Rawdon Christie: real estate agent on what decreased Auckland property valuations mean for buyers

Buyers could hold all the cards, based on a plunge in Auckland Council home valuations.

Numbers have been released today for 630,000 properties across the region, and will affect how the spread of rates from next month.

On average, residential homes dropped nine percent from 2021 CVs.

Real estate agent, Rawdon Christie, says buyers could use it to help beat down prices.

He explained they're making it clear they think they're making a good offer - given values have dropped.

LISTEN ABOVE

See omnystudio.com/listener for privacy information.

Episode Transcript

Speaker 1 (00:00):
Auckland Council has released the property valuations for Auckland City
been a bit delayed. Not pretty. Valuations are down nine
percent on average. Some properties are down significantly more. Barford
and Thompson's Rawdon. Christie's with us at Rawdon.

Speaker 2 (00:13):
Hello, how are you, Hannah?

Speaker 1 (00:14):
You good, very well. It's lovely to talk to you again.
Rauden listening you had any phone calls from upset homeowners
about this.

Speaker 2 (00:21):
I've had conversations with concerned homeowners, but I think all
vendors at the moment have been a little bit concerned.
This is just another little bit of a body blow.
And I'm trying to sort of make people realize that
both both vendors and buyers that these counts of valuations
really should be by and large just ignore them because

(00:42):
they are not a property valuation. But it's very hard
to tell people that because people do still look at
council valuations and think they give you and some sort
of indication on property value.

Speaker 1 (00:52):
Yeah, do you reckon it's going to have any impact
on deals or wrong? Whether people want to list their
houses at the moment.

Speaker 2 (00:59):
I've had conversation with buyers today who are putting forward
offers and are making it very clear that they think
their offer is particularly good given the fact that counsel
values have dropped today. And that's a really significant thing
because that they are just saying, I would potentially reconsider
the offer I'm putting forward were it at a worthy

(01:21):
council evaluation to have dropped by a certain amount. Now,
whether that's buyers just because buyers do hold all the
cards at the moment to an extent, whether that's just
them having yet another arrow in their in their in
the bow as such to be able to beat prices down,
I'm not sure. But that conversation has been had several

(01:41):
times today.

Speaker 1 (01:42):
Have you had a look at how much your house
went down?

Speaker 2 (01:44):
I haven't looked. I don't want to, because that's the reality,
is that we're just going to have a whole heap
of really depressed people because we all think, we all
think we're poorer now, which is not true.

Speaker 1 (01:53):
No, it's all in there. It's completely irrational. Rud and
I really appreciate it. Thanks for sitting it straight, Rud
and Christy real Estate Edge and I'll tell you, well,
I would hate to be in retail this weekend. So
just feel like everybody's going to be so depressed they're
not going to go out and spend any money at all.
For more from Hither Duplessy Allen Drive, listen live to
news talks it'd be from four pm weekdays, or follow
the podcast on iHeartRadio