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House values up 14.2% for South Wairarapa

South Wairarapa’s three-yearly rating valuations have been completed, and property owners can expect to see them in the post soon.

The new valuations have been prepared for all 7526 properties in the district by independent valuers Quotable Value [QV], reflecting the likely price a property would have sold for on September 1, 2023, not including chattels.

Since the district’s last revaluation in 2020, the value of residential housing has increased by an average of 14.2 per cent.

The average house value is now at $750,000, while the corresponding average land value has increased by 24.6 per cent to a new average of $360,000.

QV lead valuer Blake Ngarimu said the past three years have been “full of ups and downs” for the local property market, with record-low interest rates helping to drive significant value growth in 2021, before experiencing a long period of decline throughout all of 2022 and until the end of May 2023.

“Much like the rest of Aotearoa, South Wairarapa experienced significant value growth throughout 2021, peaking with an average value just shy of $1 million – representing a 50 per cent increase on our 2020 revaluation,” Ngarimu said.

“Though property values have softened over the past 18 months or so due to increased interest rates, they’re still above where they were at the 2020 revaluation.

“The market stabilised three months prior to the revaluation date of September 1, 2023, with no subsequent value declines being recorded, and even a small amount of growth following the effective revaluation date.”

The average capital value of an improved lifestyle property has increased by 20 per cent to $1,025,000, while the corresponding land value for a lifestyle property increased by almost 17 per cent to $510,000.

Commercial property values have also increased by 27.4 per cent, and property values in the industrial sector have increased by 38.8 per cent since the district’s last rating valuation in 2020.

Commercial and industrial land values have also increased by 41.2 per cent and 45.1 per cent respectively.

Ngarimu said the strongest commercial growth has been in Greytown, which experienced an average value growth of 30 per cent, largely driven by being a “tourist hotspot coupled with its low vacancy rate and being a popular services town for local residents”.

Forestry and horticulture continue to dominate the local rural sector, with a 36.7 per cent increase in capital values for the former and a 35.4 per cent increase for the latter.

The total rateable value for the district is now $8.11 billion, with the land value of those properties now valued at $5 billion.

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