More than half a million homes in Auckland are expected to see a jump in value - potentially by as much as 50 per cent - when rating valuations are released next month.

With the average house price value across the Auckland region having risen by 40 per cent since the latest rates valuation (RV) three years ago, property experts are expecting to see a similar rise in RV across the city.

TradeMe head of property Nigel Jeffries said "nowhere in Auckland would we expect a rating valuation to drop."

"We will see some lifts, for example in the inner-city suburbs, where prices have moved quite significantly from three years ago."

These figures which Auckland Council used to help calculate property rates could in turn lead to a rise in homeowners' rates bills.

However, deputy mayor Bill Cashmore urged Aucklanders not to panic as any rise in value did not automatically correspond to an identical rates hike.

Any rise in rates was based more on how the property value rose in comparison to the area's average, he said.

"Say the average valuation increase is 50 per cent and your house has gone up by 50 per cent, it won't affect your rates other than the normal incremental increase."

But he said if there was a rise well above or below the average, then this could see a larger hike or drop in rates bill. 

Auckland Council is expected to release the latest RVs in early November.

Council master data and valuations manager Emad Asgari said any changes to rates would not take effect till July 1, next year.

Work on the new valuations had been in progress since January, he said, and involved teams analysing a range of information, such as sale prices, type of property, market trends and property trends.

"Given there are about 548,000 properties in Auckland it is logistically impossible to inspect them all individually. As such, rating valuations are calculated using mass appraisal techniques."

Asgari said once the analysis was complete the Valuer-General audited the rating valuation for every property before it was made public.

Homeowners that objected to their new RV typically had six weeks to put in an objection.

Andrea Rush, national spokeswoman for Quotable Value, which is one of the companies working on the valuations, cautioned against anyone using this as the ultimate gauge of what their property would sell for.

"It will only reflect market value at the time it is set and for this reason the RV should not be used as a guide to what your property will sell for the on the market anytime thereafter [July 1, this year]."

Rush said it was too early to comment on where the biggest and smallest lifts were likely to be, but said market growth would be reflected in the new RVs.

QV House Price Index figures showed in the three-year-period since the 2014 valuation, the average value has risen 40 per cent, from $720,426 in July 2014, to $1,04m in July 2017.

Broken down into sub-regions in some areas prices had grown by as much as 56.8 per cent.

The highest jump in price was in North West Manukau, which in July 2014 had a median value of $489,377 - up $277,828 to $767,205 in July this year.

The smallest rise was seen along the coastal areas of the North Shore, which grew by 39.4 per cent across the same period from $990,893 in July 2014 to $1.38m in July 2017.

Homes.co.nz head of marketing Jeremy O'Hanlon expected properties that would see the biggest jump in values were those in high-density areas.

"Urban zone properties are significantly more likely to sell for over 1.5 times their CV when compared to less densely zoned areas."

Based on the market he expected to see a significant rise in the RVs this year.

"The latest rates valuation grew by 34 per cent, we are expecting this to be beaten again by 5 to 10 per cent, based on an analysis of sales results over 2017."

Homeowners can go to the council website to see the latest rating valuation or can sign up to an email that they should receive the same day the new figures are released.

New RVs are released triennially, after a region-wide revaluation of all commercial, industrial and rural properties that every council in New Zealand is legally required to carry out.

Change in prices since 2014

Auckland region
Up 40 per cent since July 2014 to $1,04m in July6 2017

Biggest jumper
North west Manukau
Up 56.8 per cent since July 2014 to $767,205 in July 2017

Smallest jumper
Coastal North Shore up 39.4 per cent since July 2014 to $1.38m in July 2017