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Auckland property values fell 9%, marking the biggest drop since 2008, amid a 5.8% rates hike.
Auckland residential property values have dropped by 9% according to new council valuations, the largest fall since the 2008 Global Financial Crisis.
The decrease, based on market trends up to May 1, 2024, is most significant in central areas.
Despite the drop, Auckland Council has approved a 5.8% increase in residential rates for the 2025/2026 fiscal year.
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Los valores de las propiedades de Auckland cayeron un 9%, marcando la mayor caída desde 2008, en medio de una subida de las tasas del 5,8%.