Dunedin property valuations soar

THE prices of Pine Hill, Mornington and Caversham households have soared in Dunedin’s new threeyearly valuations.

Quotable Value valuations for the Dunedin City Council area will arrive in letterboxes over the next week and most are now available online.

The average capital value of Dunedin homes has increased 39.1% since the last ratings in 2016.

Across all sectors there was a 30.4% increase in capital value and a 49.1% rise in land value.

For Dunedin houses the biggest capital value movements by suburb were Pine Hill and lower MorningtonCaversham (up 54%), Brockville (52.3%) and Corstorphine (50.7%).

One of the lowest increases was in the ‘‘central city north’’ area, although this still increased by 23%.

The average Dunedin house is now worth $477,000.

Council finance and commercial general manager Dave Tombs said how much individual rates would increase by was complicated.

However, ‘‘everything being equal’’ if capital values for a household increased in the last three years more than the city average, it would result in a higher rates increase.

Rates bills would not be affected until July 1, 2020.

Property owners and occupiers can object to revised valuations by writing to Quotable Value by December 18.

Commercial property increased by 20%, while the industrial sector rose 24.2%.

Land values increased overall by 29% for commercial and 49.5% for industrial.

There were 56,027 rateable properties at the time of the revaluation.

The total rateable value of those properties is $33.5 billion, with the land value now at $15.1 billion.

Quotable Value registered valuer Tim Gibson said residential dominated the landscape within Dunedin city, representing 83.9% of properties.

‘‘Lifestyle has followed the residential demand with strong growth. The capital value of the average lifestyle property has increased by 31.1% to $747,000, with a corresponding average land value rise of 40.4%.’’

The rural market was comparatively subdued.

The average dairy property increased by 2.1% and pastoral was up by 7.6%.