Source: Quotable Value
Manawatu District property owners will soon receive a Notice of Rating Valuation in the post, containing an updated rating value for their property.
The new rating valuations have been prepared for 15,697 properties on behalf of the Manawatu District Council by Quotable Value (QV). They show the total rateable value for the district is now $15.5 billion, with the land value of those properties now $8.9 billion.
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. They reflect the likely selling price of a property (excluding chattels) at the effective revaluation date, which is 1 August 2025.
On average, the value of residential housing in the Manawatu District has decreased by 7.6% since the previous effective revaluation date of 1 August 2022. The average home value is now $618,000, while the corresponding average land value decreased by 12.3% to $279,000.
QV Lead Valuer Jason Hockly said, “While values have reduced, most markets in the Manawatu District have been stable since the middle of 2023.”
“The reduction in values primarily occurred from the middle of 2022 to the middle of 2023”, he said.
“The Feilding residential market had variable value changes, with the lower valued residential properties showing slight increases from 2022 compared higher valued properties showing moderate decreases since 2022,” he said.
“Some larger residential land parcels, primarily within the northern area of Feilding have shown some large decreases in the land values.”
“The commercial and industrial markets have been mostly stable since 2022 with any upward or downward variations being property specific.”
Hockly added. “Overall, commercial properties have increased in capital value by 1.6%, and industrial properties have increased by 6.4%.”
In the rural sector, on average hill country properties have seen a 20% decrease on average in capital values since the last rating revaluation. Easier contoured and finishing land has shown a slight reduction. Most of the dairy land has largely held its values.
District wide averages show that dairy farms have decreased in capital value by 3.2%, pastoral properties have decreased 10.5%, horticultural properties have decreased by 8.0%, and forestry properties have decreased 19.3%.
The lifestyle market has experienced moderate decreases of 10-15% since 2022. Land values have also decreased 10-25%, with the larger drops occurring in the southern and middle of the district.
Overall, the lifestyle category has decreased 11.1% in capital value and 16.7% in land value.
The effective rating revaluation date of 1 August 2025 has now passed, and any changes in the market since then will not be included in the new rating valuations. In many cases, this means a sale price achieved in the market today may differ from the new rating valuation set as at 1 August 2025
The updated rating valuations are independently audited by the Office of the Valuer-General and must meet rigorous quality standards before the new rating valuations are certified. They are not designed to be used as market valuations for raising finance with banks or as insurance valuations.
