New rating valuations for Porirua City
Porirua 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 20,740 properties on behalf of the Porirua City Council by independent valuers Quotable Value (QV). Their careful analysis shows the total rateable value for the city is now $20.16 billion, with the land value of those properties now valued at $11.22 billion.
On average, the value of residential housing has increased by 27% since Porirua City’s last rating revaluation in 2019 with the average house value now sitting at $857,000. The corresponding average land value has also increased by 49% for an average of $489,000.
QV Wellington Manager Hoa Quan commented: “As with the rest of the Wellington region, Porirua City was one of the hottest residential markets in New Zealand throughout 2021. Property Values in Porirua City peaked in late 2021 and early 2022 with an average value of $1,046,000, which represents a 62% increase over the 2019 revaluation.
“However, over the course of 2022 we’ve seen one of the sharpest value corrections nationwide as interest rates have risen and credit conditions tightened. The average value of a residential dwelling in Porirua as at the revaluation date of 1 October 2022 was $857,000, down significantly from the market’s peak, but still well above its 2019 base level.”
The commercial and industrial property values have had similar increases across Porirua. Commercial increased by 20% on average and property values in the industrial sector have increased by 33% since the city’s last rating valuation. Commercial and industrial land values have also increased by 34% and 61% respectively.
Since 2019, the average capital value of an improved lifestyle property has increased by 49% to $2,169,000, while the corresponding land value for a lifestyle property increased by 76% to $1,198,000.
Residential Dwelling Average Capital Value and Land Value by Sales Group
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 28 April 2023.
Find out more about the rating revaluation and objection process.
