Wellington's latest rating valuations publicly released online

Wednesday, 7 November 2018

Latest QV figures show significant growth for Wellington, with nine suburbs now exceeding $1m in average value.

New property valuations for Wellington and its nine million-dollar suburbs have been published online.

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The latest figures, produced by QV every three years, show a jump of 44.6 per cent in average residential house prices across the city, with nine suburbs now valued at more than $1 million on average.

Wellingtonians can now go online to find out the new rating valuations of their property.

Valuations for individual properties were listed on the QV website on Wednesday afternoon.

* Why are NZ homes so pricey?

* Wellington house prices rise

Nine Wellington suburbs now have an average residential property value of over $1 million.

* Gentrifying Berhampore leads jump in rateable values

Why are Kiwi houses so pricey?

* Auckland Council and QV in stoush

* Capital valuations 'don't reflect market value'**

Figures released earlier this week showed Broadmeadows-Khandallah, Northland, Hataitai, Thorndon, Te Aro and Mount Victoria have all joined the million-dollar club alongside Seatoun, Oriental Bay-Roseneath and Kelburn.

The average house value in the capital is now $877,000.

Suburbs broadly considered affordable – Tawa, Newlands, Paparangi and Woodridge – all saw a more than 50 per cent increase. Average house values in these suburbs now exceed $600,000.

Berhampore, Mt Cook and Newtown again had the largest growth in value, with average house values jumping 55.8 per cent, to $860,000.

On Monday, QV general manager David Nagel said Wellington's market had 'sprung into life' after remaining fairly flat up until 2015.

When council valuations were calculated in 2015, the city's average house value increased 6.6 per cent over the three years previous.

Wellington house values may yet increase further, as interest rates remain low, migration numbers are high and the business sector continues to have confidence in property, Nagel said.

OBJECTING TO A VALUATION

Property owners can object to their QV valuation by mail, using the instructions on a owners' valuation notice, or online before December 20.

A QV valuer will then inspect the property, and the property owner should be notified of a decision to change or retain the valuation in writing before July 2019.

In 2015, there were 1752 objections to ratings in Wellington.

KEY DATES

November 7: public notification of property values.

November 14: owners notified of property values.

December 20: deadline for objecting to valuation.

July 1, 2019: valuations affect rates bills.