New rating valuations for Waimakariri

Published: 09-Oct-2019

The Waimakariri District Rating Revaluation for 2019 is now confirmed and property owners will soon receive a 2019 Notice of Rating Valuation with an updated rating value for their property.

The new rating valuations have been prepared for 26,628 properties on behalf of the Waimakariri District Council by Quotable Value (QV).

Rating valuations are carried out on all properties in New Zealand, usually once every three years to specifically help local councils set rates for the following three year period. Rating values are just one of a number of factors councils use to allocate rates.

Council rates will not be updated based on the new 2019 rating valuations until 1 July 2020.

The updated rating valuations should reflect the likely selling price of a property at the effective revaluation date, which was 1 August 2019, but do not include chattels.

The rating revaluation figures compiled by QV show the total rateable value of the 26,628 properties within Waimakariri District is now $17,252,147,000 with the land value of those properties now valued at $7,883,667,000.

QV Registered Valuer, Kris Rodgers said, “Residential housing is showing an average capital value increase of 2.5% with the average house value now $451,150. Value level changes varies on location and house type with generally the lower end of the market have a greater increase across the district.”

“Lifestyle properties have seen value increases since 2016 greater than that of residential, with the average improved lifestyle property capital value increasing by 3.8%, while the average land value for a lifestyle property increased by 8.4%.

“The Commercial and Industrial sector has experienced steady growth since 2016 which is driven by the effects of population growth and construction. With the development of new retail space, precincts and industrial developments Waimakariri business areas are now competing with and attracting customers from surrounding areas including Christchurch.

“The business sector was one of the largest movers with commercial increasing 14.0% on CV and 1.9% on LV while industrial property increased 8.1% on CV and decreased 1% on LV.”

Kris Rodgers added, “In the rural sector farmers are currently experiencing regulatory pressures from Government and financial institutions resulting in a reduction of sales activity across the district.

"There has been a small decrease in value across dairy properties, whilst pastoral and arable have remained at similar value levels to 2016 with pastoral properties in some localities experiencing a small increase.”

It is helpful to remember the effective rating revaluation date of 1 September 2019 has passed and any changes in the market since then won’t be included in the new rating valuations.

This means in many cases a sale price achieved in the market today may be different to the new rating valuation set as at 1 September 2019 and that rating valuations are not designed to be used as market valuations for raising finance with banks or as insurance valuations.

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.

New rating values will be posted to property owners after 14 October 2019. If owners do not agree with the rating value they have the right to object.

The objection close-off date is 27 November 2019.

Name: Kris Rodgers - QV

Phone: 03 343 9029