Big jump in Waipa property values
Residential properties in Waipa have increased in value by an average of 38 per cent according to recent revaluations.
Just released data from Quotable Value (QV) says property in the Waipa district is worth $3.81 billion more than it was three years ago. All up, the district has seen a 23.1 per cent increase in the capital value of property compared to a 1.6 per cent increase in 2013.
Residential property across the district, which makes up the biggest proportion of Waipa's property mix, has seen the biggest jump. In Cambridge and Leamington residential capital values have jumped by an average of close to 45 per cent. On average, Ohaupo capital values have risen by 35.5 per cent followed by Te Awamutu (32.4 per cent), Kihikihi (29.3 per cent) and Pirongia (19.4 per cent).
The capital value of the average Waipa house is now $462,000. (See table below)
According to QV, capital values across all Waipa property types have risen. Lifestyle block valuations are up 21.9 per cent and pastoral property is up 14.5 per cent. Dairy farms have increased in value by 13.2 per cent.
The average capital value of commercial property value is up 7.6 per cent and industrial property capital values are up 7.2 per cent.
QV, which also completed Waipa's 2013 valuation, consider relevant property sales as well as information from building consents, sub-divisions and more when assessing value. The process is independently audited by the Office of the Valuer-General.
Waipa District Council said the new property valuations will not be used for rating purposes until the 2017/18 financial year. Group manager business support Ken Morris has already cautioned people against assuming that a change in property value would mean a corresponding change in their rates. But he said if an individual property moves significantly more or less than the district average of 23.1 per cent, there is likely to be a rates impact different to that signaled in the 10-Year Plan.
“If your property value has gone up by 30 per cent, that doesn't mean your rates will also go up by 30 per cent,” he 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. The revaluation could change how big a portion of the total rates different property types will pay,” he said.
“This won't be known until Council works through the budgets for next year and part of that will include some very detailed modelling on the impact of this revaluation.”
Morris said Council staff and elected members would meet with groups to discuss the revaluations and their potential impacts if that was requested.
Waipa property owners will receive letters detailing property valuations within the next week. Those wishing to discuss the valuation should contact the council directly. Property owners have until December 22 to object to a valuation.
Property valuations can be viewed on Waipa District Council's Ratings Information Database.