Propertyscouts Invercargill

House prices on the move for Invercargill as the new Rating Values are set for the next 3 years. - 16th Oct 2017

House prices on the move for Invercargill as the new Rating Values are set for the next 3 years.

All property owners in Invercargill and Bluff will soon receive a 2017 Notice of Rating Valuation with an updated rating value for their property.

Although property values are to be considerably higher in the northern areas of the city, there has been a slight closing of the gap that has been welcomed by the southern area residents.

This is a result of the triennial rating revaluation being carried out by Quotable Value (QV) on behalf of the Invercargill City Council. The updated rating values, once finalised, are used as one factor to help Council set rates for the next three years from 2018.

A Rating Valuation is the estimated price a property would sell for at the effective date of the rating revaluation, which is July 1, 2017, but it does not include chattels (movable personal items such as curtains and appliances).

Since the last rating revaluation as at July 1, 2014, property values have seen a moderate rise across the region by 13.4 per cent overall.

The farming sector has seen limited growth with a 2.1 per cent value increase overall and 1.6 per cent growth in the land value.

Lifestyle properties have seen an 11.4 per cent overall increase in values with a 4.4 per cent increase in land values.

The figures reveal residential property values overall in the city council catchment are 18 per cent higher that they were three years ago with values now at $254,000 up from $210,000 in 2014.

Some areas have risen more than others in the district too, particularly in the Windsor area where land values have increased by 45 per cent, which has been driven by good demand and a shortage of available land.

A new rating value may show a change in value, but it doesn’t necessarily follow that future rates will proportionately change. When Council sets rates, a rating value is expressed as a percentage of the total value of all properties in an area.

Property owners will receive letters including their new rating valuation in the post after October 18, 2017 and new Council rates taking into account the new rating values will be effective from 1 July 2018.

If property owners don’t agree with their new rating value or if they have made refurbishments and improvements to their property that didn’t require a building consent and believe this added value is not being reflected in the new rating value, they have the right to make an objection within a specific timeframe. The objection close-off date is November 24, 2017 and there will be information on how to object on the owners’ notice. For more information on rating valuations and what they are for, visit

It’s important to remember that rating values are not designed to be used as current market valuations which can be provided to banks for use in raising finance or for other legal purposes. Current market valuations require an individual inspection of a property and full written report by a registered valuer. Rating values are also not designed for insurance purposes to reflect the replacement value of a home - an insurance valuation is required for this purpose.

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