18 Jul 2011

Owners warned revaluation may not reflect selling price

9:18 am on 18 July 2011

A real estate firm is warning Aucklanders not to treat updated local body property valuations as a true sign of market value.

Auckland Council is putting the finishing touches to the first regionwide valuation as a basis for introducing a new rating regime next year.

The last valuations by the eight former councils were scattered over a two year period - some at the height of the property market in 2007, some when it was at it lowest in 2009.

Real estate firm Harcourts says ratings valuations use broad market data, but the qualities of an individual property significantly affect its selling price.

The valuations will be sent to the owners of more than half a million properties in October.