Ratepayers object to house values

GLENN CONWAY
Last updated 05:00 14/01/2014

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The average Waimakariri property may have jumped about $100,000 in value but 300 residents say that is not enough.

Most of the 330 residents who have objected to their new property valuations say their properties are worth more while just 30 objectors wanted their property's rateable value, provided by Quotable Value (QV), dropped.

Waimakariri became Canterbury's $12 billion district after its first property revaluations in five years substantially increased the value of many homes.

The average house price has risen almost $100,000 since 2008 and dozens of properties are now in the million-dollar-plus category.

The average price of a Waimakariri property is $403,000, making it more expensive than the average in Nelson ($397,670); Hamilton ($355,508); and a bit cheaper than a property in Tauranga ($435,776).

The total of 330 objections is less than 1.5 per cent of the district's 25,000 properties that were revalued last year on an "as is, where is" basis. It is on a par with the objections received in 2008.

QV valuers would review the objections. This may involve inspection of the property.

QV would then make a final recommendation.

If the objector is not happy with the result of the review they can lodge an appeal with the Land Valuation Tribunal.

QV said a significant factor in the rise of property value was the replacement of older, lower-valued and earthquake- damaged housing with new, higher-valued homes.

The new figures lifted the district's overall property worth from $10.5b in 2008 to $12.72b.

The lift in values would not necessarily result in a corresponding spike in rates bills.

Waimakariri District Council finance boss Jeff Millward did not expect any noticeable rate rises because of the new valuations.

Properties in Waimakariri township Rangiora rose 28 per cent on average while there was a 22 per cent jump in Woodend.

Oxford and Kaiapoi had 21 per cent and 20 per cent increases respectively.

Christchurch City Council ratepayers get their first post-quake valuations in March, while Selwyn property owners will not get fresh figures until next year.

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- The Press

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