Property owners in the Waimakariri District will soon receive their new three-yearly rating valuations in the post.
The updated values have been prepared for all 30,369 properties in the district by independent valuers Quotable Value on behalf of the Waimakariri District Council.
The values reflect the likely price a property would have sold for on June 1, 2025, not including chattels.
Since the district’s last revaluation in 2022, the value of residential housing has decreased by an average of -1.53%.
The average house value in Waimakariri is now $746,000.
However, the corresponding average land value has increased by 1.22% to a new average of $362,000.
"Property values have remained relatively stable in Canterbury and Waimakariri over the past three years and values have generally had minimal changes since the 2022 revaluation," said QV upper South Island regional manager Brendon McCurley.
"Properties that are in good condition and modern dwellings are seeing more growth than the average property in Waimakariri.
"Poorly maintained or more dated properties are likely to have seen larger decreases."
The average capital value of an improved lifestyle property has increased by 0.12% to $1,129,000, while the corresponding land value for a lifestyle property increased by 1.77% to $589,000.
"The overriding lifestyle market has been relatively stable since the 2022 revaluation, despite wider volatility throughout New Zealand.
"Desirable localities within the district have shown a slight increase in values, whereas less desirable localities have seen slight reductions in overall value levels.
"This has been due to Waimakariri District experiencing only small changes to demand and supply, coupled with relatively affordable value levels in comparison to neighbouring localities."
Commercial property values in Waimakariri have increased by 0.5% and property values in the industrial sector have risen by 9.9% since the last rating valuation in 2022.
Commercial and industrial land values also increased by 5.2% and 10.8% respectively.
McCurley said the rural property market is generally positive.
"Properties with proven performance and good infrastructure are transacting quickly and at higher values, driven by increasing commodity prices and a good short-to-medium outlook for dairy and beef production.
"Properties with inferior infrastructure, poorer irrigation and water supply, or limited potential alternative land uses are being discounted accordingly.
"Harder hill properties that are limited to mainly sheep farming have decreased the most, due to competing forestry land use inflating these values at the 2022 revision, as well as two years of poor commodity prices in the sheep industry."
The value of most dairy and pastoral farms has increased since 2022, with dairy farm values up by 9.5% and pastoral farm values up 1.5%.
On average, forestry properties have experienced the biggest decline, with a -15.1% decrease in value since 2022.
The total rateable value for the district is now $29.533 billion, up 1.8%, with the land value of those properties now $15.322 billion.
What are rating valuations?
Rating valuations are usually carried out on all New Zealand properties every three years to help councils assess rates for the following three-year period. They are not intended to be used for any other purpose, including raising finance with banks or as insurance valuations.
They reflect the likely selling price of a property at the effective revaluation date, which was 1 June 2025, and do not include chattels.
Any changes in the market since that time will not be included in the new rating valuations, which often means that a sale price achieved today will be different to the new rating valuation.
Rating valuations are calculated using a highly complex and detailed process that utilises all relevant property sales from the area.
A large number of properties will also be physically assessed, particularly those that have been issued building consents in the last three years.
The updated rating valuations are then independently audited by the Office of the Valuer General to ensure they meet rigorous quality standards, before the new rating valuations are confirmed and posted to property owners.
If owners do not agree with their rating valuation, they have a right to object through the objection process before November 7 this year.
