Feeling a little richer after the Auckland revaluations came out in late November? Across the city, council valuations were up 45%, with most areas up at least 20%. There’s been plenty of talk about the downsides, like the higher rates bills, thinking you can spend more, and having unrealistic expectations of prices.
But there are definitely some upsides, with the main one being that the bank will usually accept council valuations as a proxy for a market valuation. That hasn’t been very helpful for the past three years as market prices were 20%, 40% or even 60% above CVs. You needed to get a valuation to keep the bank happy, which would usually cost you around $500 to $600. Across several properties, that starts to add up when you’re working with a new lender. The other upside is that CVs are closer to market values, which gives buyers a better guide when researching properties online.
You can object to your council valuation, whether you think it’s too high or too low. Visit the Auckland Council’s website here to lodge an objection. You need to fill out the form by the end of December, so do it now before you get swept up in the pre-Christmas rush.