George Mihaljevich on his property in Ponsonby. Photo / Jason Oxenham
Auckland property owners will today find out the new value of their homes when the Auckland Council releases individual capital valuations online.
The valuations are used by the council to set rates bills, and will be sent in hard-copy format to households from this week.
Calculations based on today's new figures will apply from July next year.
The average valuation increase for all properties in the city is 29 per cent, the council announced last month.
UPDATE: Search for new Auckland CVs crashes council website
Residential properties will increase by an average of 34 per cent, commercial 16.4 per cent, industrial 15.7 per cent, lifestyle 17.7 per cent and rural 4.6 per cent.
Have you bought a house recently? How does the new CV compare with the price you paid? Email us here.
Real Estate Institute of New Zealand chief executive Helen O'Sullivan said it was unlikely the valuations would have an impact on Auckland's red-hot property market.
"The council's valuations should reflect the market rather than drive it," she said.
"It is positive for people to have an updated council valuation because there has been quite a few moves in the market since the last ones."
The last valuations were completed in 2011; they are redone every three years.
"The biggest questions people will be asking based on the valuations will be, 'What is my rates bill?' and there will be some uncertainly around that for the next few months."
Property buyers and sellers should be mindful of impending rates bill changes when completing transactions in the next few months, she said.
Properties with valuations above the 29 per cent average would have a rates increase, and properties below would have a rates decrease.
The council released its proposed average rates changes at suburban level, with big increases of 9.6 per cent signalled for the Albert-Eden Local Board area and 9.3 per cent for Kaipatiki, and a decrease of 21.9 per cent for Great Barrier.
The new valuations will be available at www.auckland council.govt.nz/revaluation from today, and owners have until December 19 to dispute any changes.
Bought in 1951 for £2000, a modest Ponsonby weatherboard home could be revalued at more than $2.1 million.
The owners of 76 Vermont St, George and Joyce Mihaljevic, bought the property 63 years ago so Mr Mihaljevic could run his radio repair business from home.
The CV of the three-bedroom, one-bathroom property is $1.6 million and if it increases in line with Auckland Council's residential average of 34 per cent it will be worth more than $2.14 million. The average rates rise for Ponsonby will be 1.8 per cent.
Mr Mihaljevic, 84, said he was unhappy with rising rates because they were unfair for elderly and long-term residents of the suburb.
"It's ridiculous," he said. "What they are charging and what we pay doesn't make sense with the services here, we still have old stormwater systems, we still have old sewerage systems and if you go out further they [other suburbs] have nicer roads and footpaths than Ponsonby."
Mr Mihaljevic said he did not want to sell and move somewhere else where rates might be cheaper. "The people that are buying here and paying that money, they need to get their heads read."
The Reserve Bank inflation calculator dates back only to 1962, so the £2000 initial payment cannot be accurately converted into today's dollars.
Next trending article: Duelling limos: The most politically correct limousines
The New Zealand sharemarket reached its highest level in a month.