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Wednesday 9th November 2005

Napier City Valuations Posted Next Week

The triennial Napier City revaluation has now been completed and owners will be notified by post from 16 November.  Quotable Value Regional Manager, David Nagel says the total capital value of the 23,200 properties within the City has increased 75% to $8.9 billion.  The corresponding land value has increased 160% up to $4.4 billion. 

Increases have been across all property types with the largest movement being in the value of industrial land in Ahururi. 

“Land values for properties earmarked for large format retail redevelopment have increased in value up to ten times their previous values of 2002.  Other industrial land with potential for apartment redevelopment has also shown sharp increases in value”, he says.

Most commercial and industrial land in the City has increased between 100-250%.  Capital Values for commercial and industrial property have generally increased in the region of 20-100%, with the average increase being 60%.

Residential properties in the district have also increased sharply.  The average value for a residential dwelling is now $325,000, up 80% on 2002 levels while the average value for a section is now $163,000, an increase of 156%. 

“The Hawke’s Bay property market has thrived in the past three years fuelled by a strong local economy, property investors and migration into the region”, he says.

Lifestyle properties have also shown strong growth since 2002 with the average Capital Value increasing 66% to $720,000, while the corresponding Land Value has increased 127% to $370,000. 

The increase in valuation of properties throughout the City does not mean an increase in the level of rates, Napier City Council's Corporate Services Manager, Warren Burch, says.

"The valuation is only a means of levying/distributing the rates across the City.  The total amount of rate required for the City does not change as a result of the revaluation of the City."

When the total land valuation of the City increases every three years, the rates levied per dollar of Land Value are reduced accordingly to take into account the increase in land value.

The impact of the new valuation on an individual property's rates will depend on how the property's increase in land value compares to the average increase in land value for that type of property.

Copies of the valuation roll are now available for inspection at the Napier City Council offices.  Owners have until 21 December 2005 to lodge objections to the new values.

Residential Houses by Location