Wealthy Aucklanders' home values soar

GOING UP: Graeme Hart's Auckland home has risen in value by 41 per cent.

GOING UP: Graeme Hart's Auckland home has risen in value by 41 per cent.

Auckland's property boom has seen hefty increases in house values for some of the city's rich and famous.

Auckland Council has released its new valuations for individual properties in the Auckland region today, the first such revaluation since 2011.

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Residential property values are up by an average of 34 per cent over that time, which in the swanky suburbs can mean increases of hundreds of thousands or even millions of dollars.

But few can compare to the Glendowie mansion owned by New Zealand's richest man Graeme Hart, which has increased in value from $22 million to $31m, a 41 per cent jump.

The valuation increase on Hart's property is almost 15 times the median house price in the Auckland region of $615,000, according to the Real Estate Institute of New Zealand's statistics for September.

Hart, who made much of his fortune in packaging has an estimated wealth of $7 billion according to the NBR Rich List.

Several other prominent Auckland residents have also seen big increases in the valuations of their homes.

Yachting great and Team New Zealand boss Grant Dalton's Remuera home has increased by more than $1m, from $7.65m to $8.8m, although in percentage terms (15 per cent) this lags behind the average value increase for Auckland.

Hollywood director Andrew Adamson is another Aucklander who has seen a property value increase of more than $1m, his Westmere home rising 32 per cent from $4m to $5.3m.

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Fellow Hollywood director Lee Tamahori's Freeman's Bay property is up from $1.97m to $2.11m, while actor Karl Urban's Herne Bay home has risen from $5.4m to $5.9m.

World Cup-winning All Blacks coach Sir Graham Henry's Waiheke property was unchanged at $2.2m, while Auckland Council Mayor Len Brown's home in the Manukau suburb of Totara Park has edged up from $1.2m to $1.3m.

Meanwhile, the cheapest house in the Auckland area, a small home in South Head in Rodney, has risen in value from $69,000 to $81,000.

Barfoot & Thompson managing director Peter Thompson said the overall 34 per cent increase in residential property values reflected the strength of Auckland's market over the past three years, including an "exceptional" 2013.

However, he said individual valuations might not always be an accurate indicator for people looking to buy or sell a home.

"They're a guideline people can use but they're not always the most accurate. They work on how many bedrooms and the location but they don't actually go inside the property. 

"They tend to use a mathematical equation to work out the value."

While the value increases in Auckland's wealthier suburbs look impressive, in percentage terms the biggest gains were in suburbs slightly farther out, including Hobsonville, up 65 per cent, Point England, up 62 per cent, and New Windsor, up 58 per cent. 

Thompson said he had not seen a breakdown of the region-wide figures but suggested some of the gains in places like Hobsonville were due in part to new houses being built. 

"Hobsonville is not a huge area and there has been a lot of new development there in the last 12-18 months and even two to three years. A lot of the Air Force land was sold off and that's additional land that's gone into Hobsonville." 

 - Stuff


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