Rating valuations due for homeowners

LOIS CAIRNS
Last updated 14:16 10/03/2014
Valuations
KIRK HARGREAVES

MIXED VIEWS: A home's rateable value will not take quake damage into account.

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Residential properties in the north-western suburbs of Christchurch have jumped between 20 and 30 per cent in value, according to first city-wide revaluation done since 2007.

The average residential property in Christchurch is now valued at $455,111 - up 16.2 per cent from $391,718 in 2007. A property valued at that figure is likely to have to pay $2076 in city council rates in the year beginning July 1.

Individual valuations will be posted to ratepayers on Wednesday, March 12.

Further details and answers to frequently asked questions can be found here.

The revaluations, calculated by independent valuers Quotable Value (QV) for the Christchurch City Council, are based on recent property sales and do not take into account earthquake damage as they assume the damage is covered by an insurance claim which will return the property to its pre-quake state.

They show that property prices have risen in average by 29 per cent in Hornby, Hei Hei and Islington, 26 per cent in Redwood Northcote, Upper Riccarton and Sockburn, and by 25 per cent in Avonhead, Russley, Casebrook and Bishopdale.

In Ilam and Burnside property prices have increased by an average of 20 per cent while in Fendalton values are up 13 per cent.

In the eastern suburbs property prices have risen too, but not as dramatically as in the west.

A 9 per cent increase in values has been recorded in Aranui, Wainoni, Burwood and Avondale, and a 15 per cent increase in Shirley, Dallington, Avonside, Richmond, Woolston, Bexley, Ferrymead and Bromley.

In Cashmere and Westmoreland values have only risen by an average of 8 per cent while from Mt Pleasant to Taylors Mistake values are up just 6 per cent.

In the central city property values are up only 2 per cent while they have actually fallen in Banks Peninsula (down 5 per cent). In Akaroa township values have dropped by an average of 9 per cent.

There are big variations though in some of the suburbs.

For example in Fendalton some properties have dropped by as much as 4 per cent while others have gone up by 29 per cent.

Likewise in St Martins, Murray Aynsley, Huntsbury and Hillsborough where some prices have dropped by 20 per cent and others have gone up by 21 per cent.

It is the first time in seven years that Christchurch's 165,000 properties have all been revalued for rating purposes.

A revaluation was scheduled for 2010 but was put off because of the September 2010 earthquake.

The average residential property in Christchurch is now valued at $455,111 - up 16.2 per cent from $391,718 in 2007.

The new valuations will apply to rates from July 1 this year.

Property owners can object to the valuation but earthquake damage is not accepted as a basis for objection.

AVERAGE CAPITAL VALUE CHANGES BY SUBURB

Akaroa -9%

Aranui, Wainoni, Burwood, Avondale 9%

Avonhead, Russley 25%

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Beckenham, Addington, Sydenham, Waltham, Opawa 19%

Bryndwr, Wairakei 25%

Burwood, Parklands 12%

Casebrook, Bishopdale 25%

Central City 2%

Fendalton 13%

Halswell 21%

Hoon Hay 23%

Hornby, Hei Hei, Islington 29%

Ilam, Burnside 20%

Linwood, Charleston 4%

Lyttelton 1%

Lyttelton Bays -1%

Merivale 18%

Mt Pleasant to Taylors Mistake 6%

New Brighton, Nth, Sth and Centre 7%

Papanui, Elmwood 23%

Peninsula -5%

Per/Rural;Belfast;Brooklands;Templeton 21%

Redwood, Northcote 26%

Riccarton, Middleton 24%

Shirley, Dallington, Avonside, Richmond 15%

Somerfield, Spreydon 24%

St Albans, Mairehau 17%

St Martins, Murray Aynsley, Huntsbury, Hillsborough 11%

Upper Riccarton, Sockburn 26%

Woolston, Bexley, Ferrymead, Bromley 15%

 

KEY TRENDS

  • Residential values have tended to drop for bare TC3 land where site specific foundations are required. For properties with existing houses, TC categories had little impact on Rating Values.
  • Commercial land values have generally fallen sharply in the inner part of the Central City (as much as 50 per cent) and increased in outer areas of the CBD suitable for office accommodation. Values have risen strongly in suburban commercial areas (in some cases by more than 40 per cent).
  • Rural values have gone down slightly, but some areas with development potential close to the city have risen.
  • The average rise for more affordable homes has tended to be greater than for more expensive homes, reflecting demand for these types of properties.
  • Average values have fallen slightly acrossBanksPeninsula.

BACKGROUND

  • The Government-approved valuation method was adopted because it was not practical to physically inspect more than 160,000 city properties.
  • New Rating Valuations will be publicly released on March 12.
  • Ratepayers have six weeks to lodge an objection to their new Rating Revaluation with QV. If dissatisfied with the outcome, they have the option of filing a further objection with the Land Valuation Tribunal.
  • Earthquake damage is not grounds for objection

- The Press

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