Individual property valuations are now live, with many expected to see a significant rise in their rateable value as the average RV in the Super City breaks through the million-dollar mark for the first time.
Today, Council has revealed the value in dollar figures and percentages from its valuations of each of the 548,000 properties in the city - three years after the last valuations in 2014.
Individual valuation information will be available on the Auckland Council website. In 2014 the site crashed following the increased traffic as Aucklanders rushed to find out their new valuations.
However, head of rates Deborah Acott said since 2014 council had designed and tested a system that would be better able to cope with the expected traffic surge.
Individual property information will also be available on qv.co.nz and on the Herald's Insights page.
On Thursday it had revealed the total value of all residential properties across the region surged by 45 per cent taking the average house value in the Super City to $1.076 million.
In terms of local board areas, Waiheke Island, Papakura and Papatoetoe-Otara all grew in average value by more than 60 per cent; up 64 per cent, 61 per cent and 62 per cent respectively.
Council also provided a breakdown of the percentage value change since the last revaluations in 2014 to the suburb level, which showed two suburbs rising by more than 100 per cent in value - Paerata-Runciman and Wainui/Waitoki, which grew by 102 per cent.
Sixty-eight suburbs rose in value by 50 per cent or more, with two rising in value by more than 80 per cent since the last valuation - Drury up 81 per cent and Westgate up 86 per cent.
The largest movements in the outer suburbs appeared to be a result of higher demand in those areas where property was less expensive, Council said.
Even though property experts have been quick to say these new valuations are not an indication of your sales' potential analysis by CoreLogic shows that already some of these properties have been selling for well above their new RV.
CoreLogic head of research Nick Goodall said the buyer of 244 Remuera Rd, Remuera on 3 April 2017 paid $8.8m for the house. Its new RV was $7.2m as of July 1, 2017.
Goodall said this was the greatest difference in sales price over the RV.
"If we look at the greatest difference, in terms of percentage, 1A/11 Morning Star Place, Mount Albert (and apartment) is the 'worst'. It sold for over twice ($532k) it's new CV ($260k) on 25 June 2017 less than a week before the valuation date (1 July 2017). The old CV for the property was $355k."
An Auckland Council spokesman said this could be explained by the fact the property had some known weathertightness issues.
However, he said there were some recent "winners" who had bought properties well above their new values.
Goodall said of the 14,795 property sales he analysed this year, with just over half, 7,589, buying for less than their new RV.
However, he said buying for more than your new RV was not necessarily a problem.
"However, it may be of interest to banks and lenders and will, of course, not make the buyer too happy."
Goodall said "interestingly" 678 properties sold for bang on their new RV.
Following the release of the new RVs CoreLogic also provided an analysis of the most valuable street in Auckland.
The most valuable street is Beach Rd, on the North Shore, which has 1,418 total residential properties with a combined total of $2.158b.
Second is Remuera Rd, in Auckland City. Its total 1,024 residential properties has a combined value of $2.087 billion.
Goodall said of streets with the most "expensive" homes based on the median value of each property, Cremorne St in Herne Bay remained the most expensive.
It has for the past few years taken out the golden crown as the street with the most expensive properties overall.
Cremorne St had a median value across its 14 properties of $6.3m, compared to $4.82m at the time of the last valuation.
Officials have also warned Aucklanders not to panic if their property has a significant change in rateable value (RV), as rates would not be decided until next year.
The valuations, which are released triennially after a region-wide revaluation of all commercial, industrial and rural properties that every council in New Zealand is legally required to carry out.
The RV for each property is set by council and used for the purpose of determining the proportion of rates each property owner has to pay. Because it is based on the capital value (CV), the RV is the same as the CV.
Rates also did not correspond to the increase in a property's RV but was more to do with how it had changed in proportion to the rest.