Property values in Waipā soar
Property values in Waipā have soared by an average of around 25 per cent across the district, latest revaluation results show.
Rating valuations of Waipa properties are done independently by Quotable Value Ltd, Waipa’s valuation service provider. The revaluations were released on Wednesday morning and show an increase of 24.8 per cent in capital value and an increase of 33.7 per cent in land value across the district.
Council’s business support group manager Ken Morris said the increase was a positive indicator that Waipā was flourishing.
“In this year’s revaluation we have seen the highest increases in value in the industrial, commercial, lifestyle and residential sectors.
“With residential property values, the highest increase has been in Kihikihi, with strong increases in Pirongia and Ohaupo too. This is great news for our smaller towns which are experiencing rapid growth and development.”
Residential property values in Waipa have increased across the board, specifically:
- by 24.5 per cent in Cambridge to an average value of $668,000,
- by 26 per cent in Leamington to an average value of $619,000,
- by 31 per cent in Ohaupo to an average value of $503,000,
- by 30 per cent in Te Awamutu to an average value of $500,000,
- by 46 per cent in Kihikihi to an average value of $435,000, and
- by 35 per cent in Pirongia to an average value of $577,000.
The overall worth of Waipā properties has leapt to $22.3 billion from $16.6 billion assessed in the 2016 revaluation.
Revaluation occurs every three years and measures the increase or decrease in the value of properties in the district. Quotable Value staff use a process of mass appraisal to calculate property values. They consider relevant property sales and take into account information from building consents, sub-divisions and more. The process is independently audited by the Office of the Valuer General before the district’s revaluation is confirmed.
Values for this revaluation are as at 1 August 2019 and will used to set the rates for the 2020/2021 rating year beginning 1 July 2020.
Morris said it was important for residents to note the revaluation process would not necessarily equate to a big increase in rates.
“If your property value has gone up by 30 per cent, that doesn’t mean your rates will also go up by 30 per cent. It’s more about how your value has moved in relation to the average. The total amount of rates we require to run the district doesn’t change because property values have gone up.”
The impact on rates won’t be known until Council works through the budget for next year as part of the Annual Plan process, he said.
Valuation notices will be sent to ratepayers on 25 November. If owners have concerns they have until 5pm on 17 January 2020 to object to their new valuations.
For more information on the 2019 revaluation, including how to object to a valuation, head to https://www.waipadc.govt.nz/revaluation.