Sale pending
The total rateable value for Waipā district has dropped 5.2 per cent to $34.21 billion.
Quotable Value New Zealand Upper North Island general manager Joe Holmes told Waipā District Council’s Finance and Corporate Committee the revalutation of 25,644 properties had been conducted across the district on August 1.
More than half the properties, 16,622, were residential. Their value fell 7.2 per cent to an average $893,000.
Te Awamutu values decreased by 8.8 per cent, Ōhaupō 7.2 per cent, Cambridge 6.2 per cent, Leamington 6.6 per cent, and Pirongia 1.3 per cent.
Holmes said there was a modest supply of vacant land on the outskirts of Cambridge and Te Awamutu, contributing to a general easing in demand. Combined with challenging economic conditions, rising construction costs, and the fluctuating Official Cash Rate, the market had remained subdued and cautious.
Lifestyle properties have experienced a sharper decline, falling an average of 13 per cent across the district, including drops of 10.4 per cent in Te Awamutu and 11.3 per cent in Cambridge.
Farm values were a mixed picture. Pastoral property values across the district rose an average 2.9 per cent and dairy farms dropped an average of 3.7 per cent.
Holmes said interest was starting to increase for land conversion to kiwifruit or equine properties, although purchasers were paying very little to no premiums over existing dairy use.
Holmes said 80 per cent of farms are sold to neighbours looking to expand their operations
Commercial property values were largely unchanged, recording an average increase of 0.5 per cent. Industrial values have rose on average 11.6 per cent.
“Strong demand persists for large, good-quality, high-stud industrial buildings in Hautapu and the Rukuhia Hamilton Airport precincts,” Holmes said.
Council acting chief financial officer James Graham said the figures followed national trends after a period of very fast growth up to the 2021 peak.
Neighbouring Ōtorohanga district recorded an average 8.8 per cent decrease in values.
