Last week, Gulf News reported on the impacts some Waiheke homeowners are beginning to feel on the back of an average 12.9 percent rates increase across the island.
Sky-high property prices throughout 2021 pushed increased CVs up by an eye-watering 71 percent, leaving many on the island with a capital gain, but no increase in disposable income thanks to cost of living increases.
The property market nationally is also in a slump when compared with 2021’s lofty heights. Waiheke, however, continues to attract buyers and has experienced just under ten percent growth in the year to April.
After reading the Gulf News story garnering homeowner opinion on whether Auckland Council’s rate increases were justified, a local architect approached the paper with anecdotes of increases well in excess of the 12.9 reported average. “Only half the story was being told,” he says. In some cases he has heard of rate rises topping 40 percent.
“How can you justify that?”
He told Gulf News his family has ties going back seven generations on Waiheke, and maintains his historic property was hit with a “massive” increase of 23 percent from his last review and a 90 percent increase since 2015. • Jim Birchall
Full story in this week’s Gulf News… Out Now!!!