CHB valuations remain steady

Residential values in Central Hawke's Bay are similar to 2012. Photo / File

Despite an increase in sales, residential property valuations in Central Hawke's Bay remain similar to 2012. Waipukurau Property Brokers sales manager Jane Hamilton said the lack of increase in residential valuations was "bizarre".

She said their sales volume had increased, and they had been achieving good prices across the board.

"We were expecting values to increase."

Residential valuations were close to their 2012 levels, with the average house value in Waipukurau up 1 per cent to $188,000, and Waipawa up 0.4 per cent to $191,000 respectively.

The residential capital value change had decreased by 0.1 per cent, and land value decreased by 1.8 per cent.

However, the total capital value of the 7834 properties within the region had increased 9.2 per cent to $4.207 billion, with the corresponding land value increased by 13.4 per cent to $2.668 billion.

Quotable Value manager Bevan Pickett said the increases were largely due to the optimism in the rural sector of the market.

The average pastoral capital value had increased by 14.3 per cent, and land values by 17.9 per cent.

Land blocks which were better contoured, productive, and those with scale had seen significant increases of up to 50 per cent.

Waipukurau Property Brokers rural sales consultant Pat Portas said most farm land had been selling considerably above 2012 valuations.

Lifestyle blocks had increased by 2.1 per cent for capital value, but had decreased by 6.3 per cent in land value. Coastal property capital values had also remained similar to 2012 levels. "Many of these localities have also been affected in the past by development limitations due to erosion concerns, and this has impacted on their saleability," Mr Pickett said.

The capital value of commercial and industrial properties had both decreased slightly.

Homeowners would be notified of the revaluation from this week. They had until the end of January 14 to lodge objections.