3 October 2013
Triennial revaluation figures for the Gore District out next week
Property values in the Gore District have increased, on average, by 10.5 percent in the last three years, mainly due to continued strong demand in the rural sector.
Gore District Council Corporate Services General Manager Russell Duthie said the triennial revaluation of the District, carried out by Quotable Value, shows strong values in the rural sector. In contrast, there was little movement in Gore property values while Mataura values have dropped.
District’s total value just over $3 billion
The total value of the District has risen from $2.7 billion to $3.1 billion. The rural sector was the biggest contributor to this increase. Figures show the capital value of dairying and pastoral properties increased, on average, by just over 18 percent. This puts the average value of a dairy farm at about $2.9 million and the value of a pastoral farm at $1.5 million.
Quotable Value's report says this reflects good demand for dairy farms and a demand for pastoral farms for dairy conversion or farm enlargement. The only other increase of significance was in lifestyle blocks. These rose, on average, by 7.8 percent.
Slight movement in residential values
Residential values district-wide moved only slightly to put the average capital value of a home at $184,000. The most notable aspect was a 3.3 percent rise in the value of East Gore properties while West Gore homes rose by only 0.5 percent.
The report notes a depressed market in Mataura has contributed to an 11 percent drop in property values.
Impact on rates
Mr Duthie said the increased capital values would have a modest impact on rates for higher value properties. In the urban area, more than two-thirds of the average rate was predetermined, therefore the actual exposure to capital value movement was not too large.
The new valuations will be sent out to property owners from next Monday (7 October). They will also be available to be viewed at the Council’s civic administration building, Mataura service centre and Gore Library, from then.
If a person wants to object to the new valuation of their property, they have until 15 November to lodge their objection with Quotable Value. Objection forms are available from the Council.