- Auckland's ten most expensive homes have a combined CV of over $429 million, with significant changes in individual valuations.
- Real estate agents argue that CVs are often irrelevant to the actual market value of high-end homes.
- Agents emphasise that factors like views and property features, not CVs, determine the true value of prestige homes.
Auckland's ten most expensive homes have a combined CV of more than $439 million, the newly released rating valuations show.
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The city's most expensive home, the former Hotchin mansion on Hurirao Place, in Orakei, has seen its CV jump $14.5m to $72.5m.
The mansion estate owned by billionaire Graeme Hart on Riddell Road, in Glendowie, has a CV of $48m, down $4m from its 2021 valuation.
Government House, on Mountain Road, in Epsom, has dropped $2m in value to $39m while the Waiheke home owned by Bruce Plested has risen $9m to $41m.
The former Dotcom mansion owned by the ZURU Toys billionaires has seen its CV rise $1.2m to $40.5m.
The change in CVs at the top end of the market is unlikely to change the sale value of the city's trophy homes, according to the agents that sell them.
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Graham Wall, who has sold some of Auckland’s most expensive houses, claimed that the council's valuation system didn't count the things that mattered to his buyers.
“It can’t say a view is 10 out of 10 versus 9 out of 10 or where the sun is in the afternoon," he told OneRoof. "You can walk 20 metres on Remuera Road and the view changes from harbour to no harbour.
“When you get to $10m or $20m, the CV might give you a ballpark of a property's worth, but it might not. The data might be years old. If the owners have demolished a place and built something to 2026 specs, the new property might be worth twice as much."
The Coatesville mansion, formerly occupied by Kim Dotcom, was bought by the owners of ZURU Toys in 2016 for $32.5m. It's new CV is $40.5m - up from $39.3m in 2021. Photo / Supplied
Waterfront Herne Bay is home to some of Auckland's most desirable properties. Photo / Chris Tarpey
Wall believed that the valuation system lacked nuance. “It's a bit like a text message compared to an arm around your shoulder and a whisper in your ear," he said.
“On the waterfront, we’ve sold houses for more than 30% over CV, that’s how relevant they are – not very.”
He added: “Look at Huriaro Place. $80m wouldn’t buy that house today. Some places just can’t be compared."
Wall believed there was another reason to give CVs a swerve. “Some people look at these valuations and are a bit flattered by them, while others proudly point out that they have convinced the council to lower their CV to lower their rates, so it’s all a bit of a game."
Bayleys agent Gary Wallace: "If they're too high, it can harm the sale of the property." Photo / Fiona Goodall
Bayleys Remuera agent Gary Wallace told OneRoof that the common complaint is that CVs are either too low or too high. "If they're too high, it can harm the sale of the property. If they're on the low side, I just say to my vendors, 'Great result.' For example, we sold a home that had a CV of $5.6m for $7.4m. The market works it out."
He urged homeowners to remember that their CV did not define their property and that it was simply "a moment in time".
Ray White Epsom agent Richard Thode said that CVs were almost irrelevant to the sale and market value of prestige homes in the city.
"If we're talking about high-end homes, there have been some chunky sales which show the CV is nonsense," he said.
The sprawling estate on Waiheke Road, Waiheke Island, has a new CV of $50m. Photo / Dean Purcell
An aerial view of Graeme Hart's mansion on Riddell Road, in Glendowie. The property's CV dropped $4m. Photo / Janna Dixon
"Most of these high-spec homes, the council hasn't been inside them. It doesn't have an understanding of the quality or landscaping, the things that affect price," he said, noting that some homeowners could spend $200,000 on a kitchen, but that it may not show up in the CV.
"I know vendors are very conscious of their CV and how it might relate to what they think their property is worth, but as an agent, I don't take much notice of it. And don't forget these CVs are already a year old. Some places will have dropped in value, some will have risen."
Di Balich, whose Omaha patch is one of the few that is likely to show gains, said the year-old valuations could be a little conservative now.
“I haven’t found CVs to be the focus [for buyers]. It’s more about what the property offers, and the value of that to the buyer. In the $8m-plus market, people are looking for unique, well-positioned, quality homes. They might note the CV - it gives them a reference point - but it’s not the main thing for their decision."
She said Omaha and Point Wells would have done better "because of the rarity value of coastal property. The whole area has been undervalued for some time, and the motorway has changed the dynamics. You’ve got pristine beaches and more robust infrastructure, and people are prepared to pay for it."
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