Source: Quotable Value
Whakatāne District property owners will soon receive a Notice of Rating Valuation in the post with an updated rating value for their property.
The new rating valuations have been prepared for 17,277 properties on behalf of Whakatāne District Council by Quotable Value (QV). They show the total rateable value for the district is now $16.4 billion with the land value of those properties now valued at $8.3 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 (not including chattels) at the effective revaluation date, which was 1 August 2025.
On average, the value of residential housing in Whakatāne has decreased 2% since the previous effective revaluation date of 1 September 2022. The average home value is now $567,000, while the corresponding average land value has decreased 9% to $289,000
QV Senior Consultant and Registered Valuer Michael Power said rating valuations are like a snapshot of the market at a point in time. “When the previous rating valuations were set in September 2022, the local property market was coming off a period of exceptional post-pandemic growth.”
“In response to that rapid escalation and rising inflation, the Reserve Bank substantially lifted the official cash rate (OCR) to rein in spending and bring inflation under control. The resulting spike in interest rates sharply reduced borrowing power and dampened buyer demand,” he said.
“Since then, the higher prices and tighter lending conditions made it more difficult for first-home buyers to enter the market, while decreasing values and reduced yields curbed investor activity. The Whakatāne District experienced strong growth during that boom and has since undergone a correction.”
“Fast forward to August 2025, the market in Whakatāne has been relatively subdued, as is the general trend across the country. While the OCR has recently seen more cuts and interest rates are trending down again, other significant economic headwinds continue to deter growth. Job insecurity and cost-of-living pressures have weighed on household confidence. Combined with ongoing global uncertainty and weaker buyer sentiment, what was a sellers’ market in early 2022 has shifted to a buyers’ market in 2025.”
He said the residential market was subdued especially for vacant land. Property values have generally declined except for Murupara and beachfront Ōhope, which have seen some growth in capital values (CVs). Older housing stock in original condition often faces challenges in attracting buyers, whereas well-maintained and modernised homes tend to achieve stronger market interest and quicker sales. Residential rents have experienced strong increases over the previous three years; however, agents have mentioned rents are now softening.
“The commercial market has been steady, with reportedly reasonable demand. However, sales volumes are low due to cautious potential purchasers and limited stock of modern premises on freehold land. Vacancy levels remain reasonable and are at similar levels to the last revaluation. Quality office space with a high NBS (earthquake prone rating) can attract solid rents but being a provincial town, there is a limited number of government tenants, larger accountancy firms, and the like.”
Within the rural sector, the dairy market is slightly down from 2022 (-3%) as are good-contoured pastoral properties. Steeper-contoured properties have seen larger deductions as the competition from the forestry market has eased off. Demand still exists for quality kiwifruit orchards but again, values are slightly back from a heated 2022 horticulture market. Lifestyle sales activity has mainly been in the entry level price brackets with high valued coastal influence properties showing larger deductions from 2022 levels.
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 be different to 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 need to 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.
New rating values will be posted to property owners after 26 November 2025. If owners do not agree with their rating valuation, they have a right to object through the objection process by 16 January 2026.
