Auckland’s property valuations have finally been released and residential values have dropped by an average of 9%. Use the Herald map below to see if your property bucked the trend.

The council’s valuations were carried out in May 2024 and the percentage change is based on the previous valuation in May 2021.

The valuations will be used to set rates. But a drop in value doesn’t imply there will be a decrease in rates.

Council chief finance officer Ross Tucker said owners of properties where the value dropped less than the average 9% would pay more in rates.

Owners of properties where the value dropped more than the 9% average would pay less.

Tucker said the valuations did not change how much the council collected in rates from the 5.8% increase for households, but allowed rates to be fairly shared.

The CVs are a source of fascination for property-mad Aucklanders when it comes to buying and selling homes.

Nick Goodall, head of research at Core Logic, said the new CVs were relatively in line with market changes between 2021 and 2024, describing them as “old news”.

He said an increase in the number of valuation models, such as OneRoof and Core Logic, gave people a good feel for the current value of their property.

“For those who want to understand how it flows through to their rates, then [the new CVs are] really important,” Goodall said.

Tucker said the CVs were not for estimating the current market value of properties or for mortgage and insurance purposes, but to share rates between properties.