Property revaluations show strong price growth in Western Bay

The Western Bay's revaluation results show strong growth in property values, with increases in all sectors. Photo/file

The Western Bay's revaluation results show strong growth in property values, with increases in all sectors.

Western Bay ratepayers will receive information on their latest property revaluation next week when Western Bay of Plenty District Council sends letters to all property owners.

Chief financial officer Matt Potton said the overall trend since the 2014 valuation reflected an increase in the value of residential and lifestyle properties, horticultural, dairy and pastoral.

However, the range in values varied across separate communities.

The valuation was carried out last month by the independent valuation firm Landmass Technology and audited by the Valuer-General.

The kiwifruit orchard sector was leading the charge, reflecting the industry's return of investment and expansion post-PSA.

"Confidence in kiwifruit is evidenced by these properties showing the largest increases in value of all categories in the district," Mr Potton said.

"Similarly, dairy farms and pastoral properties have increased in value since 2014 indicating long-term confidence in the dairy industry. This confidence has supported property values and strengthened demand for farming land."

Development growth in the district since mid-2015 has resulted in residential properties increasing in value but, in percentage terms, lower-value properties tended to increase more than higher value properties, he said.

The lifestyle market continued to strengthen, with the highest jump being vacant lifestyle property, however overall increases were a little less than for residential properties.

Te Puke, Pongakawa and Paengaroa residential and lifestyle property values increased significantly, which was credited to the Tauranga Eastern Link opening up ease of access.

Revaluations do not necessarily mean an increase in rates. Valuations only impact on the general and roading rates which comprise just a portion of the total rates bill.

Usually only properties with above average increases face the possibility of increased rates in 2017/18, although the rates have not been determined for the 2017/18 year.

The new valuations will come into effect on July 1. Anyone who does not agree with their valuation can lodge an objection up until January 27.

All property owners will receive notice of their new valuation plus a brochure with all the necessary information about the revaluation process and how to make an objection.

Objection forms are available from Western Bay Council offices and on the council's website.