PHOTO: Auckland, New Zealand
🔻📉 AUCKLAND PROPERTY VALUES PLUNGE
📊 CENTRAL SUBURBS HIT HARDEST
💰 NEW CVs OUT THIS WEEK – CHECK YOURS NOW
🏡 WHY YOUR RATES MIGHT STILL BE RISING DESPITE YOUR HOUSE BEING WORTH LESS
Auckland’s property market has been rocked by the official release of 2024 Capital Values (CVs), and the news is grim for most homeowners — values have tumbled by an average of 9% since 2021.
The latest revaluation, covering 630,000 properties, is now live on Auckland Council’s website, with formal notices to hit mailboxes from Friday. For many Aucklanders, it confirms what they’ve suspected: the city’s housing market is well off its pandemic-era highs.
🔥 A Market in Retreat: The Shocking Stats
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Residential property values down 9% on average since 2021
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Central city suburbs like Waitematā, Maungakiekie-Tāmaki, Whau, and Albert-Eden have crashed by 13–14%
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Apartments and multi-unit dwellings in central areas are worst hit, some plunging 12% or more
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Land values are down an average of 13%, a direct hit to development-heavy areas
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Commercial property? -5%.
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Even high-growth outer suburbs weren’t immune: Massey, Glen Innes, Panmure all saw major declines
Compare that to 2021 — a time when valuations were done at the peak of the boom, fuelled by ultra-low interest rates and rampant buyer demand. Since then, the market has slumped hard, with the 2024 valuations capturing the post-hype hangover.
“As most people would expect, the May 2024 Capital Values are lower than the previous 2021 CVs for many properties,” admitted Auckland Council CFO Ross Tucker.
⚠️ But Wait – Rates Are Still Going Up?
Yes, in a bizarre twist, while property values are dropping, rates are still rising. The council has signed off on a 5.8% average rates increase for 2025/2026. For the average home (now valued at $1.29m), that means coughing up $4,069 per year, or about $4.30 per week more.
Why? Because rates are based on how your property compares to others. If your value dropped more than average, you might see a smaller increase — but if your property held its value better than others, you’ll pay more, even if your CV is lower than in 2021.
📉 Where the Pain is Felt Most
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Centrally located suburbs:
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Waitematā: -14%
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Albert-Eden: -13%
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Maungakiekie-Tāmaki: -13%
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Whau: -13%
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Redevelopment zones like Māngere, Henderson, Glen Innes and Panmure: Steep land value drops due to zoning shifts and stalled developer interest
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Apartments: Falling out of favour, seeing declines up to -12%
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Commercial land: Down 6% on average
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Henderson: One of the biggest single-suburb falls at -10%
Meanwhile, Muriwai bucked the trend — up 12%, though locals say that stat is misleading due to the council buyout following the 2023 cyclone. With a tiny number of post-disaster sales, the data there is easily skewed.
“These valuations are a point in time,” said Clare Bradley of the Muriwai Community Association. “One or two sales can distort the figures entirely.”
📈 A Few Glimmers of Growth
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Rural and lifestyle properties: Up 4%
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Industrial: Up 5%
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Great Barrier Island: Soars again, up 38%, continuing a decade-long trend
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Rodney: Held steady with no change
🔎 What’s Driving the Drop?
Auckland Council Chief Economist Gary Blick explained that this is a tale of two economies:
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In 2021:
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OCR at a record low
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Mortgage rates under 3%
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FOMO driving bidding wars
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In 2024:
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OCR up to 5.5%
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High borrowing costs
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Buyer confidence gone
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“Higher interest rates cooled buyer demand, leading to a decline in property prices,” Blick said.
Even with the decline, median house prices are still above pre-COVID levels — but for many ratepayers, that’s cold comfort.
🔗 Want to Know Where You Stand?
🔍 Check your new CV here
📬 Official notices arriving by mail from Friday
📅 Rates changes take effect 1 July 2025
🧨 BOTTOM LINE:
If you’re in the Auckland property market, these new CVs show just how far values have fallen from their highs. And while values are down, don’t expect relief on your rates bill — some homeowners will be paying more for properties now worth less.
SOURCE: RNZ