Latest valuations: Consistent growth for Mangawhai, rest of Kaipara static

 

The three-yearly Kaipara District rating valuations completed at the end of 2014 reveal overall a steady market with some slight increases and a few decreases in value.

“The total capital value of the 14,829 properties within the District has stayed much the same as it was in 2011, with a slight increase of 1.37 per cent to $6.38 billion,” says Quotable Value (QV) Whangarei Manager, Grant Peacock.

“Corresponding land values have increased slightly by 1.7 per cent to $3.77 billion.

The average value for a residential dwelling is now $295,000, up 3.4 percent on 2011 levels. The average value for a section is now $148,000, an increase of 2.2 per cent on 2011 levels.

“Although if viewed as an average, the value change is minimal, the value changes do vary if broken down by geography and property type.

“The residential property market has been quiet for a sustained period now. Values have been fluctuating within a narrow band for a number of years. Market activity is still relatively subdued and buyers remain cautious in their decision-making,” said Mr Peacock.

East coast demand
As a general statement, the West Coast has not done as well as the East in regard residential and lifestyle properties.

Residential property has experienced slight value increases from 2011 to 2014 with Mangawhai township achieving the greatest consistent growth, due in part to it’s proximity to Auckland and the interest shown from out of town purchasers.

Smaller residential communities on the west coast (Te Kopuru, Ruawai) have seen capital and land value decreases as economic conditions and limited demand creates downwards pressure on market prices.

The central Kaipara has remained relatively static over the review period with increasing sales transactions yet to be translated into upwards price movements.

Lifestyle property values are often influenced by urban dwellers’ desire for a hobby farm-type environment and by how well the local economy is progressing.

Typically economic conditions over the past three years have not been recessive but have also not been buoyant either. Similar to the residential market, this has resulted in property values within much of the west and central areas remaining flat.

Auckland influence
To the east towards Kaiwaka and Mangawhai, lifestyle values have progressed on average 5–15 per cent or more as proximity to Auckland has attracted city buyers who consider the Kaipara District undervalued compared to the greater Auckland area.

Minor adjustments to commercial and industrial values have occurred over the past three years. Generally however, values are still drifting downwards.

The rural sector is seeing relatively high volumes in sales and in general, increasing levels of confidence. This however, is on the back of a particularly tough several years.

Rating Values reflect the value of property (excluding the chattels) as at the effective date of 1 September 2014. They are prepared on behalf of Council by Quotable Value Limited (QV).

The valuation is only a means of levying and distributing the rates across the district. The total amount of rates required for the district does not change as a result of the revaluation.

The impact of the new valuation on an individual property's rates will depend on how the property's change in land value compares to the average change in land value for that type of property.

Copies of the valuation roll are now available for inspection at the Kaipara District Council offices in Dargaville and Mangawhai.