New rating valuations for Waimakariri District Council
Property owners in the Waimakariri district will soon receive a new Notice of Rating Valuation in the post.
The new rating valuations have been prepared for 28,534 properties on behalf of the Waimakariri District Council by Quotable Value (QV). Their careful analysis shows the total rateable value for the district is now $27.28 billion, with the land value of those properties now valued at $14.55 billion.
On average, the value of residential housing has increased by 54% since the district’s last rating revaluation on 2019, with the average house value now sitting at $749,000. The corresponding land value has also increased by 112% to a new average of $370,000 over the same period.
QV Canterbury manager and lead valuer Brendon McCurley commented: “Like much of the rest of the country, we’ve seen significant growth in Waimakariri’s residential property market from the end of 2020 and throughout 2021, which has primarily been driven by record low interest rates and a shortage of listings. While the housing market now shows signs of cooling, local property values at our effective date of valuation of 1 July 2022 are still well above the previous 2019 level.”
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 38% since the district’s last rating valuation. Commercial and industrial land values have also increased by 57% and 52% respectively.
Meanwhile, the average capital value of an improved lifestyle property has increased by 55% since 2019 to $1,109,000, while the corresponding land value for a lifestyle property has also increased by 79% to $574,000.
The latest data shows that dairying continues to dominate the local rural sector, with a 7% increase in capital values compared to pastoral increase of 25%. “Dairy property values have bounced back following recent changes to environmental regulations. Smaller pastoral blocks with lifestyle influence, or with potential for subdivision into lifestyle, saw higher increases due to the buoyant lifestyle market,” Mr McCurley added.
Residential Average Residential House Value
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 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.
If owners do not agree with their rating valuation, they have a right to object through the objection process before 22 November 2022.
Find out more about the rating revaluation and objection process.