21 Oct 2008

Great Barrier property prices skyrocket

7:23 pm on 21 October 2008

Property values on Great Barrier Island in the Hauraki Gulf have skyrocketed by 39% in the past three years.

The figure has been revealed in the Auckland City Council's tri-annual revaluations and comes despite a clear fall in sales and values this year.

Auckland City as a whole has risen 13.4%.

Other suburbs noting large increases include Western Springs and Otahuhu at 27% and 23%, respectively.

Great Barrier real estate agent Kim Watts says the island's new valuation can be attributed to the fact it is becoming a more viable place to live due to improvements in infrastructure.

The council says it expects the island's residents will object to the new valuations, which are likely to cause an increase in rates.