Matamata-Piako property values surge
Auckland investors and retirees searching for the good life have helped push the average value of residential properties in Matamata-Piako up 54 per cent.
The increase in the latest district-wide property revaluations posted out on October 16 may also mean an increase in rates for some property owners.
Every three years, councils have to revise the value of every property in the district to ensure that current values are represented on the District Valuation Roll. As well as the average increase for residential properties, the revaluations showed an average increase for lifestyle properties of 38 per cent; an average increase for commercial properties of 24 per cent; and an average increase for dairy properties of 3.7 per cent.
The total value of properties in the district has also increased from $12 billion to $15 billion.
But council’s communications manager Rebekah Duffin said while there would be a small rates increase it was more about how they ‘‘slice the pie’’ and it wouldn’t automatically follow the 54 per cent average increase.
‘‘The average increase in property valuation is 20 per cent as at July 1, 2018. If your valuation movement is greater than 20 per cent, that will result in an increase in rates from July next year, but if your valuation movement is less than 20 per cent, that will result in a decrease in rates from July next year.’’ But homeowners would pay a greater share of the rates burden.
‘‘They (residential ratepayers) previously paid for 19 per cent of the total general rates but the increase in values means this shifts to 26 per cent.’’
In Te Aroha, the average land value increased by 165 per cent, and average capital value increase was 59 per cent.
In Morrinsville, the average land value increased by 128.8 per cent, and average capital value increase was 53 per cent.
In Matamata, the average land value increased by 91 per cent, and average capital value increase was 52 per cent.
QV, the company which analysed all property sales that occurred in the district, said that there was a ‘‘strong lift in values since the last revaluation, consistent with value increases across the general Waikato region’’.
‘‘This has been driven by strong Auckland value gains resulting in Auckland investors looking to nearby provincial towns to invest, along with retirees relocating for a change in lifestyle,’’ the report said.
The valuation won’t affect rates until July 1, 2019, and those wanting to make an objection can do so before 5pm on Friday, November 16.