The average value of a house in the Clutha district has climbed 25%, while land value has climbed more than 40%.
Quotable Value has conducted its three-yearly rating valuations in the Clutha district and will be informing property owners of those valuations.
All 11,865 properties in the district have been valued, reflecting the likely price a property would have sold for on September 1 last year.
Since Clutha’s last revaluation in 2020, the average value of a residential house has increased 25% to $403,000. The corresponding land value has increased 41% to $138,000.
"Although markets are still fairly subdued in Clutha district, record-low interest rates helped drive value growth in 2021, before a very quiet 2022. It’s generally improved since mid-2023, resuming modest value growth", QV South Island revaluation manager Melanie Halliday said.
"Properties in smaller townships saw the most value growth, largely reflecting a lower value base to begin with. Demand for property is greatest in lifestyle locations with proximity to Dunedin like Waihola and Taieri Mouth. Clutha’s lifestyle market has seen strong growth since 2020", she said.
Average capital value of improved lifestyle properties increased 35% to $546,000, and the corresponding land value was up 55% at $268,000.
Commercial property and land values increased 24% and 27% respectively and industrial property and land values by 26% and 28%.
Forestry had the largest, a 41.5% average increase compared with 12% and 10% respectively for dairy properties and land values.
"Rural markets are fairly subdued through 2023, with pressure on new regulations, commodity prices and rising interest rates", QV registered valuer Ian Harvey said.
The total rateable value for the Clutha district is now $10.76 billion, with the land value of those properties at $6.8 billion.
Calculated using a highly complex and detailed process using relevant property sales, they are not intended for other purposes, such as raising finance or insurance valuations, and many properties are physically assessed. If owners do not agree with their valuation, they may object before April 18.
— Staff reporter
