Leap in Nelson land values
Nelson city’s land values have skyrocketed in the past three years, according to the latest Quotable Value figures.
The average capital value of Nelson’s residential properties has risen 36.6 per cent, and the average residential land value has also shot up, with a 48.5 per cent increase.
Land value forms the basis of rates calculations for the Nelson City Council. Councillor Ian Barker noted that though there was a significant average increase, not all properties had the same increases. ‘‘If there are different increases in land value in different parts of city, we get winners and losers, and sometimes they’re significant winners and significant losers,’’ he said.
Barker asked for some indication of what effects the revaluations could be expected to have on rates in Nelson.
NCC rates officer Theo Aitken said he had looked at various locations in the city to get an idea of what changes in rates might occur off the back of the QV revaluation.
‘‘The Port Hills, for instance, will see a 5 per cent reduction – their values are not going up at the same rate,’’ he said.
‘‘There’s a similar effect for residential properties in the Glen, a 4.7 per cent reduction. The others are all around about 1 or 2 per cent up or down. The greatest increase would be Wakatu, that southern Nelson area . . . about 3.8 per cent increase.’’
QV national revaluation manager Gail Smits and Nelson manager Craig Russel delivered the numbers to a council meeting yesterday.
Smits said the revaluation process had been an ‘‘exciting’’ one, thanks to the relatively rapid changes in the Nelson market.
‘‘It’s been very, very interesting because there’s been a lot of sales out there. We had to look at all of those sales, and these form the values that are going to be delivered to your ratepayers on Wednesday,’’ she said.
‘‘It’s a pretty exciting market out there.’’
The valuations were a ‘‘snapshot’’ of the Nelson property market on September 1, 2018. The average house sold in Nelson today could expect to fetch about $610,000, and an average residential section could expect to go for $292,000.
Objections to the new QV valuations can be lodged in writing with QV via the website Rating Values up until January 18.