Source: Quotable Value (QV)
New Plymouth 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 38,635 properties on behalf of New Plymouth District Council by Quotable Value (QV). They show the total rateable value for the district is now $36.9 billion, with the land value of those properties now $20.1 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 was 1 August 2025.
The value of residential housing in New Plymouth district has decreased on average by 2.4% since the previous effective revaluation date of 1 August 2022. The average home value is now $721,179, while the corresponding average land value has decreased by 10.2% to $395,666.
QV Senior Consultant and Registered Valuer Andrew Jaques said, “Residential values have held relatively firm over the past three years compared with the rest of the country.”
“Demand for vacant land has cooled off, with a significant rise in the cost of building impacting the market.” he said.
“The residential land market has seen values remain steady for well located properties however sloping sections are proving harder to sell. Vendors’ expectations are important – if the vendor is seeking an unrealistic price, sections will sit for extended periods of time.”
“The commercial market has been fairly static over the past few years. We are seeing a decline in retail leasing, particularly in the CBD. Office leasing appears to have picked back up, with sentiment shifting following consequences of COVID and working from home.”
“Overall, commercial properties have decreased in capital value by 1.1%, and industrial properties have increased by 2%,” Mr Jaques said.
Within the rural sectors, dairy farmland generally attracts stronger demand than pastoral land, yet both have seen a decrease in value over the past three years, with dairy farm properties seeing an average capital values decrease of 7.9% and pastoral land values down 8.3%. This reflects the nationwide downturn from the peak of late 2021 to early 2022. Horticultural land, by comparison, has remained relatively stable, with the average capital value (CV) down just 0.9% since the last rating revaluation.
The New Plymouth District lifestyle property market has also remained relatively stable, experiencing a slight average capital value (CV) decrease of 0.4%.
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 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 they are certified. They are not designed to be used as market valuations for raising finance with banks or as insurance valuations.
New rating values will be posted to property owners from 12 November 2025. If owners do not agree with their rating valuation, they have the right to object by 19 December 2025.
