New rating revaluation shows Waipā home values down 7.2%
New rating revaluation shows Waipā home values down 7.2%
Waipā District property owners will soon receive new three-yearly rating valuations by post.
Updated valuations have been prepared for all 25,644 properties in the district by independent valuers Quotable Value (QV) on behalf of Waipā District Council. They reflect the likely price a property would have sold for on 1 August 2025, excluding chattels.
The total rateable value for the district is now $34.21 billion, down 5.2%, with the land value of those properties now $18.85 billion, a decrease of 9.6%. This reflects a downturn in the market since the district’s last revaluation on 1 August 2022.
Residential
Following the nationwide peak of late 2021, Waipā residential values underwent a modest decline throughout 2022 and plateaued in mid-2023, with the market remaining relatively stagnant up to the revaluation date. Increased vacant land supply, along with rising construction and holding costs, placed downward pressure on land values. The lower-value end of the market generally held due to strong first-home buyer interest, while rising interest rates and loan serviceability constraints impacted mid- to higher-value properties. Overall, residential values decreased by an average of 7.2% from 1 August 2022 to 1 August 2025. The average home value is now $893,000, while the corresponding average land value has decreased by 11.1% to $473,500.
“Residential property values in the Waipā District have generally experienced a decline since 2022 with a notable flight to quality across most asset classes – reflective of a typical buyers’ market,” said QV Upper North Island Regional Manager, Joe Holmes.
“Well-presented and modern dwellings are experiencing stronger demand and value growth compared with the broader regional market, while older or poorly maintained properties are generally recording larger value declines,” he said.
“Home values have shown reasonably consistent reductions in Cambridge and Te Awamutu, while rural communities and surrounding lifestyle properties have seen slightly greater declines. Lending restraints and reduced confidence in the market appear to have been key drivers for the upper value quartile of the market,” Mr Holmes said.
Lifestyle
Lifestyle property values have softened in line with the wider market, with entry-level affordability helping to support demand at the lower end. “The lifestyle market has mirrored the residential sector, with buyers becoming far more selective,” said Mr Holmes. “We’re seeing stronger demand for smaller, lower-maintenance lifestyle properties that offer good access and manageable commute times, while larger blocks or those needing significant work are attracting less interest. Affordability at the entry level has helped keep the lower-value end of the lifestyle market more resilient.”
The demand for lifestyle vacant land has been subdued in recent years due to low building activity, and there is minimal appetite for new lifestyle developments or subdivisions. Rising earthwork and servicing costs remain a significant factor. The average capital value (CV) of an improved lifestyle property has decreased by 13% to $1,288,000, while the corresponding land value has decreased by 16.7% to $710,000.
Commercial/Industrial
There are 687 commercial and 783 industrial assessments within the Waipā District. Upward rental growth was experienced in Cambridge’s retail sector through strong occupancy and demand. Te Awamutu has typically recorded a decrease in retail rent and, coupled with increased yields being achieved, this has resulted in greater capital value reductions. Overall, across the district, commercial values have experienced minimal capital value change and a moderate reduction in land value of around 13%, influenced by rising construction costs and limited demand.
“We’re continuing to see solid demand for well-located, good-quality industrial space across the district,” said Mr Holmes. “In contrast, the commercial sector is showing more varied performance, with stronger tenant demand in Cambridge but softer conditions in Te Awamutu. Rising construction costs and economic uncertainty have also contributed to more cautious investor behaviour across both sectors.”
Industrial rents have seen a moderate increase since the previous revaluation. Strong demand persists for large, good-quality industrial buildings in Hautapu and Rukuhia/Hamilton Airport precincts showing yields of 5.50%–6.50%. Industrial growth in the region remains optimistic with active development at the Airport Northern Precinct extension. As a result, industrial capital values have increased by 11.6% and land values are up by 15.5%.
Rural/Farms
Pastoral and dairy property values remain close to 2022 levels with minimal change overall. Low sales volumes, high-cost structures, and fluctuating commodity prices have been key factors over the past three years. Like other asset classes, a flight to quality was observed. Farms with quality soil and desirable contours generated the most interest in the market with a high proportion of farm sales being sold to adjoining, or nearby farmers looking to expand their operations.
What are rating valuations?
Rating valuations are usually carried out on all New Zealand properties every three years to help local councils assess rates for the following three-year period. They are not intended for other purposes, such as 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 August 2025, excluding the value of chattels. Any market changes since that time will not be included in the new rating valuations, which often means the sale price achieved today will be different from the new rating valuation.
Rating valuations are calculated using a detailed process that uses all relevant property sales in 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.
New rating values will be posted to property owners after 05 December 2025. If owners do not agree with their rating valuation, they may object by 5 February 2026.
