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Featherston property values soar


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Rateable values across South Wairarapa have seen a large leap in the past three years, with Featherston up 62 per cent.

That is about 30 per cent more than the increase for both Greytown and Martinborough.

Property owners may be expecting a significant jump in their rateable values.

However, property owners will not know until July next year whether their rate values have changed.

The South Wairarapa District Council released the average land and capital values for both residential and rural property types, collated by Quotable Value (QV) recently.

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.

Featherston was the shining star of the recent rateable values since they were last completed in 2014.

The 62 per cent increase in property rateable values saw the average value reach $309,500.

The small town’s land value took a whopping leap of 110 per cent, only to reach an average value of $124,000.

Greytown’s property rateable values saw an average increase of 36 per cent, bumping the average value to $528,500.

The town’s land value saw a 40 per cent increase to an average value of $245,500.

Martinborough’s property values saw a 36 per cent increase to $453,500, and a land value increase of 46 per cent to 194,000.

All rural/residential properties across the district saw a 23 per cent increase to $463,000, and land values up 18 per cent to $164,000.

Commercial and industrial properties have seen value increase since the last rating evaluation.

The average capital value for developed commercial property increased by 22 per cent, and developed industrial property increasing by 28 per cent.

The Times-Age spoke to South Wairarapa District Council CEO Paul Crimp in early September before the valuation process was underway.

The process had “no bearing in the slightest” on the amount of rates that district councils needed to collect, he said.

The overall rates collected would remain the same.

If a particular property type became popular and values increased, then the rate of that property type would increase proportionately, he said.

QV general manager David Nagel said the South Wairarapa district had experienced a large growth increase over the past three years.

“The three main townships have all experienced 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,” he said.

While the capital values for the town have taken a jump over the three years, the values had come from a low base, he said.

“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.”

South Wairarapa District mayor Viv Napier said the district had grown rapidly from an economic perspective, and would continue to do so over the coming years.

“The increases in property values are a reflection of the strength of our district, and its attractiveness as a place to live, work and play,” she said.

New rating values will be posted to property owners after November 22.

Property owners have the right to object by January 19 next year.

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