New Quotable Value (QV) Ratings

Jump in values seen in parts of the South Wairarapa District since last revaluation three years ago will be reflected in new rating values

The South Wairarapa District Rating Revaluation for 2017 is now confirmed and property owners will soon receive a 2017 Notice of Rating Valuation with an updated rating value for their property. 

The new rating valuations have been prepared for 6,898 of properties on behalf of the South Wairarapa District Council by Quotable Value (QV).

Rating valuations are carried out on all properties in New Zealand, usually once every three years to specifically help local councils set rates for the following three year period.  Rating values are just one of a number of factors councils use to allocate rates.  Council rates will not be updated based on the new 2017 rating valuations until 1 July 2018.  

The updated rating valuations should reflect the likely selling price of a property at the effective revaluation date, which was 1 September, 2017, but do not include chattels.

The rating revaluation figures compiled by QV show the total rateable value of the 6,898 properties within South Wairarapa District Council is now $4.588 billion with the land value of those properties now valued at $2.774 billion.

QV General Manager, David Nagel said, “We’ve seen large values increases right across the South Wairarapa District with the greatest value growth reflected in the residential sector”.

“The three main townships have all experienced a strong growth but it is land values in Featherston that have been the stand-out performer with many sections more than doubling in the three years to 1 September, 2017.  Capital Values in Featherston have also seen huge growth with an average increase of 62.0% over the three year period, albeit off a low base.”

“Value increases in Featherston have been significant, but even with the big increase in land values, an average section in the town is still only half that of neighbouring Greytown.

Further information on how South Wairarapa residential property values compare to other districts and to all of New Zealand can be found here.

“Commercial and industrial properties have also seen value increases, with the average capital value for developed commercial property increasing by 22.0% since the last rating revaluation in 2014, and the average capital value for developed industrial property increasing by 28.0% over the past three years.”

“Rural and lifestyle properties have also seen moderate value increases since September 1, 2014 with the average improved lifestyle property capital value increasing by 19.0% to $718,000 with the corresponding average land value for a lifestyle property increasing by 27.0% to $303,000.

“It is helpful to remember the effective rating revaluation date of 1 September, 2017 has passed and any changes in the market since then won’t be included in the district’s new rating valuations and also that RVs do not include chattels.”

“This means in many cases a sale price achieved in the market today may be different to the new rating valuation set as at 1 September, 2017 and that rating valuations are not designed to be used as market valuations for raising finance with banks or as insurance valuations.”

South Wairarapa District Council Mayor Viv Napier says "South Wairarapa has grown very strongly from an economic development perspective over the last few years, and will continue to do so for years to come. The increases in property values are a reflection of the strength of our District, and it's attractiveness as a place to live, work and play. Given the exciting developments that are in train in our district, including residential development, growth in tourism, and the strength of our underlying economy, our future looks bright."

The updated rating valuations are independently audited by the Office of the Valuer General, and need to meet rigorous quality standards before the new rating valuations are certified.

New rating values will be posted to property owners after 22 November, 2017.  If owners do not agree with the rating value they have the right to object. The objection close-off date is 19 January, 2017. To find out more about objection or to lodge an objection online click here or call 06 306 9611.

District Valuation Roll book (6.9mb)

Press Release:  16 November 2017