Wairarapa rateable home values record 50 per cent jump

Masterton. Photo / Wairarapa Times-Age

News of another huge rise in property's rateable values awaits many Wairarapa home owners next week.

Homes throughout Carterton, Masterton, and South Wairarapa districts have seen another giant leap in rateable values, after jumps in 2017 and 2014.

The ratings were expected late last year but delayed due to changes in the auditing process.

The average value of a home in Masterton rose by 47.3 per cent, to $498,291.

Across the Waingawa, the average Carterton house value rose by 37.3 per cent, to $523,149.

The average value of a house in South Wairarapa's three towns is now $631,357, an increase of 40.4 per cent over the past three years.

Featherston, where the average leaped to $482,498, had the largest increase, by 51.9 per cent.

Wairarapa's appeal has only grown since the Covid-19 pandemic, with businesses adopting more flexible working practices and encouraging staff to work from home, said Paul McCorry, area manager for QV, the official valuer for each district.

McCorry said remote working, coupled with relatively affordable Wairarapa property, had resulted in high demand.

Featherston saw a 50 per cent rise in average rateable values for homes between 2017 and 2020. Photo / Wairarapa Times-Age

"New homes in residential subdivisions are typically snapped up off-plan as soon as they come online.

"Record low-interest rates, low stock and a changing attitude to needing to be close to the office are all factors creating upward pressure on the local housing market."

McCorry said the new values are not a market valuation, and only consider the market up to September 2020.

"The housing market has continued to be extremely buoyant in Wairarapa since that date, with our research indicating values have increased up to 10 per cent over the last three months.

Martinborough was part of South Wairarapa's jump in rateable values. Photo / Wairarapa Times-Age

"As such, the new values will not account for the huge uplift we saw towards the end of 2020 and into January 2021."

The rateable value is one of many factors council use to work out rates.

New rating values will be posted to property owners from Wednesday.

Owners who want to object to their valuation can lodge them with their district council before March 19.

Average value of a house in Masterton:
2020: $498,291 [up 47.3 per cent]
2017: $309,917 [up 33 per cent]
2014: $239,538

Average value of a house in Carterton:
2020: $523,149 [up 37.3 per cent]
2017: $347,936 [32.4 per cent]
2014: $239,538

Average value of a house in South Wairarapa:
2020: $631,357 [up 40.4 per cent]
2017: $421,022 [up 39 per cent]
2014: $305,009