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Auckland’s real estate valued at $354 billion

The total value of Auckland’s real estate is $354 billion, according to the first Auckland Council revaluation of 516,000 properties – the largest revaluation project ever undertaken in New Zealand.

Monday, October 3rd 2011, 12:00AM

by The Landlord

The indicative capital values are for all property types in the new Auckland Council boundary, from Wellsford in the north to Pukekohe in the south.

The revaluation brings property formerly covered by the legacy councils into the same valuation cycle, with property owners set to receive their new valuation notices from October 27.

The former Auckland City Council areas have shown the strongest growth in residential values, with an average increase of 5.1%.

The strongest average capital value increases were in the inner city suburbs of Grey Lynn (18%), Pt Chevalier and Sandringham (13%), Ellerslie, Epsom and Mt Eden (10% each).

The greatest fall in value was in the Rodney district, averaging a 7.8% fall since the last revaluation conducted at the peak of the market in September 2007.

Auckland Council Valuation team leader Peter McKay said most Auckland property owners could expect to see their property's capital value move somewhere between plus/minus 10% since the last revaluation, conducted in either 2007, 2008 or 2009, depending on the location.

"Prior to 2008 the market was heated with lots of activity," said McKay.

"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."

« House prices just 5% below peak and set to rise September sees surge in listings and asking price »

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