Valuations Have No Basis To Reality
By Lane Nichols
Saturday Nov 29, 2014
System ‘completely random’ with some properties selling for well above and well below new council valuations.
Waterfront property on the northern slopes of Herne Bay.
Real estate industry experts have labelled the latest residential property revaluations dangerous, with calls for the mass appraisal system to be overhauled or scrapped.
Wide discrepancies have been revealed between new Auckland Council CVs and the actual selling price of some homes, throwing into question the accuracy and relevance of new valuation notices.
They include a four-bedroom Waiheke Island property overlooking Onetangi Beach that sold last week for $2.4 million – nearly three times its new $810,000 valuation.
More than 2500 Aucklanders have lodged objections to their CVs. Auckland Council is defending the three-yearly appraisal system as “reliable and robust”, though it admits errors will occur.