KEY POINTS:
Values of homes in some areas of North Shore have risen by as much as 26 per cent in three years but their owners face higher-than-average council rates rises next year.
Greenhithe, Meadowood and Birkdale-Beach Haven show the highest capital-value growth in the three-yearly valuation done for North
Shore City Council rating purposes by Quotable Value.
A snapshot of the market on September 1 showed an overall rise of 16 per cent in the capital value of homes across North Shore, says the council.
The overall rise in residential land value was 24 per cent.
Island Bay-Birkenhead Central, Glenfield West, Albany Basin and inland Torbay showed gains of up to 38 per cent in land value.
North Shore will base its rates for next year on land value.
This year's average rates rise was 5.9 per cent, or a bill of $1813 for the average home.
Mayor Andrew Williams said yesterday that for most ratepayers rates changes would not be significant unless their property's value was significantly different from the average land value change of 24 per cent.
Generally those ratepayers whose land value has increased by less than the average increase will have a rates increase for 2009-10 lower than the average.
Those whose property values increased by more than the average will have a rates rise higher than the average.
Council chief financial officer Dale Lott said the city's 81,854 properties were now valued at $57.8 billion, compared with the last valuation in 2005 where 78,888 properties were valued at $48.3 billion.
Overall, including business land, the valuation increase across the city was 17.6 per cent in capital value and 25.4 per cent in land value.
Mr Lott said the revaluation's increases were lower than those of three years ago because of current real estate market conditions.
The previous revaluation showed a 62 per cent rise in capital value and 110 per cent for land value across the city.
Real estate agents in Greenhithe said its value held up because of its village-like atmosphere, comparatively large section sizes and, thanks to the Upper Harbour expressway, easy access to North Shore schools and workplaces.
Valuer John Rhodes, of Sheldon and Partners, said councils were unable to look at individual homes and a true gauge of market movement was the resale of the same property over a period of time.
He said, for example, a Greenhithe home in Rame Rd, bought in November 2006 for $630,000, sold in April for only $5000 more.
Les Roberts, who manages Harveys Birkenhead, said the council's "CV" did not represent a property's true value.
He said an Island Bay Rd home with a 2005 CV of $670,000 sold in June for $795,000. A home in Birkenhead Ave with a 2005 CV of $420,000 sold in September for $510,000.
