New property valuations have just been released to ratepayers across the Hibiscus Coast and wider Auckland region, with formal notices arriving from this Friday, 13 June.

These updated capital values (CVs) reflect property trends as at 1 May 2024 and are used to fairly distribute rates across Auckland’s 630,000 properties.

They’re not a prediction of what a property would sell for today and shouldn’t be used for insurance or lending purposes.

Prepared by independent valuation firms QV and Opteon, and approved by the Valuer-General, the new CVs will be used to calculate rates from 1 July 2025.

Auckland Council’s chief financial officer Ross Tucker says the last valuation, done in mid-2021, occurred near the peak of the market.

Since then, property values across much of Auckland have generally declined.

However, the extent of change varies depending on location.

Properties closer to the city centre tended to see greater reductions in value than those further out.

Areas such as Hibiscus & Bays and Rodney held up better than many others, with values changing less than the Auckland-wide average for residential properties.

For Hibiscus Coast homeowners, this means your new CV may be lower than it was in 2021, but that doesn’t automatically mean your rates will drop.

Council Chief Economist Gary Blick says the economic backdrop helps explain the shift.

In 2021, interest rates were exceptionally low and property demand was high.

By 2024, interest rates had risen sharply, softening the market.

The new CVs will be used to help calculate your rates from 1 July 2025.

However, the overall amount of money the Council collects through rates stays the same, it’s simply redistributed based on updated property values.

If your property’s CV has changed more than others in your area, your rates increase may be higher or lower than average.

The average increase for residential ratepayers next year will be 5.8%.

For an average-valued home, that’s about $4.30 more per week.

If you’re worried about paying your rates, there are support options available, including rebates for SuperGold card holders, payment plans, and a postponement scheme for residential properties.

You can now look up your new property valuation online at the Auckland Council website.

Seen something local we should cover?

Let us know at [email protected]