New rating valuations for Far North District Council
Far North District property owners will soon receive a Notice of Rating Valuation in the post with an updated rating value for their property.
The new rating valuations have been prepared for 39,348 properties on behalf of the Far North District Council by independent valuers Quotable Value (QV). Their careful analysis shows the total rateable value for the district is now $32.8 billion, with the land value of those properties now valued at $18.6 billion.
On average, the value of residential housing has increased by 54% since the district’s last revaluation in 2019, with the average house value now sitting at $749,000. The corresponding average land value has also increased by an average of 77% to $356,000.
QV Auckland/Northern Area Manager and lead valuer Sanjay Kanji commented: “Similarly to the rest of the country, the Far North has experienced strong growth from late 2020 through to early 2022. Factors contributing to those value increases include record low interest rates, increased demand and a shortage of listings. The market reached a peak in early 2022 and has subsequently cooled. Since our effective date of valuation the market has had little change.”
Meanwhile, commercial property values have increased by 43% on average since 2019. Property values in the industrial sector have increased by 61%. Commercial and industrial land values have also increased by 78% and 120% respectively.
Since 2019, the average capital value of an improved lifestyle property has increased by 61% to $828,000, while the corresponding land value for a lifestyle property increased by 73% to $528,000.
“In the rural sector, pastoral farms have seen as average increase of 56% in capital values and 60% in land values since our last rating revaluation in the Far North. Smaller pastoral blocks have experienced increases in line with larger lifestyle blocks, with demand occurring even in isolated areas. The value appreciation of coastal properties has been a significant factor in driving up overall values, particularly for private and exclusive holdings,” Mr Kanji added.
Of the rural sector, forestry had experienced the most substantial increases since 2019, with capital and land values increasing by 88% and 95% respectively.
Residential housing value changes since 2019 revaluation levels
What are rating valuations?
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 reflect the likely selling price of a property at the effective revaluation date, which was 1 October 2022, and do not include chattels.
It is helpful to remember that any changes in the market since that time will not be included in the new rating valuations. Often this means that a sale price achieved in the market today will be different to the new rating valuation set at 1 October 2022.
The updated rating valuations are independently audited by the Office of the Valuer General and need to meet rigorous quality standards before the new rating valuations are certified. They are not intended to be used as market valuations for raising finance with banks or as insurance valuations.
New rating values will soon be posted to property owners. If owners do not agree with their rating valuation, they have a right to object through the objection process before 29 June 2023.
Find out more about the rating revaluation and objection process.