Economy

Buller property values rise for first time since 2013

The values of property in Buller district, which have been falling since 2013, are starting to climb.

Quotable Value said the value of housing had grown almost 9 percent since the 2016 revaluations, with the biggest movement over the past 12 months.

Land values were also on the rise.

Valuer Jeremy Clayton said the 7918 rateable properties in Buller were now worth a total $2,705,933,000. The land value of those properties now almost $1.5 billion.

He said the average house value was now $208,000 while the corresponding average land value increased by 11.3 percent to an average of $62,000 for a typical residential section.

Clayton said commercial and lifestyle property values were also rising, but there had been little change in land value in the industrial sector.

"Lifestyle properties have seen value increases since 2016, with the average improved lifestyle property capital value increasing by 6.9 percent to $258,000 while the corresponding average land value for a lifestyle property increased by 6.6 percent to $138,000."

Clayton said the drop in dairy land value was linked to poor milk payouts.

"Dairying dominates the rural sector and we have seen a decrease in value levels compared to 2016.

"The weakened dairy market following poor Westland Milk Pay out has affected values, however the market outlook is positive with Yili purchasing Westland Dairy recently."

Councils used valuations as a guide to set rates for the year.

QV said the new rating values were now being posted to property owners in Buller. If owners did not agree with the rating value they could lodge an objection up to the deadline of 14 February.

This article was originally published on RNZ and re-published with permission.

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