Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search


New property valuations for Wellington released

New property valuations for Wellington released

Quotable Value has released its new property valuations for Wellington City.

The valuations are an important component in Wellington City Council’s process of setting rates for the 2010/11 financial year.

The average house price has fallen 3.5 percent to $538,000, with the corresponding section value reducing 4.4 percent to $258,000.

Quotable Value Operations Manager David Nagel says most property sectors within the City have had value reductions within the range of 0-10%.

“The residential property market has been volatile over the past 24 months with some quite large reductions in values throughout 2008. However, falling interest rates, coupled with other positive economic data throughout 2009 has instilled some confidence back to the housing market which has softened the value reductions for this revaluation.”

The attached graph of the Wellington residential price index shows the market peaked in the first quarter of 2008, which was followed by 12 months of decline through to the first quarter of 2009. The three months to September 2009 saw values increase but they are not yet up to the levels of September 2007.

Mr Nagel says ownership flats and townhouses have also reduced in value by 4.5 percent, with the average value now $372,000, while the average ownership flat and townhouse land value is now worth $144,000, a reduction of 4.2 percent on 2007 levels. Apartment values have reduced by 3.4% with the average now $417,000, with the corresponding land value falling 4.5% to $151,000.

“Commercial and industrial properties have also shown small declines, with most developed properties reducing in value between 0 and 10 percent on 2007 levels. Rural and lifestyle properties have shown an average decrease of 7.3% on 2007 levels.”

The revaluation figures show that the total capital value of the 74,037 properties within Wellington City is now $48.4 billion and the land value of those properties is $21.9 billion.

Copies of the latest valuations, showing the value of properties as at 1 September 2009, will be mailed to every Wellington City property owner next week. Owners can also see the new values at the Council Service Centre at 101 Wakefield Street.

Wellington City Council Chief Financial Officer Neil Cherry says it’s important property owners remember that a change in the rateable capital value of a property does not mean rates will change by a similar percentage.

“The Council uses property values to divide the rates it needs to collect between all ratepayers - it doesn’t collect more rates just because capital values have increased and it doesn’t collect less rates just because capital values have decreased.”

The actual rates increase for each property will depend on a range of factors, including:
• the Council’s overall rates ‘budget’ calculated each year in the Annual Plan
• the capital value change for your property compared to the average change
• any change in the mix of services the Council provides
• any change in targeted rates or the Council’s rating differential.

The new valuations will be available on the Council’s website later this year.

If property owners do not agree with their valuation, they have until 11 December to send objections to Quotable Value. Objection forms are available from the Council Service Centre, 101 Wakefield Street, or from Quotable Value.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Why Herd Immunity Isn’t A Valid Option, And What’s With Our Reluctance To Wear Masks?

Herd immunity has recently bounced back into the headlines as a tool for managing Covid-19, and as a supposed alternative to lockdowns. In the US, a group of scientists was recently brought together in the town of Great Barrington, Massachusetts by a think tank funded by the Koch brothers. The assembled scientists signed the so called Barrington Declaration, which promotes herd immunity as a rational means of re-opening US public schools and the economy at large... More>>


Gordon Campbell: On National Being Shafted By Its Own Creation

As it licks its wounds, let’s hope the National Party can still find time to look back with some pride at what it has achieved in Epsom. The Act Party’s nationwide success on Saturday night has been a tribute to National’s foresight, and to its ... More>>


Green Party: 'Fruitful Discussions ... Further Discussions To Have'

The Green Party says there is a negotiation going on with the Labour Party, but there are more discussions to be had. More>>


Border: No Changes To Border Exemptions After Fishing Crew Test Covid-19 Positive

The cases were detected after routine day three testing but the immigration minister and air commodore agree there's no need to change border exemptions. More>>

PSA: Labour-Led Government Has Mandate For Transformation, Equality And Transparency

The Public Service Association welcomes the progressive electoral landslide New Zealand voters delivered on Saturday, and the union says its members look forward to implementing policies that reduce poverty and inequality, support affordable housing ... More>>


Stats NZ: New Report Shows Significant Changes To New Zealand’s Climate

Climate change is already happening in New Zealand and could have a profound impact on future generations of New Zealanders, a new report from the Ministry for the Environment and Stats NZ says. Our atmosphere and climate 2020 , released today, includes analysis ... More>>


Judith Collins: Obese People Must Take Responsibility For 'personal Choices'

National Party leader Judith Collins has described obesity as a weakness and says people should not 'blame systems for personal choices'. More>>

Māori Party: Poll Reveals Tamihere On Cusp Of Historic Māori Movement Election Victory

John Tamihere’s election campaign is on the rise and on track to return the Māori Party to parliament, a new Māori TV poll has revealed. The poll released on 11 October during the seventh and final Māori TV Maori Electoral campaign coverage has Tamihere ... More>>

Gordon Campbell: On Four-Year Terms Of Parliament, And On How The US Courts Are Dismantling Democracy

Last week, the issue of four-year parliamentary terms surfaced again. Infuriatingly, it is being discussed purely in terms of its convenience for political parties. They’d get so much more time to enact their policies, free of scrutiny or sanction by voters ... More>>





InfoPages News Channels