Knowledge Centre
Understand your property

News, Article and Press Releases Details

Strong value growth in Mackenzie District over past three years reflected in new valuations

08 Nov 2017

All property owners in the Mackenzie District will soon receive a 2017 Notice of Rating Valuation with an updated rating value for their property.

This is a result of the tri-annual rating revaluation being carried out by Quotable Value (QV) on behalf of the Mackenzie District Council. The updated rating values once finalised will be used as one factor to help the council set rates for the next three years from 2018.

A Rating Valuation is the estimated price a property would sell for at the effective date of the rating revaluation but it does not include chattels i.e. movable personal items such as curtains and appliances). The effective date of the revaluation means the date on which the valuers reassess a property’s new rating value. For this year’s rating revaluation in Mackenzie District it is July 1, 2017.

Since the last rating revaluation as at July 1, 2014, property values have risen significantly across the region by more than 20% overall. Residential values overall are now on average more than 53% higher across the district than they were three years ago with residential land values on average over 79% higher than they were three years ago.  Value growth will only be reflected as at the market on the effective date of July 1, 2017. Any market movement since that time will not be reflected in the new rating values.

Mackenzie District has had a higher average increase in housing values for the last 12 months than any other Canterbury Region council area.

QV Registered Valuer, Gail Smits said, “Demand has been driven by domestic and international tourism. The biggest increases in residential value are in Twizel and Tekapo, with many of these houses and vacant land sites being purchased for holiday homes. ”

 

Residential Location

Average Dwelling Value as at 1 July 2017

Average Dwelling Value Change % since 1 July  2014

Tekapo

$862,000

+58.1%

Twizel

$417,000

+55.7%

Fairlie

$268,000

+24.7%

Revaluations are a three year cycle with rural farm values on average now slightly above the July 2014 revaluation levels although are lower than the  2014/2015  peak in values.

Assessing rating values is a service QV performs for councils and the values become public information.   QV valuers comb through data on properties in your area, then compare and contrast similar properties using technology and experience to determine the rating values for all the properties in an area on a certain date.   You can research local area sales and other property information on qv.co.nz or on the QVhomeguide app.

Following that, rating values are independently audited by the Office of the Valuer General. Rigorous quality standards need to be met before the new rating valuations will be confirmed.

It’s important to remember that rating values are not designed to be used as current market valuations for use in raising finance or for other legal purposes.

Current market valuations require an individual inspection of a property and full written report by a registered valuer. Rating values are also not designed for insurance purposes to reflect the replacement value of a home – an insurance valuation is required for this purpose.

Property owners will receive their letters in the post after 4 October 2017 and new council rates taking into account the new rating values will be effective from 1 July 2018. 

New rating values will be available from the Mackenzie District Council for viewing from 27 September 2017.

If property owners don’t agree with their new rating value or if they have made refurbishments and improvements to their property that didn’t require a building consent and believe this added value is not being reflected in the new rating value, they have the right to make an objection within a specific timeframe. The objection close-off date is 10 November, 2017 and there will be information on how to object on the owners’ notice. For more information on rating valuations and how to object go to www.ratingvalues.co.nz

Full market valuations are different from rating values for many reasons – you can find out more at:  http://qvgroup.qv.co.nz/full-market-valuation.

For more information please contact:

Gail Smits

Manager Quality and Audit

Quotable Value (QV)

027 244 3532

Gail.smits@qv.co.nz

 

 

Back to list...