New rating valuations for Waimate District Council
Waimate District Council 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 4,432 properties on behalf of the Waimate District Council by Quotable Value (QV). Careful analysis shows the total rateable value for the District is now $5.88 billion, with the land value of those properties now valued at $3.80 billion.
On average, the value of residential housing has increased by 59% since 2019 with the average house value now sitting at $428,000, while the corresponding average land value has increased by 133% for an average of $184,000.
QV Property Consultant and Lead Valuer Jeremy Clayton commented: “We have witnessed a strong increase in residential property value levels across a range of price brackets. This has largely been driven by strong market conditions in the district – including a sustained high level of demand, strong rental growth, and local property generally being more affordable compared to surrounding locations, such as Timaru and Oamaru.”
Meanwhile, the local commercial and industrial sectors have had comparatively moderate increases across the district. Commercial property values increased by 32% on average and property values in the industrial sector have increased by 30% since the district’s last rating valuation. Commercial and industrial land values have also increased by 92% and 94% respectively.
Since 2019, the average capital value of an improved lifestyle property has increased by 47% to $618,000, while the corresponding land value for a lifestyle property increased by 72% to $325,000.
The latest data shows that dairying continues to dominate the rural sector locally, with an 11% increase in capital values compared to pastoral increase of 8%. “The lifestyle and rural residential market have had strong interest from out-of-town buyers due to their relatively lower value levels compared to other regions,” Mr Clayton 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 reflect the likely selling price of a property at the effective revaluation date, which was 1 July 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 July 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 20 October 2022.
Find out more about the rating revaluation and objection process.