Saturday 27 November 2004
Wanganui District Revaluations
The Wanganui District Revaluation has now been completed and owners will be notified of the new values by post from 9th December. Quotable Value Palmerston North Manager, Simon Willocks says the total capital value of the 20,426 properties within the district has increased 37% to $3,953 million. The corresponding land value has increased 54% up to $1,414 million.
Despite the Wanganui District being revalued only two years ago, (July 2002) the increase in values have been substantial across all property types, but in particular the Residential, Lifestyle, Commercial and Industrial areas.
“The residential sector has thrived in the past year with a buoyant economy and relatively low interest rates fuelling demand and maintaining the pressure on house prices”, he says.
The residential market has increased on average around 40%, and has been driven by local buyers and outside investors. This average increase has been bettered in sought-after beach areas, properties with views and also properties in the lower price brackets.
The average value for a residential dwelling is now $119,000, up 43% on 2002 levels while the average value for a section is $29,000, an average increase of 72%. Similarly, the ownership flats have increased on average 36% to $91,000 with the average section value increasing 66% to $15,000.
Lifestyle properties have mirrored the residential values with the average lifestyle property now valued at just over $300,000, up 44% and the average land of $125,000 up nearly 100% above the 2002 levels.
The commercial and industrial sectors have also performed well as a result of the strong economy with capital values increasing on average 40% for commercial properties and 65% for industrial properties. Commercial and Industrial Land value increases have been variable, with some high profile localities and previously lower valued areas having significantly higher increases than the average of 85% for commercial land, and the 160% average increase for industrial land.
Pastoral and dairy properties, capital and land values have had a more modest increase of between 10-30% above those values assessed two years ago”, he says.
Copies of the valuation roll are now available for inspection at the Wanganui District Council offices. Owners have until 26th January 2005 to lodge objections to the new values.