Wednesday 27 October 2004
Manawatu District Revaluations
The triennial Manawatu District revaluation has now been completed and owners will be notified by post from 4 November. Quotable Value Palmerston North Manager, Simon Willocks says the total capital value of the 14,128 properties within the district has increased 48% to $5,109 million. The corresponding land value has increased 66% up to $3,067 million.
Increases have been across all property types with the largest movement being in the rural sector and the coastal towns of Himitangi and Tangimoana.
The value of Tangimoana sections have trebled in the three years since the last revaluation while capital values have doubled. Similarly, Himitangi capital values have more than doubled while some sections have more than quadrupled for the same period.
Other residential properties in the district have also increased sharply. The average value for a residential dwelling is now $152,000, up 44% on 2001 levels while the average value for a section is now $40,000, an increase of 54%. Similarly, the average ownership flat has increased 41% to $123,000 with the average section value increasing 42% to $26,000.
“The residential sector has thrived in the past 18 months with a buoyant economy and relatively low interest rates fuelling demand and maintaining the pressure on house prices”, he says.
Pastoral, dairy and cropping capital values have increased between 40-70% depending on location and property type while land values have generally increased by 50-70% on levels of 2001.
“Rural market activity had been strong subsequent to the 2001 revaluation and while this has tapered off in 2004, transaction prices are still well above those levels assessed three years ago”, he says.
The commercial and industrial sectors have also performed well as a result of the strong economy with some Feilding industrial land more than doubling in value since 2001. This increase is largely due to a limited supply of well located vacant land on the fringe of the central area. Capital values for commercial and industrial property have generally increased in the region of 25-40%, with the average land value increasing between 50-100%.
Copies of the valuation roll are now available for inspection at the Manawatu District Council offices. Owners have until 10 December 2004 to lodge objections to the new values.