Auckland Council release individual capital valuations (also referred to as ‘CV’) on Auckland properties this morning.

Residential properties throughout Auckland will increase by an average of 34 per cent;

• Hillcrest 50%
• Glenfield 49%
• Takapuna 30%
• Northcote Point 39%
• Northcote 41%
• Bayview 44%
• Beach Haven 44%
• Birkdale 44%

The valuations are used by Council to set rate bills and are carried out every three years with the last valuations dated back in 2011.

Real Estate Institute of New Zealand chief executive Helen O’Sullivan said it was unlikely the valuations would have an impact on Auckland’s red-hot property market, stating “The council’s valuations should reflect the market rather than drive it”.

So will the new CV’s effect property prices?  Does an increase mean that your property will be worth more in today’s market?  Or are we simply looking at heftier rates bills?