New rating valuations for Hastings District Council
Hastings 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 Hastings’ 35,147 properties on behalf of the Hastings District Council by independent valuers Quotable Value (QV). Their analysis shows the total rateable value for the district is now $44.03 billion, with the land value of those properties now valued at $25.74 billion.
On average, the value of residential housing has increased by 53% since the district’s last revaluation in 2019, with the average house value now sitting at $880,000. Over the same period, the average land value has increased by an average of 88.5% to $492,000.
QV Chief Operating Officer, David Nagel commented: “Hastings has experienced strong growth since our last rating revaluation back in 2019. Like much of Aotearoa, values climbed rapidly from late 2020 through to early 2022, largely due to record low interest rates, increased demand and a shortage of listings. The market has continued to ease back for most property types since then, but it still remains a long way off those pre-pandemic value levels.”
Meanwhile, commercial property values have increased by an average of 37% since the district’s last rating revaluation in 2019, with property values in the industrial sector increasing by an average of 51%. Commercial and industrial land values have also increased by 45% and 70% respectively.
Since 2019, the average capital value of an improved lifestyle property has increased by 64% to $1,628,000, while the corresponding land value for a lifestyle property increased by 90% to $891,000 on average.
In the rural sector, Mr Nagel said pastoral farms had seen an average increase of 53% in capital values and 62% in land values since QV’s last rating revaluation in Hastings. “Smaller pastoral blocks have experienced increases in line with larger lifestyle blocks, with demand occurring even in isolated areas. By way of contrast, the value horticultural land, the capital and land values have increased by 35% and 30% respectively,” Mr Nagel added.
Of the rural sector, forestry had experienced the most substantial increases since 2019, with capital and land values increasing by 78% and 91% respectively.
The revaluation process was greatly impacted by the effects of Cyclone Gabrielle. Given the time constraints and a lack of market data, it was not possible to include the impact of the flood damage in the new values.
This required a change in the definition of Capital Value and Land Value, under the Severe Weather Emergency Recovery Legislation Act 2023, which means these rating valuations have not taken into account damage to land or improvements, such as houses, vineyards or buildings.
You can find out more about this, and the answers to many other frequently asked questions about rating valuations, here on the QV website.
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 allocate rates for the following three-year period.
They valuations reflect the likely selling price of a property at the effective revaluation date, in this case 1 August 2022, and do not include chattels. The valuation does not take into account any changes in the market since that date. It also means that a sale price achieved in the market today is likely to be different to the rating valuation set at 1 August 2022.
Updated rating valuations are independently audited by the Office of the Valuer General and must 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 03 August 2023 (noting that objections based on cyclone damage are excluded apart from the complete removal of buildings). Find out more here or call 0800 787 284.