The Herald have published this really interesting map showing what kind of changes occurred to the capital values as a result of the revaluations that occurred last year. While this does show changes in capital value, for the majority of properties the change will mainly be a reflection of movement in the value of the land that the houses sit on. The map itself is able to be zoomed in to look at individual properties but at a high level there are some interesting but not surprising trends. The biggest of these is that the areas that saw the most increase in value were the inner suburbs, particularly the inner western ones.
It is probably safe to assume that part of the reason these central suburbs have increased so much in value is that there has been a huge increase in demand to live in those areas. We tend to see that most of the news reports about housing affordability will talk to some buyers struggling to buy a property which almost always tends to be in these central areas. Personally I think this is just the continuation of a trend we have been seeing of people wanting to live closer to the city once again. For the last 60 years we have seen the suburbs sprawl out into the countryside and while that dream still exists for lots, many young Aucklanders are wanting a more urban lifestyle closer to their friends, family and the central city without having a complete reliance on cars.
Of course Auckland is not unique in this, a similar trend is occurring all over the world. It is about time that political masters, both locally and nationally, woke up and realised that people want to live closer to the city, not flung out on the edge of the city