New rating valuations for Manawatu district
Property owners in the Manawatū district will soon receive a new Notice of Rating Valuation in the post.
The new rating valuations have been prepared for 15,218 properties on behalf of the Manawatū District Council by Quotable Value (QV). Their careful analysis shows the total rateable value for the district is now $15.94 billion, with the land value of those properties now valued at $9.97 billion.
On average, the value of residential housing has increased by 49.7% since the district’s last rating revaluation in 2019, with the average house value now sitting at $650,000. The corresponding land value has also increased by 66% over the same period to reach a new average of $320,000.
QV Property Consultant and Lead Valuer Simon Willocks commented: “Manawatū hasn’t been immune to the significant value growth we’ve seen nationwide in recent years. Though that growth has fallen significantly this year, values are still well above where they were at the previous rating valuation in 2019.”
Meanwhile, the local commercial and industrial sectors have had comparatively moderate increases across the district. Commercial property values increased by 29% on average and property values in the industrial sector have increased by 21% since the district’s last rating valuation. Commercial and industrial land values have also increased by 53% and 24% respectively.
Since 2019, the average capital value of an improved lifestyle property has increased by 61% to $980 000, while the corresponding land value for a lifestyle property increased by 79% to $516 000.
Mr Willocks said the strength of lifestyle market, typically aligned with high-end residential properties. “The latest data shows that northern hill country has again performed strongly with over 50% increases in capital values compared the southern part of the district with average increases closer to 20%,” he added.
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 are not intended to be used for any other purpose, including 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 July 2022, and do not include chattels. Any changes in the market since that time will not be included in the new rating valuations, which often means that a sale price achieved today will be different to the new rating valuation.
Rating valuations are calculated using a highly complex and detailed process that utilises all relevant property sales from your 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.
The 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 9 December 2022.
Find out more about the rating revaluation and objection process.