Ross Tucker: Auckland Council Group CFO explains why Auckland home values have dropped - Heather du Plessis-Allan Drive

Auckland home values have fallen, down nine percent on CVs released in 2021.

New capital values are being released tomorrow for 630,000 properties, with inner-city suburbs taking a bigger hit.

Central Auckland areas - including Mount Eden and Maungakiekie - fell about 13 percent.

Auckland Council Group CFO, Ross Tucker, says a few reasons have driven the slump.

"We've seen apartments fall 12 percent, converted flats fall 12 percent as well - also, we're seeing some of the areas where there's a lot of development potential have bigger than average falls."

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