We are aware that some category 3 homeowners are concerned about the valuation process and the offer presented by Auckland Council for the purchase of their home.
The council uses independent, registered valuers to undertake the valuations on our behalf, and they use an agreed methodology. Valuations are prepared in compliance with International Valuation Standards and relevant Guidance Papers for Valuers and Property Professionals.
Our analysis of the 186 market valuations undertaken by Auckland Council to date shows:
- 65% of valuations are higher than CV (which were last set in 2021), and on average market valuations are 10% higher than CV
- 76.9% (143) owners have accepted the council market valuation withoutseeking and submitting their own valuation
- 23% (43) property owners have obtained and submitted their own valuation
- of the owners who have accepted the council valuation, we understand 13% (25) homeowners have obtained a comparative valuation (using the $5k professional services grant provided) but have chosen not to submit it to us.
“We are comfortable that we have a fair and equitable valuation process in place for Auckland and have provided a clear avenue for homeowners to raise a dispute if they disagree,” says Deputy Group Recovery Manager, Mace Ward.
For more information, visit the Auckland Council website.
