Cambridge residential property values increase by 45 per cent

Increases in property value does not mean a corresponding increase in rates, warns Waipa District Council.
Christal Yardley

Increases in property value does not mean a corresponding increase in rates, warns Waipa District Council.

Residential properties in Waipa have increased in value by an average of 38 per cent, according to recent revaluations.

Recent data from Quotable Value (QV) says property in the Waipa district is worth $3.81 billion more than it was three years ago.

All up, the district has seen a 23.1 per cent increase in the capital value of property compared to a 1.6 per cent increase in 2013.

Residential property across the district, which makes up the biggest proportion of Waipa's property mix, has seen the biggest jump.

In Cambridge and Leamington residential capital values have jumped by an average of close to 45 per cent.

On average, Ohaupo capital values have risen by 35.5 per cent followed by Te Awamutu on 32.4 per cent, Kihikihi on 29.3 per cent and Pirongia, 19.4 per cent.

The capital value of the average Waipa house is now $462,000.

Lifestyle block valuations are up 21.9 per cent and pastoral property is up 14.5 per cent.

Dairy farms have increased in value by 13.2 per cent.

The average capital value of commercial property is up 7.6 per cent and industrial property capital values are up 7.2 per cent.

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Waipa District Council said the new property valuations will not be used for rating purposes until the 2017/18 financial year.

Group manager business support Ken Morris has already cautioned people against assuming that a change in property value would mean a corresponding change in their rates.

But he said if an individual property moves significantly more or less than the district average of 23.1 per cent, there is likely to be a rates impact different to that signalled in the 10-Year Plan.

"If your property value has gone up by 30 per cent, that doesn't mean your rates will also go up by 30 per cent," he said.

Waipa property owners will receive letters detailing property valuations.

Those wishing to discuss the valuation should contact the council. Property owners have until December 22 to object to a valuation.

 - Stuff

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