Updated rating valuations values have been formulated for every property in Kawerau District.

Prepared by independent valuers Quotable Value (QV) on behalf of Kawerau District Council, these new values reflect the likely price a property would have sold for on the effective revaluation date, which was August 1, 2024.

Since the district’s last revaluation in 2021, the value of residential housing has experienced a modest average decrease of 2.7%.

The average house value is now at $392,000, while the corresponding average residential land value has decreased by 3.8% to a new average of $156,000.

QV registered valuer Michael Power said Kawerau wasn’t the only district to experience a small decrease in capital and land value this year and it would not be the last.

“Despite this small decrease in capital and land values within the district, which reflects the status of the national economy generally, Kawerau is showing signs of a resurgence with industrial, manufacturing, and engineering support business projected to grow. Its latest major development, the new chemical destruction plant, will provide another niche industry for the district,” he said.

“Kawerau is still regarded as an affordable place to live. Its population has continued to increase over the past three years, with more housing required to support continued growth into the future. That includes the Stoneham Park residential development, which has an additional 104 sections planned over 5.42 hectares of flat land.

“Since the district’s last revaluation, residential property values increased throughout late 2021 and in to early 2022. Then there was a downward period caused by rising interest rates and a general increase in the cost of living.

“Values have remained fairly flat through 2024 and are generally back to similar levels that prevailed three years ago, at the time of our last revaluation,” Power added.

Commercial and industrial property capital values, meanwhile, have also shown a slight decrease of 2% with average decreases in land value of 9% and 2% respectively.

The total rateable value for the district is now $1.484 billion, with the land value of those properties now valued at $532 million.

What are rating valuations?

Rating valuations are usually carried out on all New Zealand properties every three years to help local councils assess rates for the following three-year period.

They are not intended to be used for any other purpose, including raising finance with banks or as insurance valuations.

They reflect the likely selling price of a property at the effective revaluation date, which was August 1, 2024, and do not include chattels.

Any changes in the market since that time will not be included in the new rating valuations, which often means that a sale price achieved today will be different to the new rating valuation.

Rating valuations are calculated using a highly complex and detailed process that utilises all relevant property sales from your area.

A large number of properties will also be physically assessed, particularly those that have been issued building consents in the past three years.

The updated rating valuations are then independently audited by the Office of the Valuer General to ensure they meet rigorous quality standards, before the new rating valuations are confirmed and posted to property owners.

If owners do not agree with their rating valuation, they have a right to object through the objection process before December 24, 2024.