Waipā residential properties increase in value by 45.4pc

• Published date: 25 May 2023
• Publication title: Te Awamutu Courier

It means the capital value of the average Waipā residential property is now $959,000, up from $606,000 just over three years ago

Just released data from Quotable Value (QV) says property in the Waipā district is worth $12.7 billion more than it was three years ago. All up, the district has seen a 45.4 per cent increase in the capital value of the property compared to a 24.8 per cent increase reported in 2019.

Residential property in Karāpiro village has seen the biggest jump in capital value by an average of 57.1 per cent. On average, Kihikihi capital values have risen by 51.2 per cent followed by Te Awamutu (44.9 per cent), Ōhaupō (43.3 per cent), Pirongia (43.1 per cent), Cambridge (41.6 per cent) and Leamington (38.5 per cent).

According to QV, capital values across all Waipā property types have risen. Lifestyle block valuations are up 53.2 per cent and rural property valuations (dairy and pastoral) are up 26.2 per cent.

The average capital value of commercial property is up 40.5 per cent and industrial property capital values are up 59.1 per cent.

In determining the valuations, QV considers relevant property sales as well as information from building consents, subdivisions and more. The process is independently audited by the Office of the Valuer-General.

Waipā District Council said the new property valuations will be used for rating purposes for the 2023/24...