The average capital value of Patea properties has increased 75 per cent in the latest South Taranaki district valuation.
Waverley and Patea properties have recorded the highest percentage increases in capital value in South Taranaki's latest property valuation.
The district wide rating valuation by Quotable Value (QV) shows the average capital value in Patea has increased 75 per cent while in Waverley the increase is 31 per cent. The
reason for the big percentage increase is that those areas started from a very low base, with the new average capital value in both towns less than $150,000.
The average sale price of a house in South Taranaki is $222,000 but the average price is higher in areas such as Hawera/Tangahoe and Opunake.
The total capital value of properties in South Taranaki has risen by 6.5 per cent in the past three years to $11.27 billion. The largest increases were in the commercial (average 18.7 per cent) and residential (17.9 per cent) sectors, while rural properties had a 3.3 per cent increase.
South Taranaki District Council manager of corporate services Phillippa Wilson said property rating values were done in a mass-appraisal process, based on market sales, and were a snapshot of the market at a single point in time.
