Property valuations climb in Rangitīkei

Commercial property values increased by an average of 19 per cent from 2020. Photo / Bevan Conley

The value of residential housing in Rangitīkei has increased by an average of 26 per cent since 2020, with the average house value now at $428,000.

The corresponding average land value has increased by 46 per cent to $158,000.

Independent valuers Quotable Value (QV) carry out the work every three years on behalf of Rangitīkei District Council, with values reflecting the likely price a property would have sold for on August 1 - not including chattels.

Rating valuations help councils assess rates for the following three-year period.

QV Rangitīkei team leader Jason Hockly said it had been a “very interesting” past three years for the property market.

“Record-low interest rates helped to drive significant value growth in 2021.

“However, the market has experienced a long period of decline throughout 2022 and much of 2023. In most recent times, the market has generally shown a stabilisation in value level.”

The average capital value of a lifestyle property increased by 29 per cent to $754,000, while the land value for a lifestyle property jumped 52 per cent to $333,000.

Hockly said Rangitīkei’s lifestyle market had experienced strong growth since 2020 and its relatively low price point by national standards was appealing.

Meanwhile, commercial property values increased by 19 per cent and property values in the industrial sector increased by 23 per cent.

Land values have also increased by 29 per cent and 41 per cent respectively.

Pastoral continues to dominate the rural sector, with a 26 per cent average increase in capital values compared to dairy increase of 14 per cent, Hockly said.

The land value of all Rangitīkei properties is now valued at $5.3 billion.

Property owners in Rangitīkei have the right to object to their valuation before December 22.

There are 8777 properties in Rangitīkei with the total rateable value for the district now $8 billion.