Invercargill & Bluff residential property values climb 48.2% since 2017
New rating valuations show the average house value within the Invercargill City district is now $384,000 – an increase of $130,000 in just over three years.
The rating valuations have been prepared by Quotable Value (QV) on behalf of the Invercargill City Council and will be posted to property owners after 25 November 2020. They also show average residential land values have increased by 59.8% since the last rating valuation on 1 July 2017.
Commercial property values have increased by 16.8%, while the value of the industrial sector has increased by 13%. Besides residential property (48%), forestry has seen the biggest value gain (36.4%) since 2017.
Rating valuations are usually carried out on all New Zealand properties every three years to help local councils set rates for the following three-year period. They are one of a number of factors councils use to allocate new rates from 1 July 2021.
Any changes to the property market since the revaluation date of 1 September will not be reflected in the new rating valuations, which reflect the likely selling price of a property at that date only and does not include chattels.
Rating valuations are not designed to be used for raising finance with banks or as insurance valuations. They are independently audited by the Office of the Valuer General and need to meet rigorous quality standards before they are certified.
If owners do not agree with their rating valuation, they have a right to object through the objection process before 22 January 2021.