Whanganui's booming residential property market has seen the average house value shoot up nearly 56 per cent in the past three years to $336,000.
Quotable Value (QV), which values properties on behalf of Whanganui District Council, yesterdayreleased the 2019 revaluation figures.
"Residential housing is showing an average capital value increase since the previous revaluation in 2016 of 55.7 per cent, with the average house value now $336,000, while the corresponding average land value increased by 91.8 per cent to an average of $126,000," QV valuer Simon Willocks said.
"Value level changes varies on location and house type."
Residential house price movements showed that most value growth had occurred in the past 12 months.
The updated rating valuations reflect the likely selling price of a property at the revaluation date, which was September 1, 2019, but do not include chattels.
"Commercial property is showing an overall increase of 15.6 per cent, while the industrial sector has increased 39.4 per cent relative to the 2016 capital value levels," Willocks said.
"Land values have increased overall with 39 per cent for commercial and 91.8 per cent for industrial compared to 2016 land values.
"Lifestyle properties have seen value increases since 2016, with the average improved lifestyle property capital value increasing by 38.3 per cent to $547,000, while the corresponding average land value for a lifestyle property increased by 48.3 per cent to $254,000.
"Pastoral land dominates the rural sector and we have seen significant increases for hill country values compared to 2016."
The rating revaluation figures show the total rateable value of the 21,865 properties within Whanganui District is now $9,819,602,000, with the land value of those properties $4,319,049,000.
Rating valuations are carried out on all properties in New Zealand, usually once every three years, and are one of the factors councils use to set rates for the following three-year period. The 2019 valuations won't affect council rates until July 1, 2020.
The revaluation doesn't include any changes in the market since September 1, 2019, which means a sale price may be different to the new rating valuation.
The new rating values will be posted to property owners after December 16. Owners can object if they do not agree with the rating value, with objections closing on January 31, 2020.