Residential properties in Waipā have increased in value by an average of 46 per cent according to independent revaluations.
It means the capital value of the average Waipā residential property is now $959,000 up from $606,000 just over three years ago.
Just released data from Quotable Value (QV) says property in the Waipā district is worth $12.7 billion more than it was three years ago. All up, the district has seen a 45.4 per cent increase in the capital value of property compared to a 24.8 per cent increase reported in 2019.
Residential property in Karāpiro village has seen the biggest jump in capital value by an average of 57.1 per cent. On average, Kihikihi capital values have risen by 51.2 per cent followed by Te Awamutu (44.9 per cent), Ōhaupō (43.3 per cent), Pirongia (43.1 per cent), Cambridge (41.6 per cent) and Leamington (38.5 per cent).
According to QV, capital values across all Waipā property types have risen. Lifestyle block valuations are up 53.2 per cent and rural property valuations (dairy and pastoral) are up 26.2 per cent.
The average capital value of commercial property is up 40.5 per cent and industrial property capital values are up 59.1 per cent.
In determining the valuations, QV consider relevant property sales as well as information from building consents, sub-divisions and more. The process is independently audited by the Office of the Valuer-General.
Waipā District Council said the new property valuations will be used for rating purposes for the 2023/24 rating year.
Deputy chief executive Ken Morris cautioned against the common misconception that a change in property value drives exactly the same percentage change in rates.
“If your property value has gone up by 40 per cent, it certainly doesn’t mean your rates will also go up by 40 per cent,” Morris said.
“The total amount of rates we require to run the district doesn’t change because property values change. Rating values are just one component of how rates are assessed.”
Morris indicated there will be a range of rating impacts around the six per cent average increase already signalled by Council in March this year. This increase will be formally confirmed in June with new rates to apply from July 1.
A key factor of the rating impact is how the value of an individual property moves in relation to the district average of 45.4 per cent. A valuation change significantly more or less than the district average will result in variance around the six percent average rating increase.
The valuation change and rating impact on an individual property can be viewed on Council’s website by visiting waipadc.govt.nz/ratescalculator. This online rating calculator, developed by Council, will be live from today.
Waipā property owners will receive letters detailing property valuations from May 24. Property owners have until June 29 to object to a valuation.
