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Steady value growth seen in the Coromandel reflected in new rating values

22 Dec 2017

The new rating valuations have been prepared for 28433 properties on behalf of our District by Quotable Value (QV). It shows the total ratable value of these properties within our District area is now $20.3B  with the land value of those properties now valued at $13.1B.

The updated rating valuations should reflect the likely selling price of a property at the effective revaluation date, which was 1 July, 2017, but do not include chattels.

"The average capital value increase for residential properties in the district., over the past 3 years since the last revaluations was 36.5 % with the average increase in land values for residential properties in the district being 38.1%," says Stephen Hare, QV Senior Consultant.

"The towns in the district that recorded the largest capital value increases in percentage terms over the last three years were Whitianga, Whangamata and Thames with properties along the Thames Coast being not further behind," he says.

Whangamata saw the largest LV increase, due a shortage of sections for sale within the town, which has driven land values up substantially, coupled with a strong demand from holiday home buyers. Tje contour, scope, view and locality of the land also determines the value.

“Commercial and industrial property value growth in the district has been a little more subdued , with the average value for developed commercial property increasing by 6.1% since the last rating revaluation as at 1 July 2014. The average value for developed industrial property increased by 6.2%," says Mr Hare.

“Rural and lifestyle property values have also increased with the average capital value of lifestyle properties increasing by 29.3% and land values by 31.7%. The average lifestyle value in the district is now $724,000. Dairy property capital values have increased by 9.8% over the past three years with pastoral properties increasing by 24.9%. The average dairy farm value is now $2,278,000 and the average pastoral farm value is now $2,470,000," he says.

 

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