a two-bedroom apartment in an art-deco-inspired block<\/a> for $795,000. He also recently sold with Hood a four-bedroom family home for $1.9m.<\/p>\nMatt Gibson, from Ray White Remuera, thought the drop in Auckland CVs could be impacting values in Meadowbank, saying he recently appraised a property which had dropped by $500,000 yet had been totally renovated.<\/p>\n
\u201cThere’s a difference between CVs and market value. We’re finding the CVs don’t actually reflect what’s been done to a property. It could be completely done up inside so some people are challenging their CVs. I understand there was something like 10,500 challenges to the new CVS.\u201d <\/p>\n
Colleague John Lantz said he was \u201cabsolutely baffled\u201d about the drop in council valuations in Meadowbank. \u202f <\/p>\n
![\"Meadowbank](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/09\/33bc1b07a92cac55e88296ebbeb47fae.jpg\")
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The average property value in Kingsland has dropped by more than 6% over the quarter, but agents say low sales are having an adverse impact. Photo \/ Ted Baghurst<\/p>\n
\u201cA house with a CV of $2.2m that we sold six months ago would still sell for $2.2m today. It\u2019s based on comparable sales out there and what you can get for that money, so there\u2019s no justification that a house that sold for $2.2m now has a new CV of $1.675m.\u201d \u202f <\/p>\n
Lantz said some buyers were\u202fat the start of the year holding off buying because they wanted to see the new council valuations. \u202f <\/p>\n
\u201cMy conversation was, \u2018OK, let\u2019s say the CV is $2m. If the CV drops to $1.8m, does that make the property worth $1.8m just because it\u2019s come down?\u2019 And they would say \u2018yes\u2019. \u202f <\/p>\n
\u201cThen I would say, \u2018Let\u2019s say that CV went to $2.2m, based on other sales and properties. Would you pay $2.2m just because the CV went up?\u2019 They\u2019d say, \u2018Of course not.’ Well, you can\u2019t have it both ways.\u201d\u202f <\/p>\n
Lantz noted that lending was often based on the CV. \u201cThat means buyers have to pony up the $1500 to $2000 fee for a registered valuation before they bid at an auction or pay more than CV for a property,” he said. \u202f<\/p>\n
![\"Meadowbank](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/09\/684eb36deb2cce877e5051d523f757b2.jpg\")
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A Kingsland recently sold for close to $2m after attracting more than 70 groups to the open homes. Photo \/ Supplied<\/p>\n
\u201cJust this month we took a property to auction where\u202fthere was a discrepancy in the CV. It was too low. We had to have three valuations done on the property, and they all came in around my estimate and the actual sale price, not the CV,\u201d he said. \u202f <\/p>\n
A few suburbs over in Mount Albert, Bryce Taylor and Josh Lowe, from Harcourts JK Realty, the lack of higher-value stock was also having an impact. <\/p>\n
There were only two sales of properties worth more than $2m in July and only three in June, they said, whereas in July last year there were five in the one month. <\/p>\n
One reason higher value properties were scarce was that they may have dropped in value since the owners purchased them, so they would not fetch the owners\u2019 dream price, but would-be sellers were also hesitating because they could not find their next property to move into. <\/p>\n
\u201cObviously, if you’re in that $1.8m to $2.5 million bracket, your next bracket up is $2.5m to $3.5m, and there’s even less of those on the market. When you do have a property like that, it\u2019s really sought-after,” Lowe said. <\/p>\n
Taylor said as soon as the larger properties came forward, the market would shift shift. <\/p>\n
In Te Atatu Peninsula, where the average property value has dropped 6.4% over the last three months, John Diprose, Harcourts branch manager, said townhouses had been selling from the $600,000s, which may have skewed the market. <\/p>\n
Properties in the $2m-plus bracket had been a bit slower to sell, but houses around $1m were snapped up. \u201cIn our office, we sell a lot of stuff outside of Te Atatu Peninsula – a lot of new subdivision stuff around Massey. <\/p>\n
\u201cWhen times are good, then there are some expensive properties there as well. There’s probably not so many of those for sale at the moment and that’s probably the case around the northwest to a degree.\u201d <\/p>\n
In Kingsland, Ray White business owner Tim Hawes said the suburb had a broad spectrum of properties from one-bedroom units to standalone villas, but there had been few sales, which had led to a \u201cmassive\u201d fluctuation in average values. <\/p>\n
In the last three months, the average sale price for a home was $1.585m, and $870,000 for an apartment or a townhouse. \u201cIf we go back to the same quarter last year, there were eight sales, five homes with an average of\u202f$1.6m\u202fand three apartments\/units\/townhouses with an average of around $1m. <\/p>\n
\u201cCompare this overall to the last 12 months, where we\u2019ve had 50 sales. There have been 24 apartments\/units\/townhouses with an average price of around $775,000.” <\/p>\n
Hawes said when sales volumes were low, it only took one or two sales to move the average significantly, but that wasn\u2019t a reflection of the real world. <\/p>\n
The average house price had not really changed, he said: \u201cThis is probably the longest period of stable prices in our hood since 2019.\u201d <\/p>\n
Open home numbers were up compared to this time last year, he said, so in terms of buyer activity, it was \u201cnight and day different\u201d. <\/p>\n
A villa on Kingsland Avenue had attracted 70 groups to the open homes and five bidders at auction, resulting in a sale of $1.93m – above the $1.775m CV. <\/p>\n
– Click here to find more properties for sale in Auckland<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"– House values in Meadowbank dropped 7.1% in three months, with the average now $1.567m. – Other suburbs…\n","protected":false},"author":2,"featured_media":2370,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[138,1258,111,139,69],"class_list":{"0":"post-2369","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-latest-news","10":"tag-new-zealand","11":"tag-newzealand","12":"tag-nz"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/2369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=2369"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/2369\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/2370"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=2369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=2369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=2369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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