THIS WEEK'S BIG PROPERTY NEWS – AUCKLAND’S NEW CVs

Good morning,

Auckland Council has just released its latest Capital Values (CVs), and as expected, the conversations have started.

CVs are calculated by the council using algorithms that help determine what rates you’ll pay — but while they're not intended to reflect true market value, buyers and sellers alike still use them as a pricing reference. A high CV? Vendors love it. Buyers? Not so much.

Some property hunters and homeowners try to apply a “CV-to-sale-price ratio” to estimate a property’s value — but it’s not always straightforward.

One of our colleagues recently ran a comparison using a batch of recent Westmere sales. He measured the sale prices against both the 2021 and newly released 2024 CVs. Here’s what stood out:

• In nearly every case, the 2024 CV was lower than in 2021

• Sale prices were much closer to the 2024 CV than to the 2021 one

This backs what we’ve all been feeling — prices have softened over the past few years.

But here’s the bottom line:

A home is worth what a buyer is willing to pay.
And Barfoot & Thompson gives your property the best chance of finding that buyer — thanks to our unrivalled network of non-franchised agents working together across the entire city.