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RNZ News
2 days ago
- Business
- RNZ News
'It would be foolish to be relying on a council valuation'
The CVs for Auckland's 630,000 homes have decreased by an average of 9 percent. File photo. Photo: 123rf Keep calm and carry on - that is the message for Auckland homeowners after many found out the new council valuations (CV) for their properties today. The CVs for Auckland's 630,000 homes have decreased by an average of 9 percent, alongside an average rates increase of 5.8 percent. Property experts say the drop is unnerving and a tough pill to swallow for many - especially after the highs of 2021 - but that the CV is just a taxation tool and homeowners should not let it influence their decisions. Waiheke Island resident Amanda Wright said the value of her home had dropped $50,000 - down from $1,150,000 to $1,100,000 - about a 4.5 percent decrease. "I don't like that it's gone down, but I thought it would have gone down more, so I'm happy that it's not gone down that much," she said. "But it is a worry. There's that underscore of worry that the valuation's not going to come back up. It's stressful, but I think it's going to be okay." Others had seen a much sharper decline in their valuations, with the council delivering more muted figures after the last round in 2021 when the market was considered to be at a peak. Homeowners and Buyers Association of NZ president John Gray said there was no reason to panic. "People shouldn't be disappointed that their ratings valuations have decreased because it is a taxation tool," he said. "It does not reflect the value of the property insofar as its amenity or condition." Gray said his own home had its CV lowered by a whopping $250,000. To him that was good news. "I'm very happy with that because that's - as I said - a rating tool, so my rates should be less... Well, I mean, obviously Auckland Council is increasing the rates, but in terms of the CV being used as the primary factor in calculating the rates that I will pay, that is reduced," he explained. Property Investors Federation spokesperson Matt Ball said he was not worried about the valuations for his two properties, and expected most investors and landlords to feel the same. "It's only really going to have an impact if you're selling right now. If you are, like most property investors, a buy and hold investor, then you'll be thinking long term," he said. "You'll navigate probably several property cycles throughout your investment career, and this sort of thing really doesn't concern you that much." But Wright said her valuation had given her pause. "Before perhaps the pandemic we were feeling optimistic about our investment and our intention to renovate and possibly sell at some point," she said. "But now it feels, 'oh gosh, have we overcapitalised?' You know, we're a bit more nervous." Wright said she was reconsidering plans to renovate her home, but Gray said homeowners should not let their CV influence their decisions. "It would be foolish to be relying on a council valuation to make any decisions about the value of a property, whether it be for the purposes of doing renovations or building a new home on the site," he said. "Because if you were going to get a mortgage, the banks would want a registered valuation from a qualified valuer." Ball said house prices were ultimately set by the market, and a council valuation could only have so much impact. "I think with these CVs, it might set a bit of a price in a buyer's mind. But really, if you're selling your house, the price will still be what that buyer is willing to pay," he said. "So no, I don't think this really is going to affect the market. The market is probably moving ahead of where the CVs are." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
ABC News
23-05-2025
- ABC News
Bus provider Kinetic apologises for incidents on Townsville school routes
A regional Queensland bus company has apologised to families for a third driver breach in as many months as concerns about student safety grow. Kinetic is a state government-contracted bus service that operates in and around Townsville. Last week a driver was stood down after students reported inappropriate behaviour. "They exited and boarded another Kinetic service, making the second driver aware of the incident," a Townsville Catholic Education spokesperson said. "The safety and wellbeing of our students is our highest priority and we commend the students on acting in a responsible way." Kinetic said the driver exhibited "unprofessional behaviour". The company has committed to undertaking a thorough investigation into the May 15 incident. Kinetic relies received more than $16 million worth of state funding in the 2023-24 financial year to deliver its Townsville services, but parents are concerned for their children's safety. Amanda Wright's daughter was on board a Kinetic bus in April when the driver attempted a risky turn in a 110-kilometre-per-hour zone. Footage taken by the schoolgirl showed Flinders Highway traffic at a standstill as the driver attempted a U-turn. "The driver made the turn on a crest, crossing double white lines, blocking the highway in both directions in our first fog of the season," Ms Wright said. Ms Wright said the driver involved also missed a stop that day. Kinetic confirmed that a stop was missed and said the company had a policy to never leave a child behind. But Ms Wright said Kinetic regularly left children behind, including her own. "All the parents out here know Kinetic's number by heart," Ms Wright said. "So we can call and say, 'Hey you have left our children on the side of the Flinders Highway, can you please go get them before they get stolen?'" Kinetic told the ABC that the actions seen on the video did not meet company standards. It said it conducted a prompt investigation and reinforced training. A mother whose children were abandoned by Kinetic at a flooded bridge said she feared the company was not improving. The woman, who cannot be identified for legal reasons, has two children who use the service. She said in March a Kinetic driver told one of her children to disembark and remove a road-closed sign so the bus could cross the flooded bridge. "As locals we know you don't go through that — it is fast-moving," the mother said. She raised concerns with Kinetic and submitted a formal complaint, but a week later her children and other school passengers were told to get off the bus at the same flooded bridge. "We are worried about retaliation if we report something on the bus," the woman said. The driver involved in the incidents raised by the mother was stood down. Kinetic said an investigation into the incident had been completed, but would not comment on whether the driver would return to work. Kinetic general manager Martin Hall said the company took full responsibility for the incidents. "None of the occurrences were to the standard we hold ourselves to," he said. "The trust families place in us to transport their children safely is something we deeply value. "We apologise unreservedly to the students and families affected." Mr Hall said Kinetic drivers in Townsville worked through difficult circumstances over the last few months. "Our drivers have worked tirelessly to deliver services across Townsville despite recent challenges that have impacted the entire community, including weather events and labour shortages," he said. "Our bus drivers come to work each day committed to providing safe transportation for the communities they serve, often navigating difficult road conditions and making decisions in real time." Translink, a division of the state transport department, refused to comment on recent Kinetic incidents. "Delivery partner staff are employed by the operators," a Translink spokesperson said. "We work with operators to ensure an investigation in relation to significant service delivery complaints has been undertaken. "We do not comment on delivery partner decisions on their staff."
