2011 Auckland Valuation Notices

[Keithw]

Anyone else received any Auckland Valuation Notices yet ?
Got my first couple today.

CBD apartments in the same complex
Land value supposedly down 48 % !!!!
Improvement value supposedly down 42% !!!!
Giving a reduced capital value by 44% on 2007 valuation !!!!!!



What a shame the rates won't be reduced by the same amount !!

Will be interesting to see what the others are.

[Marky]

Received mine.
North shore property 1 @northcote building / improvment value depreciated by $30k , land value stays the same; rates unchanged.

North shore property 2 - northcote point, property value remains the same as 2008.
North Shore proerty 3 - northcote, land value depreciated by 50k and building / improvement depreciated by 20k. Rates for next yr reduced a little bit.

[SwissKiwi]

Can look them up on-line.

Mine have all increased.

One by 38% - surprising would be an understatement.


http://www.aucklandcouncil.govt.nz/E...tesSearch.aspx

[eri]

Anyone else received any Auckland Valuation Notices yet ?
Got my first couple today.

CBD apartments in the same complex
Land value supposedly down 48 % !!!!
Improvement value supposedly down 42% !!!!
Giving a reduced capital value by 44% on 2007 valuation !!!!!!

how old is the building Keith?

[Marky]

Swisskiwi,
Are you happy with the increase? 38% is a lot, probably in ponsonby areas?
Previously people use capital value / council value as a guide for negotiation, i don't know about this time though, value seems to be reversed back to pre-2005 with no rates reduction.

[eri]

3 inner city apartments that i know of

built 2006 original valuation $169k, 2008CV $125k 2012CV$155k recent sale prices all above 2008CV so increase no surprise, rates increase

built 2006 original valuation $300k, 2008CV$240k 2012CV$205k recent sale prices all below 2008CV so drop no surprise, rates have increased

built 2006 2008CV$325k 2012CV$250k recent sale prices all below 2008CV so drop no surprise, big rate increase

city fringe built 1960's? CV2008 $175k CV$2012 $175k

[SwissKiwi]

Swisskiwi,
Are you happy with the increase?

Not sure - should I be ?

It all seems rather cloak and dagger to me.

[Keithw]

It is very cloak & dagger!!
from what I can see they have left most land values the same (CBD & Shore), except leasehold land, which they have hit severely.
Then they have reduced capital improvement values by between 8 & 15 % (BUILDING DEPRECIATION Mr KEY/ English !!!!!!! )
resulting in overall drop of 5 - 10 %

My St Lukes units seem to be an exception, land the same but buildings up by 10k (4.5 %)

[Maccachic]

Might be to do with this: http://www.nzherald.co.nz/auckland-c...ectid=10735864

[NovInvestor]

Almost all cvs on my properties (except 2) have reduced...

my own home dropped by 12.5%...

I don't believe in CV anymore, totally not relevant to market value.

For example:
1/93 Abbotts Way Remuera
Sold for $310k last month to someone else
new cv $235k

I would love to buy that for cv price...

[lukasr]

Houses in central Auckland suburbs up big time - but seems about right to market

We've been house hunting over the last couple of months in central city areas - Mt Eden, Balmoral, Grey Lynn, Westmere, Point Chev, Mt Albert and I've just compared CV of almost 20 houses that we looked at in these areas.

On average all seem to be pretty accurate to what they went for or our expectations that we had about them. (except for a couple where the vendors where wildly unrealistic - like asking for almost 30% above CV in Balmoral)

Grey Lynn and Westmere up by about 20-30%
Mt Eden - up by about 15-25%
Balmoral - up by about 10-15%
Point Chev, Mt Albert - up by about 10-15%

These are all for free-standing houses typical for the area on full sections (no subdivisions, X-leases, new builts etc)

I don't think the rates will go up until next year?

[SwissKiwi]

We've been house hunting over the last couple of months in central city areas - Mt Eden, Balmoral, Grey Lynn, Westmere, Point Chev, Mt Albert and I've just compared CV of almost 20 houses that we looked at in these areas

The agents say there is fierce competition in these areas - is that your experience?

I occasionally go to the barfoots auctions and sometimes dont see a single bid for houses in these areas...

[Maccachic]

The agents are in the newspapers every other day trying to claim that (Maybe they think the more they say it, the more chance it has of comming true?) it wasnt what I saw when house hunting in Tauranga recently anyway and a lot of the houses on my watchlist are still sitting round unsold.

[lukasr]

fierce competition for good properties

The agents say there is fierce competition in these areas - is that your experience?

From first-hand experience I can say that this is absolutely true. Naturally you will have exceptions but these mainly highlight a characteristic of a property that people find less desirable. Some things that we've noticed for example that will bring down value:

• being close to or on a main road - major value damper - the slopes facing the motorway in Kingsland and Grey Lynn have this problem as does anything on main arterial routes - Richmond and Williamson Ave in Grey Lynn, New North Road, Mt Eden Road, Balmoral Road.
• lack of off-street parking,
• subdivided sections
• house made of brick rather than timber (there's a perceived lack of extension and DIY possibilities),
• house being of the ex-state format (little appeal externally)
• wrong aspect (south facing backyard is a big turn-off)

For DO-UPs the following are additional: borer issues (a number of v.old do-ups came on the market in the above areas over the last few months with major borer problems - some looking like sieves), bad house layout inside requiring major rearrangement (not v. easy to do in houses pre 1940 due to hallway's load bearing nature), any type of soil weakness issues on the LIM (drives up engineering costs for extensions, repiling etc)

We've found that houses that DO NOT fall under any of the above will usually go for very good (bidding wars in auction rooms or multi-offer during negotiations) BUT not crazy prices. We've seen many greedy vendors fall down because they didn't realise the price-dampening effect of the above and were expecting top dollar for average properties or in average locations. Buyers DO know the market and their budgets.

Took us 3 months, 5 different houses (2 auction and 3 by negotiation) but we got something we liked in the end for a price that we didn't think was unreasonable!

[Coastie]

How much credence should potential buyers place on the new CVs? I looked at a property yesterday on at $449k. Previous CV was $400k, new CV $380k. The agent is saying the new CVs are rubbish, and there's no way you'd get the place for $380k, but I'm thinking there's no way I'd pay anywhere near $449k under these circumstances. Most agents I've talked to in the area say properties have been selling on or under CV (ie previous CVs), so some buyers obviously do take CV into account when making their offers.

Wonder if where CVs have risen, asking prices will rise as well...