The total capital value of Auckland's real estate is worth $354 billion, following the first Auckland Council revaluation of 516,000 properties region-wide - the largest revaluation ever undertaken in New Zealand.

The indicative capital values include all property types in the new Auckland Council boundary - from Wellsford in the north to Pukekohe in the south.

This revaluation brings properties formerly covered by the legacy councils into the same valuation cycle. Property owners will receive a new valuation notice in the mail from 27 October 2011.

Residential values in the former Auckland City Council areas have shown the greatest growth in the region, with an average increase of 5.1%. The strongest average capital value increases are in the inner city suburbs of Grey Lynn (18%), Pt Chevalier and Sandringham (13%), Ellerslie, Epsom and Mt Eden (at 10% each).

Residential values in Rodney district have shown the greatest decrease averaging a

-7.8% decline since the last revaluation, which was done at the peak of the market in September 2007.

Commercial, industrial, rural and lifestyle values have generally fallen across the region.

Overview of movements by former council area:

Legacy CouncilLast revaluation dateAverage change in residential capital valueAverage change in commercial capital valueAverage change in industrial capital valueAverage change in rural capital valueAverage change in lifestyle capital value

Auckland City1 July 20085.1%-2.4%

-2.0%-18.1%-9.4%

Franklin District1 July 2009

1.8%6.9%-2.7%-9.2%-6.1%

Manukau City1 Sept 2008

2.4%-5.0%-9.0%-9.2%-2.8%

North Shore City1 Sept 20080.2%-7.4%-13.3%0.0%-4.9%

Papakura District1 Sept 20091.2%-1.4%-2.2%-2.6%

2.2%

Rodney District1 Sept 2007-7.8%-4.1%-12.1%-12.6%-9.7%

Waitakere City1 Sept 2007-2.8%-4.9%%-13.6%-2.3%-10.3%

Auckland Council's Valuation Team Leader, Peter McKay, says most Auckland property owners can expect to see their property's capital value move somewhere between +/-10% since their last revaluation, which was conducted in either 2007, 2008 or 2009, depending on a property's location.

"Prior to 2008 the market was heated with lots of activity. It is now in recovery mode so, overall, we haven't seen the big shifts in residential values that we saw in previous revaluations, with the exception of some inner city suburbs," says Mr McKay.

Since the effective date of the revaluation (1 July 2011) there has been a slight increase in values in the residential property market in some locations.

Auckland Council's in-house valuation team, assisted by Quotable Value (QV), has been working on the revaluation since last year.

Due to the size of the project, new valuation processes have been put in place to ensure all properties across the region are valued accurately and consistently. The values and processes are subject to final approval by the Valuer-General, Neill Sullivan, later this month.