New Property Valuations for Wellington Released

Quotable Value has released its new property valuations for the Capital City.


The valuations are an important component in Wellington City Council's process of setting rates for the 2008/09 financial year.

The average house price has risen 12.9 percent to $554,000, with the corresponding section value increasing 19.1 percent to $272,000.

Quotable Value Regional Manager David Nagel says despite the increased average valuation, plenty of residential properties are valued well below that figure and are therefore more affordable to first-time home-buyers.

Mr Nagel says valuation increases have been spread throughout all sectors of the city and all property types.

"The past 12 months has seen a general softening of the national residential market. Wellington, however, has still experienced a period of considerable growth throughout late 2006 and early 2007, mainly due to a strong local economy."

Mr Nagel says ownership flats and apartments have increased by 12.9 percent, with the average value now $403,000, while the average ownership flat and apartment land value is now worth $157,000, an increase of 16.3 percent on 2006 levels. "Commercial and industrial properties have also shown steady growth, with most developed properties having increased between 10 and 25 percent on 2006 levels. Rural and lifestyle properties have shown an average increases of 24% on 2006 levels."

The revaluation figures show that the total capital value of the 71,854 properties within the city is now $48.99 billion, with the land value of those properties now $22.9 billion.

Copies of the latest valuations will be mailed to every Wellington property owner/ratepayer from 14 November, showing the value of properties as at 1 September 2007. Owners can see the new values at the Council Service Centre at 101 Wakefield Street.

City Council Funding and Financial Strategy Manager Andy Matthews says it is important that property owners remember that an increase in the rateable capital value of property does not mean rates will rise by a similar percentage.

Mr Matthews says the Council uses property values to allocate the rates it needs to collect between all ratepayers - it doesn't collect more rates just because capital values have increased. The actual rates increase for each property will depend on a range of factors, including:

the Council's overall rates ‘budget' calculated each year in the Annual Plan
the capital value increase for your property compared to the average increase
any change in the mix of services the Council provides
any change in targeted rates or the Council's rating differential.
The new valuations will be available on the Council's website later this year.

If property owners do not agree with their valuation, they have until 19 December to send objections to Quotable Value. Objection forms are available from the Council Service Centre, 101 Wakefield Street, or from Quotable Value. For more information, give the Council a call on 499 4444.

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