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Chatham Island property owners will soon receive new three-yearly rating valuations in the post.
Updated values have been prepared for all 655 properties in the district by independent valuers Quotable Value (QV).
They reflect the likely price a property would have sold for on 1 September 2024, not including chattels.
Since the district’s last revaluation in 2021, the value of residential housing has increased by an average of 34 per cent. The average house value is now at $439,000, while the corresponding average land value has increased by 5 per cent to a new average of $114,000.
“Lack of vacant residential sections and the services at capacity in Waitangi have been a factor in the increase value levels,” said QV valuer Jeremy Clayton.
“The relative affordability of the Chatham Island housing market means that value levels have fared relatively well by national standards. Whereas other parts of the country have seen values fall over the past three years, Chatham Island has still seen overall growth since 2021.”
The average capital value of an improved lifestyle property has increased by 46 per cent to $338,000, while the corresponding land value for a lifestyle property increased by 53 per cent to $160,000.
“The major difference in lifestyle land values is due to views and scope or access to coastal/lake/lagoon. The relatively low price point by national standards appeals to those wishing to begin lifestyle living,” Mr Clayton added.
The commercial sector on the Chatham Islands is quite small, consisting of just 16 commercial rating units. Of these, six are categorised as accommodation, five as offices, three as retail, one as a licensed premise, and one as mixed-use. There have been no commercial property sales in recent years.
Commercial property values have had a steady increase of 21.2 per cent and property values in the industrial sector have increased by 21.6 per cent since the district’s last rating valuation in 2021. Commercial and industrial land values have also increased by 45 per cent.
On average, pastoral properties have experienced a 34 per cent increase in value since 2021 – though this varies based on individual property characteristics.
“Pastoral properties have experienced similar increases in value as other property types on the islands, with an increased number of transactions this revaluation period indicating demand for quality farms with good quality improvements,” said Mr Clayton.
Overall, the Chatham Islands has a positive outlook with the wharf upgraded in 2018, new council chambers completed in 2020, the lengthening and strengthening of the runway at Tuuta Airport completed at the end of 2024, and the current construction of three wind turbines.
The total rateable value for the district is now $361 million, with the land value of those properties now valued at $140 million.
Rating valuations are usually carried out on all New Zealand properties every three years to help local councils assess rates for the following three-year period. They are not intended to be used for any other purpose, including raising finance with banks or as insurance valuations.
Rating valuations reflect the likely selling price of a property at the effective revaluation date, which was 1 September 2024, and do not include chattels. Any changes in the market since that time will not be included in the new rating valuations, which often means that a sale price achieved today will be different to the new rating valuation.
Rating valuations are calculated using a detailed process that considers all relevant property sales from your area. Many properties will also be physically assessed, particularly those issued building consents in the last three years.
The updated rating valuations are then independently audited by the Office of the Valuer General to ensure they meet rigorous quality standards, before the new rating valuations are confirmed and posted to property owners.
If owners do not agree with their rating valuation, they have a right to object through the objection process before 2 May 2025.
If you have any questions about rating valuations or the rating valuation on your property, contact:
Simon Petersen QV Communications Manager • (09) 361 7216• Simon.Petersen@qv.co.nz
