Property Revaluation 2020-21
Property valuations increase across Western Bay
Western Bay's continuing strong economy, development growth and record kiwifruit returns have translated into increased property values across almost all sectors of the District, according to the latest revaluation results.
The main changes since the 2016 valuation reflect a steady increase in residential and lifestyle properties, record levels paid for kiwifruit orchards and continuing overall strength in dairy and pastoral land values where there is opportunity for diversification into horticulture.
For additional information on the 2020-2021 revaluation please view our property revaluation 2020/21 brochure (rating year 1 July 2020 - 30 June 2021) (PDF 129KB).
The Main Changes
| Residential +34% |
The residential market has continued to steadily increase in value across all areas. First home buyers have been active in lower end value properties taking advantage of low interest rates. Top end value properties have also seen an increase in value since 2016. Urban development was a major feature seen in Omokoroa, signalling further demand for residential housing.
| Lifestyle +39% |
The general market for lifestyle properties have seen a modest increase in value – following a similar trend to residential. Most areas are seen as an attractive place to live, attributed to views and having areas of land suitable for minor horticulture plantings.
| Kiwifruit +45% and other horticulture +41% |
The Kiwifruit market has reached record levels paid for orchards since the 2016 revaluation. Zespri’s G3 SunGold orchards are in strong demand as investor returns for productive G3 orchards remain high. General horticulture land under 200 meters altitude and suitable for planting continued to rise in land value since 2016. Quality avocado orchards are also strong in demand.
| Pastoral +7% and Dairy +8% |
Both categories have seen a slight increase in capital value. This is mainly driven by a strong lifestyle sector and dairy farms having suitable land for horticulture. Dairy farms having land not suitable for horticulture have generally seen a decrease in land value.
Valuation independence
The revaluations were carried out by independent valuers Opteon Solutions during October and November 2019, on behalf of Council and the results have been audited by the Valuer-General.
The valuations provide a snapshot of the District as at 1 July 2019. They are used for the sole purpose of rating and do not reflect the market value or sale price of properties.
A change in valuation does not necessarily relate to a change in rates for a property. This only happens if the new value has increased or decreased more than the average for the District.
While valuations have an influence on rates, due to the portion of total annual rates being based on the land and capital value of each property, the total amount of rates collected by the Council is not influenced by the valuations.
Valuation FAQs please click here.
See below for a visual representation of the movements.
