New property valuations issued

Published on 11 December 2024

Property valuations released this month (December 2024) are generally very similar to what they were in 2021, according to Council’s valuer, Opteon.

“Property owners will have started getting their valuation notices in the mail or by email over the past week,” said Council’s Chief Financial Officer, Alan Adcock.

“The rating valuation of every property in the District as at 1 July 2024 is also available online, via our online rates database search, and a new online valuation map.”

Property valuations

Councils are required to reassess the value of every property in their district every three years. The last revaluation was in 2021.

“When we know the total value of all the property in the District, along with the value of each individual property, we can work out what share of the District’s rates to charge each ratepayer.”

Opteon reported that values continued to rise rapidly after the 2021 revaluation. They peaked in early 2022 and then declined from the middle of 2022 as the economy weakened and inflation and interest rates rose.

“This affected the property market across all of New Zealand. In our District, large-scale subdivision developments slowed down and rising building costs started to hinder the number of houses being built. Kāinga Ora has developed several properties over the past three years, but only small numbers of private developers have entered the market.”

The report says modern lifestyle properties in desirable locations have held their value. Others have returned to normal market conditions. Properties that increased in value substantially after the 2021 revaluation will have dropped back.

On the other hand, premium quality locations with modern homes have held values and sometimes seen growth over the past three years. Residential growth has continued in the fringe rural areas in Three Mile Bush, Glenbervie and Whareora.

In the commercial / industrial sector, demand for quality investment properties is still strong, and high-quality properties are still attracting interest from outside the District. That said, the market has been subdued, and properties are changing hands at around half the rate in previous periods. Land value has continued to grow in the Marsden Point area, but less so in the commercial and industrial areas.

What do the different values mean?

Capital value: An approximation of what your property may have sold for as at 1 July 2024, excluding chattels.

Land value: This is the value of the land as if free from improvements (if you imagined the land to be bare). This is the figure Council uses to set your rates. 

Improvement value: This is the difference between the land value and the capital value.

Opteon – Our independent valuation company

Property revaluations are carried out every three years to reflect changing market values. This is a legal process that is independently audited by the Office of the Valuer-General.

Valuations are conducted by Opteon, an independent valuation company. Opteon uses recent property sales data, resource and building consent data, and sample inspections to produce updated market values.

Property revaluations don’t affect the amount of money we collect in rates; they help us work out everyone's fair share of rates. A change in a property's value doesn't mean that the rates will increase or decrease by the amount of the change.

Lodging a valuation objection

When you receive a valuation notice, if you don’t agree with the value of your property, you can object to it prior to the objection due date on your notice. Our preferred method is online as this makes it easier and more efficient.

Lodge a property valuation objection