Real estate agency Barfoot & Thompson said on Friday data it had compiled showed new Auckland Council valuations were largely in line with the expected price brackets when compared to actual July property sales.
Managing director Peter Thompson said the agency compared the prices for properties it sold in July to the new ratable value for the same properties, dated 1 July, and found most sold within 10%.
Mr Thompson said the agency’s data showed nearly 80% of the 669 properties reviewed sold for a price within 10% of the new ratable value, and 54% were within 5%. 53 (8%) had a July sale price that matched their new ratable value.
Mr Thompson said a 10% discrepancy, while representing tens of thousands of dollars’ difference for many homes, could be expected when comparing actual values to the findings of a mass valuation exercise such as those used by councils: “These appraisals are for determining the share of rates a property owner pays, so won’t take into account the real value-adds or detractors of an individual property.”
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Attribution: Agency release.