Property values soar in Hauraki revaluation
New Quotable Value QV figures show residential and lifestyle property values in the Hauraki District have risen sharply in value, with a 56.4 per cent increase, over the last three years.
Hauraki District Council had already announced an average rate rise of 4.4 per cent over the next 10 years with 6.4 per cent rise for the first year in 2019 in its Long Term Plan.
The new QV evaluation report will affect property owners’ rates, which are separate from the rates increase set out in the Long Term Plan.
Council spokeswoman Paula Trubshaw says the Council won’t collect more rates, but their allocation from one property to another might change.
“It is case-by-case as some homeowners might have an increase in their rates and others not.
“It all depends on your property value,” she said.
She says the Council might change the District Plan and has not calculated the revised rates share across the district yet.
Every three years, valuations are prepared on behalf of all councils by QV to help them set rates for the next three years.
The updated rating valuations are independently audited by the Office of the Valuer General.
As well as a particularly strong increase in the value of residential property, the district has had an average value increase of 40 per cent in lifestyle properties — land which is between 2500m2 and 20ha.
Commercial and industrial property values have also increased around 20 per cent.
In the rural sector, the value of dairying land has dropped 4.4 per cent.
For the dairy sector, Paula says because QV showed a drop in capital value, rates in this sector might decrease.
With an average rise in residential capital, the QV evaluation brings good news for homeowners wanting to sell their property.
In Waihi, the QV report shows a strong demand for well-located and presented properties.
The Nga¯tea Estate subdivision is also getting strong demand from buyers as well as the lower end of residential Paeroa properties.
The overall value of Hauraki District has risen by nearly 23 per cent compared to 2015.
Hauraki District Mayor John Tregidga says overall increase in residential values reflects the growing interest in Hauraki as an attractive place to invest, live and do business.
“I’ve lived here for more than 40 years and I’ve never seen a leap like this. It’s really encouraging to see so much activity and growth in our towns,” he says.
Residential and lifestyle properties make up more than half of the district’s properties with 56 per cent in residential
dwellings and 20.8 per cent in lifestyle blocks.
New rates will be updated on July, 1, 2019.