Westland property owners will soon receive new three-yearly rating valuations in the post.
Updated values have been prepared for all 7,214 properties in the district by independent valuers Quotable Value (QV) on behalf of Westland District Council. They reflect the likely price a property would have sold for on 1 September 2023, not including chattels.
Since the district’s last revaluation in 2020, the value of residential housing has increased by an average of 42%. The average house value is now at $400,000, while the corresponding average land value has increased by 77% to a new average of $158,000.
QV Valuer Jeremy Clayton said Westland property market had experienced “steady growth” over the last three years. “Kumara to Ross has experienced more demand for residential properties compared to South Westland, due to its market being greatly influenced by tourism numbers, which were significantly constrained when our borders were closed at the height of the pandemic.”
“The Hokitika residential market has not experienced the same decline that much of New Zealand did, with properties continuing to increase in value since the start of 2022,” he said.
The average capital value of an improved lifestyle property has increased by 37% to $430,000, while the corresponding land value for a lifestyle property increased by 54% to $223,000.
“Westland’s lifestyle market has seen strong growth since 2020, with its relatively low price point by national standards appealing to those wishing to begin lifestyle living or looking to retire in the area,” Mr Clayton added.
Meanwhile, commercial property values have increased by 15% and property values in the industrial sector have increased by 41% since the district’s last rating valuation in 2020. Commercial and industrial land values have also increased by 36% and 48% respectively.
The latest data shows that pastoral continues to dominate the rural sector locally, with an 18% increase in capital values compared to dairy decreasing by 6%.
The total rateable value for the district is now $4.25 billion, with the land value of those properties now valued at $2.46 billion.
What are rating valuations?
Rating valuations are usually carried out on all New Zealand properties every three years to help local councils 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 September 2023, 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 28 March 2024.