Far North residential land value worth $8.09 billion

Waimate North is home to the Bay of Islands Pastoral and Industrial Show, above, and has also seen the largest increase in land values over the past three years in the Far North.

Waimate North, Kerikeri, Kawakawa surrounds, Rawene and Panguru are leading the way as the Far North's residential land value has increased by 11.7 per cent over the past three years to now be worth a total of $8.09 billion.

But Kaikohe and Kaitaia could be the places to buy as both towns have seen their values drop over the past three years, and the district is still below what it was worth almost a decade ago.

QV revalues properties every three years and after the latest valuation in September, it said the Far North was finally catching up with the growth experienced in most of the rest of the country, with some areas experiencing big growth in land values while others saw declines.

Residential land values in Waimate North have gone up 39.9 per cent in the past three years, while the tiny North Hokianga settlement of Panguru has risen by 38.1 per cent.

Kawakawa surrounds is up by 33.4 per cent, Rawene township is up 33.4 per cent and Kerikeri is up 33.1 per cent.

But at the other end of the scale, Kaikohe town has seen its residential land value drop by 19.5 per cent, Kaikohe surrounds have dropped 10.9 per cent, Kaitaia town east is down 10.1 per cent, Kaitaia Town north is down 7.2 per cent, Whangaroa has dropped by 6.1 per cent and Kaitaia township has fallen by 2.6 per cent.

Wayne Shum, QV rating manager Northern, said that the Far North's residential price index remained 8.3 per cent below peaks recorded in 2007.

Mr Shum said overall, residential property rateable values (land values plus the value of improvements) had increased by an average of 17 per cent in the last three years.

"It's also important to remember rating valuations are a snap shot in time and were set at September 1, 2016. This means any increase in property values since that date will not be reflected in the new rating valuations."

Roger Taylor, Far North District Council general manager of corporate services, said many Far North property owners would be pleased to see their most valuable asset increasing in value.

Others, especially those on restricted incomes, may be concerned that increasing residential property values will also increase their rates bill.

"While QV looks at your whole property, council only includes the land value when calculating rates. We do not include the value of buildings or improvements," said Mr Taylor.

"Land values in the Far North have increased by an average of 11.7 per cent. Property owners whose land values have increased more than 11 per cent may see higher rates, but for most this will have minimal impact.

"Some property owners may even see a decrease in rates where land values have gone down."

Mr Taylor said anyone who felt the updated rating valuation of their property was incorrect should call QV.

"If your concerns aren't dealt with over the phone, you can lodge a written objection. But the clock is ticking.

"Far North property owners have only until December 2 to lodge objections with QV."

No new rates based on the updated rating valuations will be charged until July 2017.