Porirua City Revaluation 2019 - Porirua City Council
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Porirua City Revaluation 2019
What are rating values?
• Snapshot of property value at the date of a council’s last
general revaluation
• Rating Valuation Act 1998
• Excludes chattels
• All properties in New Zealand
• Once every three years
2Rating Values vs. Market Values • Rating values are a ‘snapshot’ of the market at a single point in time • As real estate tends to fluctuate over time, a rating valuation cannot be expected to represent the market value for an extended period • Also rating values do not include chattels • The community and market sets value levels - QV interprets this to form values
What are rating values?
• Three components
• Capital Value
• Land Value
• Value of Improvements
• Considers likely selling price, the property’s size,
features and recent refurbishments.
4What are rating values?
• What is a General Revaluation?
• Completed once every three years
• Considers recent sales to set values
• Audited by Office of Valuer General
• Used by council to set rates for the following year (1 July)
5What are rating values?
• Objection Process?
• Any change to values (CV or LV) provides property owner the
right to object for a defined period of time
• Revaluation Objections – consider sales evidence to review
values
• Maintenance Objections – consider other rating values to
review values (uniformity)
• Land Valuation Tribunal is next step
6General Revaluation 2019 • Last completed 1 September 2016 • Valuation date of 1 September 2019 • Certification received 6 December 2019 • Objection window closes 31 January 2020 • Values ‘live’ 1 July 2020
General Revaluation 2019 • Rating values assessed in accordance with legislation • Property data updates – constant process over 3 years • A detailed market analysis and sales inspection is undertaken across all property types • Individual valuation worksheets are used for majority of business and rural properties • Roadside inspections by valuers to check and review valuations • OVG(LINZ) audit – 3 week process – certified 6 December
Residential key messages • Value upswing started in late 2015 • The lower end of the market has experienced strong growth in values over the past three years, particularly in Cannons Creek and Waitangirua • Consistent with the rest of the country over the last 3 years and is supported by healthy demand, limited stock and favorable lending conditions (OCR, first mortgage interest rates etc) • There is strong demand particularly amongst first homebuyers looking for affordable properties and consequently values have increase substantially in the more affordable parts of Porirua. • Ongoing development in Aotea indicates a persisting demand for good quality new homes in the city and presents a large deviation between the value of entry level property and these new build subdivisions • Average house capital value $662,000 (up 33.2%) • Average house land value $330,000 (up 72.8%)
Residential houses
Average Average CV% LV%
Area
2019 CV 2019 LV Change Change
Pukerua Bay $713,111 $385,652 25.3% 50.0%
Plimmerton $908,753 $550,361 23.2% 46.4%
Camborne $761,728 $372,006 18.9% 62.7%
Mana / Paremata $796,882 $413,984 26.8% 58.5%
Papakowhai $752,543 $348,967 28.9% 56.3%
Whitby $772,881 $366,591 26.1% 67.1%
Ascot Park $496,854 $263,231 45.6% 104.0%
Waitangirua / Cannons Creek $424,055 $204,447 61.9% 162.0%
Ranui $493,989 $252,227 47.8% 122.6%
City Centre / Kenepuru $580,769 $303,846 35.4% 91.3%
Elsdon $468,340 $240,492 44.0% 77.2%
Titahi Bay / Onepoto $580,604 $317,672 42.1% 70.1%
Rural $1,093,158 $552,281 32.7% 64.5%
Aotea $954,872 $380,914 30.2% 66.9%
Overall $662,649 $328,961 33.2% 72.8%Lifestyle key messages • Increases both vacant and improved lifestyle properties • Continuing demand for lifestyle properties • Shortage of stock coming to the market. • Average lifestyle capital value $1,441,000 (up 28.3%) • Average lifestyle land value $668,000 (up 40.0%)
Lifestyle key messages
Rural key messages • Very few truly rural properties • Underpinned by lifestyle demand
Rural key messages
Porirua City Council 2019 - Rural Value Change by Category
40.0%
39.0%
38.0%
37.0%
Value Change (%)
36.0%
35.0% % Change Capital Value
% Change Land Value
34.0%
33.0%
32.0%
31.0%
30.0%
Farming - Animal Production Forestry Crop and Specialist TotalBusiness Properties • Investor confidence continues to increase in central Porirua with significant investment • Growth in the industrial market has largely been in the form of new construction • Declining yields in all property types • A significant number of land sales and there is ongoing demand • Increasing rentals, particularly within the office sector, and fewer vacancies in the CBD compared with 2016 • Insurance costs appear to have remained steady
Business Properties
Porirua City Council 2019 - Business Property Value Changes
(by Sub-Category)
80.0%
70.0%
60.0%
50.0%
Value Change (%)
40.0% CV% Change
LV% Change
30.0%
20.0%
10.0%
0.0%
Improved Industrial Commercial Commercial Retail Commercial Office Service Stations Childcare
AccomodationBusiness Properties
Porirua City Council 2019 - Average Business Property Values
(by Sub-Category)
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
Improved Industrial Commercial Commercial Retail Commercial Office Service Stations Childcare
AccomodationObjections • Call QV on 0800 787 284 in the first instance, to discuss your concerns. • Can be lodged on line • www.ratingvalues.co.nz • Objection close date 31 January 2020 • Objections can’t be lodged after this date. • 239 objections in 2016 • Completed January-April 2020
Key Dates • Effective Date of Valuation: 1 September 2019 • Public Notice date: 11 December 2019 • Owners notices posted from 16 December 2019 • Objection period closes 31 January 2020 • Used for Rating Purposes from 1 July 2020
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