New rating valuations for Waitaki District

2020-11-24T00:00:00

​24 November 2020

Waitaki District property owners will soon receive a 2020 Notice of Rating Valuation in the post with an updated rating value for their property.

The new rating valuations have been prepared for 14,432 properties on behalf of the Waitaki District Council by Quotable Value (QV). They show the total rateable value for the district is now $9,922,286,000 with the land value of those properties now valued at $4,897,852,000

Rating valuations are usually carried out on all New Zealand properties every three years to help local councils set rates for the following three-year period. They reflect the likely selling price of a property at the effective revaluation date, which was 1 September 2020, and do not include chattels.

On average, the value of residential housing has increased by 33.7% since 2017 with the average house value now sitting at $344,000, while the corresponding average land value increased by 45.1% to an average of $121,000.

QV area manager Tim Gibson commented: “The demand for residential housing has been buoyant across all sectors of property within the Waitaki market, as well as locations outside the main urban centre of Oamaru.

“Value growth is being driven by a combination of high demand, low interest rates and limited stock available to purchase. The greatest residential value movement was observed in the smaller settlements, such as Palmerston, Kurow and Otematata which is due to them coming off a lower value base than Oamaru.” 

Meanwhile, commercial property values have increased by 12.3%, and property values in the industrial sector have increased by 11.5% since the district’s last rating valuation in 2017. Commercial and industrial land values have also increased by 26% and 12% respectively. 

“This shows a solid performance for commercial and industrial properties,” said Mr Gibson. “The value increase has been driven by a small increase in rental levels and a modest drop in the yield investors have expected since 2017.”​


Over the same period, the average capital value of an improved lifestyle property has increased by 17.6% to $513,000, while the corresponding land value for a lifestyle property increased by 25.4% to $252,000.

“We have observed an increase in subdivisions and the creation of several new lifestyle developments since the 2017 revaluation. This has mostly been in and around Oamaru, but there has also been an increased demand for properties in the Waitaki Valley, coastal settlements and the smaller Waitaki townships,” Mr Gibson added.

The rural sector continues to be plagued by uncertainty due to low sales volumes and environmental factors, such as new nutrient level requirements affecting changing use of farms and restricting value levels. The average pastoral values showed a slight increase of 4.9%, while dairy values declined by an average -6.7%

Forestry was the one rural sector showing high value growth, increasing on average by 33.9%, which is a trend that has been observed New Zealand wide.

The effective rating revaluation date of 1 September 2020 has passed and any changes in the market since then will not be included in the new rating valuations. This means often means a sale price achieved in the market today may be different to the new rating valuation.

The updated rating valuations are independently audited by the Office of the Valuer General and need to meet rigorous quality standards before the new rating valuations are certified. They are not designed to be used as market valuations for raising finance with banks or as insurance valuations.

New rating values will be posted to property owners after 2 December 2020. If owners do not agree with their rating valuation, they have a right to object through the objection process before 22 January 2021.

For more information, please contact:

Tim Gibson

Phone: Phone: 021 151 2887

Email: tim.gibson@qv.co.nz​

Page reviewed: 24 Nov 2020 11:01am