Following months of delay the district's rating valuations have been released by Quotable Value (QV).

They show the total rateable value of the 29,895 properties within the district is $57,090,283,000, up 50.8 percent from four years ago.

The land value of those properties is now valued at $35,289,055,000, an increase of 66.9 percent.

“We have seen the biggest shift in values across the district in many years,” QV’s national revaluation manager Tim Gibson said.

“It’s important to remember that a large increase in your rating valuation is unlikely to correlate with an equally large increase in your rates. 

“Rating values are just one of a number of factors councils use to allocate rates, and the total amount of rates required for the district does not change because of the revaluation of the district.”

He said residential properties and vacant land had been in “red-hot demand” since Queenstown Lakes District’s last rating revaluation in 2017, with residential capital values increasing by 50.7 percent and land values increasing by 68.6 percent over that time. 

“It’s primarily been driven by strong demand and low interest rates as well as a greater acceptance for remote workers with a noted increase in demand from Auckland buyers,” Tim said.

Residential value growth was more substantial on residential dwellings and vacant sections, with lower value growth occurring in apartments and units. 

Tim said most commercial and industrial properties had also seen a positive shift in value growth, despite the challenges faced in a Covid-19 environment. 

The average capital value for developed commercial property increased by 46.8 percent since the previous rating revaluation in 2017, and the average capital value for developed industrial property increased by 44.4 percent over the past four years.

Meanwhile, the capital value of improved lifestyle properties increased by an average of 63 percent and land value by 77.5 percent since 2017.

“The lifestyle market has seen significant growth over 2021, driven predominantly by supply issues of limited stock available to the market and good demand driving the growth,” Tim said. 

“This demand has also seen significant growth in secondary locations, such as Hāwea Flat.”

Rating valuations are usually carried out on all New Zealand properties every three years to help local councils set rates for the following three-year period. 

This rating revaluation for Queenstown Lakes District was originally scheduled to take place in 2020, but was deferred due to Covid-19. Council rates will be updated based on the new 2021 rating valuations from July 1, 2022.

Rating valuations reflect the likely selling price of a property at the effective revaluation date, which was September 1, 2021, and do not include chattels. Any changes in the market since then won’t be included in the new rating valuations, which means a sale price achieved in the market today may be different to the new rating valuation set as at September 1, 2021.

The new rating valuations can be found here.

New rating values will be posted to property owners after Wednesday, April 20, 2022. 

If owners do not agree with their new rating value, they have the right to object before May 31, 2022 by heading to the QV website or council’s offices.

PHOTO: Wānaka App