New rating valuations for Grey District
Grey 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 9,065 properties on behalf of the Grey District Council by Quotable Value (QV). They show the total rateable value for the District is now $3.8 billion, with the land value of those properties now valued at $1.7 billion.
On average, the value of residential housing has increased by 48% since 2018 with the average house value now sitting at $330,000, while the corresponding average land value has increased by 68% for an average of $105,000.
QV Property Consultant and Lead Valuer Jeremy Clayton commented: “The residential housing market within the district has greatly improved with a strong increase in value levels across a range of price brackets, compared to the last 2018 revaluation.
“The level 4 lockdown in August and following heightened alert levels associated with the Delta strain of COVID has posed some economic uncertainty and market disruption. However, a relative lack of listings has played a major role in keeping upward pressure on prices and the local market has remained generally strong.”
Meanwhile, the commercial and industrial sectors have had moderate increases across the district. Commercial property values increased by 12% on average and property values in the industrial sector have increased by 29% since the district’s last rating valuation in 2018. Commercial and industrial land values have increased by 78% and 65% respectively.
Since 2018, the average capital value of an improved lifestyle property has increased by 38% to $390,000, while the corresponding land value for a lifestyle property increased by 51% to $205,000.
Jeremy Clayton added: “Dairying dominates the rural sector — although we have seen a slight reduction in value. The lifestyle and rural residential market have had strong interest from out-of-town buyers due to their relatively lower value levels compared to other regions.”
Residential housing value changes since 2018 revaluation levels:
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 September 2021, and do not include chattels.
It is helpful to remember the effective rating revaluation date has passed, and any changes in the market since then will not be included in the new rating valuations. This means in many cases a sale price achieved in the market today may be different to the new rating valuation set as at 1 September 2021.
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 10 March 2022.
Find out more about the rating revaluation and objection process.