The Value of Your Auckland Property

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Many factors affect the price of a property — the type of property and its location are probably the most important factors. Market conditions and the demand for properties are also extremely influential. Others in clude:

Development – Buying in an area set for business or other growth, such as new transport links or shopping centres, can be a good long-term move.
Reading the council plan for the area before buying can be a very worthwhile investment of time for your Auckland Property.

Improvement of public spaces – An example of this is people who bought near the Waiatarua Reserve on the edge of Remuera benefited hugely when it was transformed from a smelly, polluted cow paddock to the oasis it is today. The owners in nearby streets such as Grand, Panapa and Norman Lesser drives will have benefited financially from the transformation. Such improvements can sometimes be predicted, but not always.

Bad smells – A dirty or smelly property has a huge impact on its value. The smell of curry is often cited, although barbecuing meat is just as offensive. Dog, cat and other pet owners are often blissfully unaware of how bad their properties can smell.

Anti-social neighbours – If the neighbours have old car bodies, an overgrown garden, piles of rubbish or an unpainted house, some potential buyers of your Auckland property will look elsewhere. But neighbours do change.

Illegal extensions – Having illegal extensions built (unless you plan to rip them out before leaving) could take a toll on the capital value of the property.

Natural hazards –  Living on a floodplain or other natural hazard will increasingly have an effect on property values. Insurers and reinsurers are becoming far more alert to natural disasters here in New Zealand, which taints certain properties.

Black marks on Land Information Memorandum (LIM) – Buyers should always get a LIM and read the council file on a property.

Desirable schools – Even an owner without school-age children should consider school zones for resale value. If there are two equally good homes of similar price and one is just over the border in a good school zone, then it might be a better long-term investment. It needs to be remembered that school zones can change though.

Kitchens and bathrooms – Big-ticket renovations such as kitchens and bathrooms rarely return dollar for dollar on the value of a property. People who build flash new kitchens and add bi-fold doors, for example, will get more for their properties, but the building cost versus increased property value doesn’t necessarily stack up. One mistake people make is to add expensive bathrooms and kitchens to entry-level properties. Buyers may be stretching themselves to get the cheapest house in a good street or suburb, and sellers are pushing the properties out of their target market’s reach.

Extensions and alternations –  Extensions are expensive and they certainly don’t always add an equal amount of value as they cost. Some do. If they’re doing it to add value rather than lifestyle reasons then the costs will need to be kept in check. An internal alteration that does add value and saleability is to increase the number of bedrooms by moving walls or enclosing porches. It’s a classic property investor strategy and can really pay off because it doesn’t need large-scale building.

Your Auckland Property

The best way to establish an estimated selling price for your Auckland property is to ask your local LJ Hooker agent Aidan Hill to view the property and give you his professional opinion.

Our no-obligation, comprehensive appraisal service includes:

  • An appraisal at a time to suit you
  • A detailed report on price movements in your local area
  • Advice on any significant market changes after the appraisal

Remember there is no charge for this service to find out the value of your Auckland Property.

Register your Auckland Property appraisal by clicking on the simple appraisal form here.