Auckland’s new council valuations reveal a nearly 10% drop in average residential property values since 2021, with the updated capital values set to be released to property owners from this week.
The figures, approved by the Valuer-General, cover 630,000 properties and reflect market trends and sales as of May 1, 2024.
While not indicative of current market value, the valuations will be used to determine rates distribution across the city.
The largest declines were seen in central suburbs, with residential properties hit hardest overall.
Image credit: Tom Rumble
That’s means Rates will go down ,no way hosay.
Since 2022, average council rates have gone up 34% in New Zealand, compared to 14% in the UK and just 8% in Australia. (Taxpayers Union).
To be more realistic they should drop 30 to 40% most cities in N Z are massively over priced totally out of control.
Oh well no more Egyptian cotton sheets and the nanny will just have to look for a new job……
Palmerston North has had rate increases but home & property values dropped-out last year by $150K on the average.
Devaluing the main family asset while raising the taxes (Council Rates) which are used for dysfunctional roading projects like what is found on Featherston Street with the compressing of bike lanes, pedestrian walkways and bus stops that are now in the middle of the road!
Thanks for nothing, Grant Smith…!
After all, the Globalists want to de-value the homes, raise rates to where one has to sell the home, and then Blackrock, Blackstone, Vanguard and State Street move in and re-sell the home at an unaffordable price.
Even the :15 Minute City human dog kennels that are packed-in together garner 10x’s more in Council rates revenue for the same property that only used to have a single-family dwelling on it .
When the Biggie Quake consisting of the Alpine, Hikorangi & Pahiatua Faults go at the same time, then Palmy North will be re-configured with human dog kennels, and :15 Minute City infrastructures complete with Palantir surveillance systems, 6G, and free vaccine boosters to further zombify us all!
Load your rifle and prepare for war.