Residential property values in Hamilton have increased by slightly over 30% from 2015, shown in just completed citywide property revaluations.
Quotable Value (QV), an independent registered valuation company has carried out the city’s three-yearly valuations, as required by law. The new values are based as at 1 September this year and are a snapshot of the property market at this time.
The valuations show the average residential property in the city is now worth $582,800, an increase of 30.3% since 1 September 2015. Most of this increase for residential properties is in land value, which has increased by an average of 61.1%.
According to QV, across the city the areas which have shown the largest increase in average capital value are Baverstock/Peacocke/Greenhill (48.4%), the northern parts of both Flagstaff and Rototuna (38.6%), and Frankton (36.1%). St Andrews experienced the smallest increase in average capital value (21.5%).
On average commercial/industrial capital values have increased by 24.8% and land values by 44.3%.
Property in Hamilton city is now worth $44.1B, a $9.95B increase on three years ago.
The Council’s Rates and Revenue Manager Matthew Bell says that although values have increased, the Council does not collect more rates as a result of the revaluation.
“Just because a property has increased in value doesn’t mean the rates will go up by the same amount. In general terms, if your property valuation increases or decreases by more or less than the average, then there is more likely to be an impact on rates for individual ratepayers.
“Other factors such as the Council’s transition from land to capital value rating will also influence rates. We will be doing further work on all these impacts and will have estimates available early next year.”
The 2018 valuations will be used to calculate the rates from 1 July 2019.
The valuations which are being posted or emailed to ratepayers depending on their preference, will be online from 21 November. Property owners have until 16 January 2019 to object to a valuation.