Auckland CVs: The biggest winners and losers from the new valuations

Auckland's luxury baches appear to be the clear property winners of the latest council valuations.

The suburbs enjoying the biggest hikes in their CVs are home to some of the most expensive beach pads in the country.

The average CV in Great Barrier Island, Waiheke Island, and Omaha all jumped by 15% or more, defying the housing market downturn that brought CVs down 9% on average.

OneRoof and Valocity’s analysis of the newly released rating valuations has thrown up some interesting changes in the housing market's pecking order.

Waiheke Island is now Auckland's most expensive suburb, following a $282,000 rise in its average CV to $3.9m. 2021's most expensive suburb, Herne Bay, slipped to the number two spot, after its average CV fell $430,000 to $3.62m.

Seven suburbs have an average CV of more than $3m, two more than in 2021. However, St Marys Bay fell out of the $3m club after its average CV dropped 11%.

The analysis suggests affordability has improved, with 23% of suburbs now boasting an average CV less than $1m, compared to 16% in 2021.

Of the city's 277 suburbs, 69 saw an increase in their average CV, with Great Barrier Island (Aotea Island), enjoying the biggest percentage rise at 34%, although low sales and few houses make it hard to draw firm conclusions about the market value of homes there.

Discover more:

- Auckland's new CVs: The city's most expensive houses - have they dropped in value?

- Auckland's new CVs: Homeowners face 9% drop in CV but do the valuations really matter?

- Family's Grey Lynn villas sell for over $9m - 'they all jumped on this pretty fast'

Okura Bush, another low-sale suburb, enjoyed the biggest dollar increase, with the $618,000 lift bringing its average CV to $3.38m.

As expected by the agents who sell there, property values in the wealthy beach enclave of Omaha also defied the slump, with the average CV there rising nearly $400,000 to just over $3m.

There were no surprises at the other end of the market, with the lowest average CVs in Auckland Central ($539,000); Te Hana ($613,000); Orere Point ($632,000); Grafton ($647,000); and Manukau ($672,000).

Ponsonby's average CV dropped 15% to 2.25m. Photo / Fiona Goodall

Fifty-four suburbs saw their CV tumble by more than 10% with the biggest percentage falls in: Kingsland (-21.5%); Point England (-20%); and Newmarket (-18.3%). The biggest dollar drops were in some of the wealthiest suburbs: Herne Bay (-$429,000); Ponsonby (-$407,000); and Glendowie (-$394,000).

The biggest head-scratcher, however, is the 8.1% increase in Muriwai's average CV, to $1.58m. The increase is at odds with the decline in the valuation figures for the suburb from OneRoof and other valuers, which take into account the damage caused by the extreme storms that hit Auckland in 2023. The council said this week that it was "difficult to quantify the overall effect of the 2023 storms on the market due to the number of variables involved".

Auckland Council chief financial officer Ross Tucker has defended the valuation process to RNZ's Susan Edmunds.

"It's about an auditable verifiable objective method and it's really important we do that to make sure we're setting rates objectively and there's a fair comparison… it's doing the best we can with the data set.

"The different data sets will give different outcome. But if you look at the individual sales, none of them have been below CV so even with a small data set it's extremely unlike that the market values are below the old CVs in Muriwai."

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