024 the economy and property market generally trended down.
"Therefore, as most people would expect, the May 2024 Capital Values (CVs) are lower than the previous 2021 CVs for many properties," Tucker said.
He said for 2025/2026, Auckland Council has approved an overall average rates increase of 5.8 percent for residential ratepayers
This means annual rates for an average residential property (CV $1.29 million) will be $4,069. The 5.8 percent average increase for 2025/2026 will equate to $223 per year or around $4.30 per week.
"We are acutely aware of the tough cost of living facing our community and we continue to work hard to achieve council savings and improve value for ratepayers, to help keep rates as low as possible," Tucker said.
"Most Auckland ratepayers will see some degree of rates increase from 1 July, 2025. However, how a residential property's CV changes compares to other properties in the region will generally determine whether that property's rates increase from 1 July is more, or less, than the 5.8 percent average.
"If your residential property value has reduced more than the average (-9 percent) change between the two valuations, you can expect a smaller rates increase than the 5.8 percent. Conversely, if your property value held up better than the average, then you can expect a larger rates increase."
During Monday's media briefing, Auckland Council said residential properties in centrally located local board areas tended to see a bigger reduction than those further out, particularly apartment dwellings which had fallen 12 percent.
Properties closer to the city centre by in large had above-average reductions like Puketāpapa, Albert-Eden, Maungakiekie-Tāmaki, Waitematā and Whau (all -14 or -13 percent).
Auckland Council said this could be influenced by the varied market, including apartments, multi-units and stand-alone homes, which all have different sales trends.
For many residential properties, land values had fallen an average of -13 percent and commercial land is also down -6 percent. The reduction in land values reflects reduced development activity since 2021 and, in some cases, potential zoning changes.
Reduced demand for properties with redevelopment potential contributed to larger value declines in areas like Māngere, Henderson, Massey, Glen Innes, Point England and Panmure.
Values for areas further from the city centre held up slightly better with Hibiscus & Bays, Upper Harbour and Franklin ranging from -4 percent to -1 percent.
Commercial values were also down 5 percent, while lifestyle and rural increased by 4 percent, industrial was also up 5 percent.
Council said it was also difficult to quantify the overall effect of the 2023 Auckland flooding event on the market due to the number of variables involved.
Despite that, data shows that values in Muriwai increased by 12 percent while values in Henderson fell by 10 percent.
Rodney held its values (average 0 percent change) and Aotea Great Barrier is up (+38 percent) which Auckland Council said is a continuing trend, with residential values on Aotea Great Barrier up 59 percent at the 2021 revaluation.
Auckland Council chief economist Gary Blick said it was important to highlight that the previous two Auckland rating valuations coincided with markedly different stages of the recent economic cycle.
"At the time of the 2021 rating valuation, in June 2021, the Official Cash Rate (OCR) had been at an all-time low," says Mr Blick. "We saw exceptionally low mortgage rates and strong upward pressure on property prices. The 2021 rating valuation reflected those higher prices.
"In contrast, the 2024 rating valuation in May 2024, occurred when the OCR had been lifted to its recent high of 5.5 per cent. Higher interest rates cooled buyer demand, leading to a decline in property prices.
"Despite that fall, the median house price as at May 2024 was still above the level just prior to the OCR cut of March 2020, and that remains the case today. The recent economic cycle - with its unusually steep climb and fall - helps explain why some properties have had swings between the two rating valuations."
Sign up for Ngā Pitopito Kōrero
,
a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
RNZ News
5 hours ago
- RNZ News
'We're quite excited': Fieldays farmer spending tipped to hit new highs
The southern hemisphere's largest agricultural event is a ritual for many farmers, but this year it's hoped there'll also be record spending. Huge numbers are rolling into Fieldays in Hamilton which kicked off today, with an estimated 100,000 people expected to attend between Wednesday and Saturday. With a farmgate milk price of $10, record beef prices and strong sheep meat returns - the rural sector is on the up. Combine that with the government's recent move to allow farmers to deduct 20 percent off new farm equipment from their taxable income , and the prediction is sales could reach new highs. The Minister of Agriculture also announced a $4 million boost to rural wellbeing, and Prime Minister Christopher Luxon said during his visit to Fieldays that he wanted farmers to know they were "deeply loved" by the government. That's certainly something that agricultural machinery companies are feeling, down at the Husqvarna stand there were plenty of smiles and national sales manager Steve Middleton told RNZ there had been a recent uptick in spending and mood amongst farmers. Steve Middleton says sales are on the upward curve. Photo: RNZ / Marika Khabazi "We're seeing an improvement, there's been a lot of signals in the market place in the rural sector that we're seeing signs of the times getting better and farmers are looking to spend some of the cash they've built up. "We're definitely seeing it come through particularly in robotic auto mowers and lawn tractors - it's positive and we are on the upward curve now," he said. Palmerston North dairy farmers Christian Allen and Anna Maley believe the 20 percent tax reduction will make a difference. "Farm owners I think will be more willing to spend a bit more money and upgrade some gear considering it's 20 percent off you can get back. Palmerston North dairy farmers Christian Allen and Anna Maley. Photo: RNZ / Marika Khabazi "Farmers with older tractors that have done seven or eight thousand hours, it'll be more appealing to trade it in and get a new one, less hassle," he said. A sentiment that has businesses feeling optimistic. CNH business manager John Gilbert told RNZ that sales of Case and New Holland tractors were likely to be high at this year's Fieldays. "We're quite excited, I think there's a sense of a mood shift. Last year we sold 40 tractors at Fieldays and this year we're hoping to eclipse that. "With the tax boost announced a few weeks ago by government that's really got people talking and we've seen evidence of that already in the market - people are buying tractors," Gilbert said. John Gilbert is expecting this year's sales to eclipse last year's. Photo: RNZ / Marika Khabazi However, that's not the case for all of the 1200 exhibitors at Fieldays. A few tents along at the All Trade Tools stand, key account manager Rodney Smith told RNZ their clients, many DIYers and tradies, were not doing as well as farmers at the moment. "It's been tough for us out there, we're down considerably year on year. We're finding the DIY market is non existent at the moment. "I think interest rates, mortgages - people don't have that money in their pocket to go out and spend a couple hundred dollars on something they really don't need," he said. A cautious approach the Jowsey family is taking, they farm sheep and beef in Raglan and mum Amber said even in the good seasons, they were always careful. "You've still got to stay within your limits but farmgate prices are pretty good so doesn't feel bad like last year... for sure," she said. The Jowsey family from Raglan on their annual trip to Fieldays. Photo: RNZ / Marika Khabazi Husband Clint Jowsey is eyeing up solar water pumps, and is relieved to see the rural economy doing well. "I reckon it's going pretty good at the moment, it's ticking over," he said. Whangārei farmers Julie and Bruce Paton are also looking for some Fieldays deals such as water tanks. "We certainly feel we can spend a bit more this year. Because we're in dairy and beef, and both are up, so why wouldn't we be positive about that," they said. Whangārei farmers Julie and Bruce Paton on their annual Fieldays trip. Photo: RNZ / Marika Khabazi Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
6 hours ago
- RNZ News
Auckland's new electric ferries set to make waves worldwide
Auckland Transport's first electric ferry has touched water for the first time. Workers began the slow process of bringing the vessel from the McMullen & Wing shipyard factory floor into the nearby Tamaki River in Mt Wellington early Wednesday morning. The first of two fully electric ferries will undergo technical tests here over the coming weeks, before trialling its seaworthiness inside the Hauraki Gulf. "In about a month's time we'll be taking it down the river and charging up at Auckland Transport's new charging station in Half Moon Bay," said EV Maritime chief executive Michael Eaglen. "Then we'll be doing trialling more broadly on the Hauraki Gulf, which we're expecting to be handing over to Auckland Transport in probably around about three months' time. "These are highly automated boats, so you test all the automation systems, take it to the point where we can then hand it over to Auckland Transport who can bring their operator on board and get into crew training," he said. Auckland Transport ferry programme director Nathan Cammock said the main route the EV Maritime ferries will run will be between Half Moon Bay and downtown Auckland, although they may take the occasional trip to Devonport and Hobsonville Point. "They're designed for mid-harbour routes so those are routes between 30 to 45 minutes journey time." "These two new electric vessels will service the Half Moon Bay route and we may see them go to other destinations over time," said Cammock. He said each boat cost about $20 million. "The New Zealand government has provided the biggest contribution around two-thirds of the cost of each vessel, the remaining third is split between NZTA Waka Kotahi and Auckland Council. "So a lot of parties have come together to make sure this project is successful," he said. The first work on the boats began in 2022 and they could begin service before the end of year, although Auckland Transport said there was still no fixed date for when commercial sailing will start. "We're not keen to rush it, we want it fully tested and commissioned and any issues are worked out so when it's handed over to Auckland Transport its working as expected," said Cammock. The fully electric ferries were designed by EV Maritime, while the propulsion technology was created by HamiltonJet in Christchurch. The ferry is made from carbon-fibre composite will be able to reach speeds of up to 25 knots - or 46 km/h - with a capacity of 200 passengers. The ferries are expected to have a lifespan of more than 30 years. Auckland Transport said the batteries were anticipated to have a lifespan of about 10 years before requiring a replacement. Although Auckland Transport did expect newer, lighter and higher-capacity batteries to be available as technology advances. The EV Charger that will be used at the ferry terminals can operate at roughly 10 times the speed of a Tesla supercharger, rated at up to 3.3 megawatts. The ferries will charge while passengers board and disembark, needing 10 minutes of charge time to have enough power for a one-way journey. It is expected they will do eight return trips per day, meaning they will need to charge 16 times over the course of a day's service. McMullen & Wing director David Porter said today's launch was a success and showcased the strength of New Zealand innovation. "The day is a milestone in which we can show the world what is possible and I know there are people out there for some time, looking to ride on these ferry boats and be convinced that it all works," he said. "There's scepticism always in new technology but today we've taken a real step in proving that we're on our way." "There's a great team in the background, I don't build the boats, we've got a team that do. Michael's (Eaglen) team does the design work and it all fits in together and we've got a great group of really good contractors," said Porter. The New Zealand designed and made electric ferries were also world leading. Eaglen said the eyes of the world were eagerly watching the project, with only two or three other similar ventures known internationally. "This is a really high-profile project from an international ferry world perspective, as I said, there's been a lot of vehicle ferries electrified, but very few fast passenger ferries," he said. "We've got a lot of people very keenly aware of what we're doing here and very much looking forward to coming down here. "It's believed to be the first one going into a really rigourous, high-frequency core public transport service and it's also the first one to be using the new megawatt charging standard, which I think is going to be the new standard for electric ferry operations around the world. "So this is a really important demonstrator for EV Maritime as a project for our kind of export ambitions. "We're really grateful to the government and to Auckland Transport for supporting us with putting their faith in us for these first projects and helping us get these first boats in the water and demonstrated because that's how you grow an export industry, and that's what we're trying to do here," said Eaglen. Cammock said they were keen to support launch what could be a new industry for New Zealand. "It's a great example of New Zealand innovation... a great opportunity for a technology export industry to grow off the back of New Zealand's existing maritime industry. "EV Maritime have been proactive in the market and have got some early contracts overseas and we're looking forward to supporting that with these new boats going on the water," he said. Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
7 hours ago
- RNZ News
Christchurch community have their say on council's new alcohol policy draft
Council staff confirmed the draft LAP would not affect the remote sale of alcohol. Photo: 123RF Wayne Hawker tearfully recounted losing his former son-in-law to alcohol abuse while calling on the Christchurch City Council to clamp down on liquor sales in the city. The Christchurch man recalled his family's pain during a hearing on the council's draft local alcohol policy (LAP). The council had proposed ending alcohol sales at off-licence premises - such as bottle shops and supermarkets - at 9pm, as well as introducing a moratorium on new bottle stores in deprived areas and restricting their proximity to schools and addiction services. Current trading hours in the city were 7am to 11pm. Hawker was among the 415 people, businesses and organisations who made submissions on the council's proposal. On Wednesday, he told councillors he lost his former son-in-law to alcohol abuse and easy access to alcohol destroyed lives. "Our daughter... lost someone she thought was her soulmate. Our three grandchildren... 12, 10 and 8 at the time, lost their father. It can be squarely blamed on alcohol," he said. He urged city councillors to further restrict liquor sales, saying supermarkets did not need to sell alcohol as early as 7am. During the hearing, councillors heard varying views from community board members, alcohol harm advocates, business leaders and members of the public. Alcohol Healthwatch executive director Andrew Galloway commended the council on its draft LAP, but called for restricting premises to 9am opening and rules which prevented new stores from clustering in the same areas. Waitai Coastal-Burwood-Linwood Community Board chair Paul McMahon supported the proposals, but urged councillors to further restrict new bottle shops in high deprivation areas to prevent them from becoming "stacked up on the edges" nearby. He also asked councillors to consider restricting alcohol deliveries via apps like Uber Eats. Council staff confirmed the draft LAP would not affect the remote sale of alcohol. Hospitality New Zealand central South Island regional manager Nikki Rodgers said the organisation supported the council's draft LAP. "We particularly appreciate the clarity around off-licence provisions, acknowledging the freeze on new licences, while still allowing new renewals and licences upon change of ownership. This provides essential certainty for existing operators and future investors," she said. Deputy mayor Pauline Cotter asked Rodgers what she thought about McMahon's proposal for greater restrictions in high deprivation areas. Rodgers said it would be hard to put such a restriction in place, given potential population growth. Foodstuffs South Island head of retail Kent Mahon said nine of the company's 18 Christchurch supermarkets would be affected by the 9pm closing time. The changes might lead to stores closing at 9pm, he said. If those stores were to remain open after 9pm, customers might be confused by the rules, leading to staff being abused as a result, Mahon said. "A customer loads up their shop, there's a bottle of wine in there at 9 or 8.58pm, and they can't process that whole transaction through," he said. "We all read the media, and there is abuse towards staff in our stores. Those staff would need to manage that inconsistent messaging." Councillor Sara Templeton. Photo: screenshot / Stuff Councillor Sara Templeton said apart from the potential for conflict for supermarket staff, it did not sound like the changes would have much effect on the stores. Some Super Liquor operators also addressed their concerns with the LAP. Super Liquor Ilam and Hornby co-owner John Symon told councillors he would willingly support closing stores at 9pm, so long as the council put those same restrictions on alcohol deliveries. "It seems ludicrous that on a remote licence you can supply alcohol up to 11 o'clock at night," he said. He supported the idea of preventing new outlets from opening in high deprivation areas, so long as it applied to supermarkets, and said he supported the idea of a 500-metre buffer zone around those areas. Super Liquor Holdings' national operations manager Greg Hoar said delivery drivers should be restricted from delivering alcohol at the same time stores were shut. The company did not agree with restricting new outlets based on deprivation, Hoar said. He described the approach as "one-sided", since the LAP would not put the same restrictions on on-licence premises or new supermarkets. "You have to be 18 to enter into an off-licence premises or with a legal guardian, yet you can walk past outlets or through a liquor section of a supermarket without being questioned," Hoar said. "We have clean sites with no branding of beers, RTD and wines on our buildings, yet I can walk past an on-licence premises and see people smoking and drinking outside with happy hour signs, or waltz into a supermarket." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
