Property values increase across district

26 November 2013

Cambridge residential property values have increased by close to six per cent and Leamington's by close to five per cent according to revaluation information released today.

But it is Ohaupo which has seen the biggest increase in the Waipa district with a jump in residential property capital value of 8.3 per cent.

Overall, Waipa district's capital value has increased by 1.6 per cent over the last two years. That compares to an overall drop in value of 12.6 per cent when the district was last revalued in 2011. Both revaluations were done independently by QV New Zealand on behalf of Waipa District Council.

Residential property has increased in capital value across the district, most notably in Ohaupo (8.3 per cent) followed by Cambridge (5.9 per cent), Pirongia (5.6 per cent), Leamington (4.9 per cent), Te Awamutu (4.3 per cent) and Kihikihi (2.7 per cent).

The revaluations bring the average residential property capital value in Cambridge to $361,615 and the average value in Leamington to $337,871.

The average capital value of a residential property in Ohaupo is $276,997. Across the total district, the average urban residential capital value is $323,391.

Residential properties, which make up the biggest portion of Waipa's property mix, saw the greatest increase in capital value (an average of 5.3 per cent across 11,808 properties) followed by commercial properties (2.8 per cent across 591 properties).

While lifestyle and industrial properties increased in value marginally, there was a drop of -0.9 per cent in the capital value of dairy farms. There are around 1300 dairy farms in the Waipa district with an average capital value of $3.3 million.

Waipa property owners will receive revaluation notices towards the end of this month and will have until January 20 2014 to lodge any objection. Those wishing to do so should contact the council directly and discuss any concerns with the rates team before lodging an objection. For a limited time QV New Zealand will also provide free access to local sales reports online at www.qv.co.nz.

The new property values will be used for rating purposes from July 1 next year. Any increase or decrease in value did not necessary mean future rates accounts would proportionately change, the council said. However if an individual property value moved significantly more or less than the district average, there could be a rates impact.

Business support group manager Ken Morris said rating values were just one component used to determine the share of the total rates levied on individual ratepayers. In the Waipa district, capital values were only used in setting the general rate, capital works rates, stormwater and rural fire rates.

Mr Morris said Council had revalued the district one year earlier than usual in order to separate any impact of the new valuations from any potential rating policy changes which are generally considered as part of a long-term plan process.

Ends

For more information contact:

Jeanette Tyrrell (on behalf of Council) 027 5077 599