Christine Fernyhough's two homes have been revalued.
Christine Fernyhough's two homes have been revalued.
Super City cuts $6.25 million off ‘ludicrously high’ value of Parnell clifftop home.
A clifftop Parnell property owned by a prominent Aucklander has had more than $6 million wiped off its capital value by Auckland Council.
The massive decrease followed an objection by the owner - philanthropist, author and businesswoman Christine Fernyhough - who felt her $12.5 million CV was ludicrously high.
Information provided exclusively to the Herald shows 7 Judge St recorded the biggest dollar recalculation in the city following more than 10,000 objections to the council's 2014 property revaluations.
"The hike in the rates had been so extraordinary and that's why I protested it," Ms Fernyhough said. Her success meant more than $16,000 was wiped from her rates bill.
Christine Fernyhough. Photo / NZME.
She had no idea why her four-bedroom, three-bathroom home was given such a high initial CV but was also surprised its value halved following her objection.
"I think probably it was based on the idea that it was so way over the top to start with," Ms Fernyhough said.
Her other property, next door, lost $1.7 million following her protest and is now valued at $7 million. Both homes, built in the 1960s, are for sale.
Ms Fernyhough is now paying around $34,000 a year in combined rates for the two properties. Her previous rates bill was more than $50,000. In total, five properties across Auckland had $25 million wiped off their CVs after reassessments. Five others had a combined $11 million added on. The single biggest jump was $3.4 million for a Henderson property. Auckland Council principal valuer Peter McKay said its CV was recalculated to $5.425 million following an objection to reflect significant subdivision potential under the proposed Unitary Plan.
The top 10 movers collectively added or lost nearly $40 million in value - enough to purchase around 80 "affordable" Auckland homes or well over 100 inner-city apartments.
However, the council insists the examples are "outliers" and says most properties saw value changes within plus or minus 20 per cent.
The Herald reported last week that about 7000 Auckland residents had successfully challenged their valuations. The most common outcome was a fall in CVs - reflecting concern at mounting rates bills.
Mr McKay said the Parnell home's $12.5 million CV halved after it became apparent that 35 per cent of the 1825sq m site was unusable due to being cliff face. Height restriction concerns were also flagged by the owner.
"It's fair to say it was overvalued to begin with as well as in comparison to the one next door."
Ms Fernyhough said her property, though clifftop land, was not affected by stability issues. "It hasn't moved the whole time I've been there and I've been there since 1999."
Other big valuation movers include a Birkenhead home that had nearly $500,000 shaved from its CV after the owner alerted the council to significant weathertightness issues; its new valuation is $435,000.
A Massey property recorded the biggest percentage change. Its CV more than trebled to $575,000 when valuers realised they had wrongly assessed it as vacant land.
And two Herne Bay properties saw their CVs jump by more than $2 million each because of new improvement work that had not been factored in.
Four blocks earmarked for subdivision at Orewa, Hobsonville and Silverdale had between $3.425 million and $5.825 million sliced from their CVs. Mr McKay said this took into account significant costs required to prepare the land for new housing.
