Jump in property values in neighbouring Waipa

Those who bought into the Waipa property market three years ago will be feeling jammy after a revaluation shows a $3.81 billion increase.

Quotable Value data reveals the district has seen a 23.1 percent rise in the capital value of property, compared with a 1.6 percent increase in 2013.

It’s a clear indication of confidence in the district, Waipa District Council business development manager Steve Tritt said.

Council has said the change in individual property values doesn’t necessarily mean a corresponding increase in rate bills.

As at August 1, capital values across all Waipa property types have risen from three years ago.

Residential property, which makes up the biggest proportion of Waipa’s property mix, has seen the biggest jump, rising by 38.2 percent.

The average Waipa house is valued around $462,000.

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 percent, Te Awamutu 32.4 percent, Kihikihi 29.3 percent and Pirongia 19.4 percent.

Commercial property and industrial property have seen an average increase in capital value of 7.6 and 7.2 percent.