New rating valuations on the way for Hastings District

Hastings District property owners will soon receive new three-yearly rating valuations in the post.

Updated values have been prepared for all 33,800 properties in the district by independent valuers Quotable Value (QV) on behalf of Hastings District Council. They reflect the likely price a property would have sold for on 1 August 2025, not including chattels.

Since the district’s last revaluation in 2022, the value of residential housing has decreased by an average of 9.5%. The average house value is now at $768,000, while the corresponding average land value has decreased by 19.0% to a new average of $386,000.

“The residential market in Hastings has generally followed national trends over the past three years and experienced an overall decrease. Values were down during late 2022 and 2023, with a partial recovery and levelling of values across 2024 and 2025,” said QV valuer Andy Vautier.

He noted that an Order in Council existed on the prevailing 2022 valuations, which excluded the damage incurred from Cyclone Gabrielle. The release of these new valuations effectively removes this order, he said, meaning they will reflect the state of a property as it was on 1 August 2025, including any unrepaired damage that still exists.

“Since the flooding in 2022 and the cyclone in 2023 there has been an influx of repairs and renovations on damaged properties, which has meant the majority of dwellings are in a reasonable condition, some having been extensively modernised as a result.”

The latest rating valuations show that the average capital value of an improved lifestyle property has decreased by 13.5% to $1,432,000 since 2022, while the corresponding land value for a lifestyle property has also decreased by 15.9% to $742,000.

“Lifestyle properties typically align in value with high-end residential properties, and this segment of the market has generally weakened, with buyers paying more attention to age and condition,” Mr Vautier added.

Meanwhile, commercial property values have increased steadily by 11.7%, while industrial property values have risen by 9.2% since the district’s last rating valuation in 2022. Commercial and industrial land values have also increased by 11.5% and 5.2% respectively.

The value of most pastoral farms has decreased since 2022, with pastoral farm values decreasing, mirroring similar drops in the horticultural sector.

“Farms with strong infrastructure, reliable water supplies, and minimal environmental restrictions are in high demand. Conversely, properties lacking these features are being valued lower than the average,” Mr Vautier said.

Pastoral farms have decreased by an average capital value of 17% with an average land value decrease of 19.7%. Horticultural properties follow closely with an average capital value decrease since 2022 of 16.3% and an average land value decrease of 16.5%.

The total rateable value for the district is now $41.619 billion, with the land value of those properties now valued at $21.796 billion.

What are rating valuations?

Rating valuations are carried out on all New Zealand properties every three years, except in exceptional circumstances. This enables local councils to apportion and assess 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 August 2025, 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 will be different to its rating valuation.

Rating valuations are calculated using a highly complex and detailed process that utilises all relevant property sales from 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 or emailed to property owners from 13 May 2026. If owners do not agree with their rating valuation, they have a right to object through the objection process by 19 June 2026.

If you’d like more information on rating valuations head to www.qv.co.nz/about/about-rating-valuations/# or visit www.qv.co.nz/services/rating-valuations/object-rating/ to find everything you need to know about lodging a formal objection.