Rateable values up 28 per cent in parts of Marlborough

New capital values across Marlborough show a big increase for Picton properties. (File pic)
STUFF

New capital values across Marlborough show a big increase for Picton properties. (File pic)

Rateable values across Marlborough have leapt in the past year, some by a whopping 28 per cent.

More than 26,000 properties will be notified of the Quotable Value (QV) revaluation after September 27, but rates demands will not necessarily jump alongside the valuations.

Quotable Value assesses properties across the country, usually every three years, to help councils set rates for the following three years.

Marlborough's sizeable value increases will not be reflected in rates demands until July next year.

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Marlborough District Council financial services manager Murray South said due to the wide variation in land use and six geographic rating areas, the region had one of the most complex rating structures in the country.

He said a property type that saw a greater value increase might pay a bigger proportion of the rates for that geographical area, but the overall impact of the revaluations on rates demands was yet to be determined.

"People often think because their property value has gone up say 15 per cent then their rates will as well. An increase in property value won't necessarily have a significant impact on a rates assessment," he said.

Picton led the residential increase with 28.3 per cent, with the average house price in the town $402,905.

Blenheim jumped 26.2 per cent, setting the average value at $394,880.

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Renwick property values rose by 25.7 per cent ($415,000), Havelock 24.8 per cent ($355,000), Awatere 16.4 per cent ($223,000) and Marlborough rural 13.3 per cent ($473,000).

The 2016 earthquake had little effect on the Seddon/Ward residential market overall, according to QV valuer Richard Kolff.

After being hammered over the past 10 years with a wine glut and financial crisis, vineyard owners were also big winners.

"Vineyard values are back up to 2007 levels prior to the global financial crisis," Kolff said.

"There have been more than 2200 hectares of new vineyard plantings since 2014, virtually all being sauvignon blanc."

Kolff said dairy farms had seen a modest lift in value levels which corresponded with increased dairy pay-outs.

Rural and lifestyle properties saw a 12.5 per cent increase to $580,000 and average land value up 9 per cent to $311,000.

Commercial and industrial properties also saw value increases close to 12 per cent since the 2014 rating revaluation.

First National Marlborough owner Owen Norrish said the QV numbers were conservative compared with what the market was doing.

"The Blenheim/Renwick medium price, for example, is $418,000 in current REINZ statistics," Norrish said.

"However, it does reflect the positive move we are seeing in Marlborough property. There's strong interest from the home ownership and the investment market."

The total rateable value of all properties in the Marlborough district was $19.79 billion, with the land value of those properties $9.37 billion.

You can check the new capital value of your house at marlborough.govt.nz.

 - The Marlborough Express

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