Waitaki property owners will soon receive new three-yearly rating valuations in the post. Quotable Value (QV) has updated values for all 14,552 properties in the district by independent valuers.
Since the district’s last revaluation in 2020, the value of residential housing has increased by an average of 24%. The average house value is now $460,000, while the corresponding average land value has increased by 58% to a new average of $197,000.
QV senior consultant Baylan Connelly said Waitaki had experienced a strong property market in 2021, with record-low interest rates helping to drive growth. It began to slow and then decline towards the end of 2022 but had begun to strengthen once more.
“Overall, the market has seen moderate growth in the three years since our last revaluation in Waitaki in 2020. Though property values have softened over the past 12 months or so — particularly the first homebuyers’ market — modern new-build housing has seen some strong increases, reflecting the cost to build and more demand for good-quality accommodation," he said.
The average capital value of an improved lifestyle property has increased by 33% to $700,000, while the corresponding land value for a lifestyle property increased by 35% to $340,000.
“Waitaki’s lifestyle market has seen strong growth since 2020, with its relatively low price point by national standards appealing to those wishing to begin lifestyle living or looking to retire in the area."
Commercial property values have increased by 16% and property values in the industrial sector have increased by 26% since the district’s last rating valuation in 2020. Commercial and industrial land values have also increased by 84% and 74% respectively.
Horticulture posted modest value growth over the past three years, recording a 19% average increase in capital values and pastoral increase of 20% and 5% for dairy.
The total rateable value for the district is now $12.3 billion, and the land value of those properties is now valued at $6.45b.
The figures do not represent a proposed rise in rates, but the new values are used to help the Waitaki District Council assess its rates for the next three years.
Waitaki Mayor Gary Kircher said valuations helped the council determine how part of the rates take was shared across the district.
Several key activities were rated on property values, while the majority of other activities were funded by set amounts per property.
"It’s important to recognise that the overall rate take does not increase as a result of the new valuations, though individual properties can see increases or decreases depending on the relatable change overall."
— Staff reporter
