Fuseworks Media

New rating valuations on the way for Kaipara – QV

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

Updated values have been prepared for all 16,234 properties in the district by independent valuers Quotable Value (QV) on behalf of Kaipara 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 37%. The average house value is now at $843,000, while the corresponding average land value has increased by 70% to a new average of $473,000.

QV Auckland/Northern manager Sanjay Kanji said the property market underwent a dynamic three-year period, marked by record-low interest rates that helped fuel substantial value growth in 2021, before a correction set in from mid-2022 and 2023.

“Since we last revalued Kaipara in 2020, we’ve witnessed a strong increase in residential property value levels overall. Though property values have softened over the past 18 months or so, they are substantially higher than their pre-pandemic levels,” he said.

“Properties at the more affordable end of the ladder have experienced the highest increases due to competition from first-home buyers and investors, who remain the most active groups in these markets, and have therefore experienced some of the largest average value increases since 2020 – particularly in and around Ruawai and Dargaville.”

The average capital value of an improved lifestyle property has increased by 37% to $873,000, while the corresponding land value for a lifestyle property increased by 46% to 480,000.

“Kaipara’s lifestyle market has experienced average growth since 2020. Mangawhai, the fastest growing coastal settlement in New Zealand has experienced the highest increases. Retirees, holiday makers and local residents are most active within this market. The recently constructed Puhoi to Warkworth motorway has increased accessibility to Mangawhai. New developments including the Te Arai and Tara Iti golf courses and Mangawhai Central has contributed to the area’s growth,” Mr. Kanji added.

Meanwhile, commercial property values have increased by 25% and property values in the industrial sector have increased by 37% since the district’s last rating valuation in 2020. Commercial and industrial land values have also increased by 59% and 72% respectively.

The total rateable value for the district is now $15.8 billion, with the land value of those properties now valued at $9.7 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 7th March 2024.

 

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