The average rateable value for a home in Carterton is now $306,000 – nearly $100,000 more than its previous 2014 valuations.
That is a 35 per cent increase in the last three years.
The Carterton District Council released its new valuations yesterday which gave the rateable valuations (RV) of 4741 properties – 692 more than in 2014.
The district’s average residential land values were up 40 percent to $114,000.
The average rural/residential rateable values were up 28 per cent to $404,000, with the land value up 20 per cent to $128,000.
In the three years since the previous valuations, there have been large increases across the district.
In 2014, the average change in Carterton’s urban residential property values was only 7.6 percent, moving up to $257,000.
Rural/residential property values came down by 1.5 per cent to $311,000 in the same period.
Quotable Value general manager David Nagel said there had been substantial value increases across most property types within the district this year as the national provincial market continued to perform well.
The residential property market movements had set the pace for a steady residential capital value increase, he said.
“Commercial and industrial properties have performed less consistently, with the average capital value for improved commercial property increasing by 5.6 per cent since the last rating revaluation in 2014, and the average capital value for developed industrial property decreasing by 5.3 per cent over the past three years.”
Rural and lifestyle properties had also seen values increase with the average improved lifestyle property capital value up 21.4 per cent to $615,000.
The average land value for a lifestyle property increased by 25.5 per cent to $239,000.
Rateable Valuations are done by councils every three years to specifically help set rates for the following three-year period.
Dairy farm listed as most expensive
Carterton’s Howard St boasts the district’s most-expensive residential home after it was tagged with a new rateable value of $1.4m.
The new rateable value on the eight-bedroom, five-bathroom Howard St home was down $200,000 on its 2014 evaluation of $1.6m.
A 540ha dairy farm is Carterton’s most expensive property across both rural and residential areas with a new value of $19.3m.
The Chester Rd farm’s new valuation is up $1.36m on 2014 valuations.
The lowest valued residential property was a cross-lease flat in Booth St valued at $146,000, up $41,000 since valuations in 2014.
The lowest valued property across the district was a collection of seven properties in a rural subdivision valued at $1000.
The section includes carparks, all with separate certificate titles and additional reserve land.
One of Carterton’s most historic properties, Carrington Estate, is now valued at $3.05m — that is $1.5m more than its 2014 valuation.
The estate was purchased at the end of last year for a reported $3.065 by Forsyth Barr managing director Neil Paviour-Smith and his wife, Phillipa.
The prestigious Richmond Estate on Wakelin St has a new value of $2.3m, only $100,000 up on 2014 valuations.
The four-bedroom home sits on 3.7ha and has European-inspired gardens.