Bad Assessor: Up to 30% of new Auckland property valuations "wildly wrong"
"The magnitude of inconsistencies in the latest Auckland property revaluation is becoming glaringly obvious," they said.
But an Auckland Council spokesman said the valuations were approved by the Valuer-General and had been certified as meeting the required statistical tests set out in the Rating Valuations Rules.
"The valuations are based on sales for the three to six-month period prior to July 2014 so sales after this date [October] are irrelevant for the 1 July effective date," a council spokesman said.
"If owners think their valuation is incorrect compared to sales prior to July 2014 ... they should exercise their objections rights."
The InDepth valuers said they compared the new valuations to October sale prices and found numerous inconsistencies.
" ... Property InDepth calculates that more than 30 per cent of the new rating valuations are already wildly wrong when compared to actual property sales throughout the city," they said.
Some properties had sold for way above the 2014 valuations, even before those new assessments were released.
"This has led to a serious situation where individual property owners having little or no idea whether their particular property is either under or over-valued," Mr McNamara warned. "There could be hundreds of thousands of dollars in financial assets potentially at stake, particularly if they're looking to sell. This alarms us because so many people, including real estate agents, rely on these RVs to value properties."
The valuers cited examples across the city in the central area, south, west and on the North Shore to illustrate their claim.
While most properties had sold for well above their new valuation, one on Epsom's Wheturangi Rd, where there are many leasehold properties, was valued at $4.2 million but sold for $2.61 million.
Other real estate industry experts have complained about the latest revaluations process with calls for the system to be reviewed or scrapped.
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