House prices hit high­est point in city since 2007

Kapi-Mana News - - GARDENING - KRIS DANDO

Porirua home­own­ers are fac­ing an­other rates rise fol­low­ing the big­gest jump in the city’s house valu­a­tions in nine years.

Bob Turner, 77, from Can­nons Creek, said his three-bed­room home has gone up $100,000 in 10 years and could be about to in­crease again once his let­ter from Quotable Value ar­rived.

Fig­ures from QV, which val­ues homes ev­ery three years, show homes in Porirua have in­creased 24 per cent since 2013, the big­gest sin­gle rise since 2007.

The av­er­age house price in the city is now $486,000.

Turner said there was a neg­a­tive side to the in­creased house value.

‘‘I’m wait­ing for the rates rise to fol­low [from Porirua City Coun­cil] - it’s in­evitable, isn’t it? It might only be a few dol­lars, but that’s go­ing to make a dif­fer­ence to me.’’

Mar­leen Casey, who has lived in Plim­mer­ton for 80 years, was an­tic­i­pat­ing a jump in the $100 a week she al­ready paid on her home.

‘‘It’s not like I’ve made ma­jor im­prove­ments on it. For my rates to rise more could be­come a strug­gle, but I’m lucky to have a won­der­ful fam­ily look­ing out for me. You can see why peo­ple in Plim­mer­ton are sell­ing up and mov­ing on.’’

Porirua City Coun­cil’s chief fi­nan­cial of­fi­cer Roy Baker said it was too early to be talk­ing rates rises, as there was a process and for­mula that needed to be worked through to cal­cu­late what to charge.

‘‘It’s very com­plex and a lot of anal­y­sis has to hap­pen in all rat­ing ar­eas.

‘‘Peo­ple as­sume that when their val­ues go up, we [coun­cil] get more money, but it doesn’t work like that.

‘‘QV set the val­ues and there are other fac­tors that we need to digest so we can work out the cost to run the coun­cil.’’

Euon Mur­rell, un­til just re­cently the Welling­ton head of the Real Es­tate In­sti­tute of New Zealand, said house prices were go­ing up ‘‘with a bang’’ in Porirua but he echoed Baker’s sen­ti­ments.

‘‘Just be­cause my home used to be worth $400,000 and now it’s ad­judged to be $600,000, it doesn’t nec­es­sar­ily mean you’ll be charged coun­cil rates at the lat­ter amount.

‘‘There’s a for­mula and there will be some ad­just­ment.’’

Mur­rell be­lieved the buoy­ant house mar­ket was likely to hit a flat pe­riod soon.

AV­ER­AGE HOUSE RAT­ING VALUE IN PORIRUA’S SUB­URBS

* Pukerua Bay $565,000, up 29.9% since 2013 * Camborne $638,000, up 29.6% * Pa­pakowhai $580,000, 27.1% * Porirua East/Ranui $333,000, 26.4% * As­cot Park $341,000, 25% * Ti­tahi Bay/ Onepoto $407,000, 24.8% * Els­don $324,000, 24.4% * Whitby $599,000, 23.3% * Wai­tan­girua/Can­nons Creek $261,000, 22.5% * Plim­mer­ton $730,000, 21.4% * Aotea $716,000, 19.8% * Mana/ Pare­mata $625,000, 19% * City cen­tre/Kenepuru $417,000, 15.6%

Newspapers in English

Newspapers from New Zealand

© PressReader. All rights reserved.