Moeraki land values has dropped by an average 45%, which has also had an overall impact on the total land value in the Waitaki district. On the other hand, dairying and arable farming have made big gains in the agricultural sector.
Earthquake risk has also had an impact on the value of Oamaru stone buildings.
The latest revaluation of the Waitaki district was outlined by Quotable Value NZ southern operations manager Brendon Bodger to the Waitaki District Council's meeting yesterday, emphasising they were rateable values with the market setting the market value.
Overall, the total capital value of the district has risen from $6 billion in the last revaluation in 2009 to $6.5 billion at September 1 this year.
The business sector now has a capital value of about $324 million (land value almost $104 million), farming $2.75 billion (land value $2.21 billion), lifestyle $574 million (land value $283 million), residential $1.722 billion (land value $613 million) and other (mining, dams, churches, parks, reserves and utilities) $1.189 billion (land value $148 million).
In the residential sector, the capital value has risen by 1.9% , but the land value has fallen by 5.4%, attributed to declines of 45% at Moeraki and 10% at Kurow, with only small increases in Oamaru and Palmerston and no change in Otematata.
The capital value of properties at Moeraki (which includes the land value) dropped 19.6% and at Kurow by 7.8%, remaining static in other towns.
In the business and industrial sectors, earthquake-prone buildings suffered a fall in values, but overall the capital value increased by 4.1% and land value by 10.9%.
For example, the value of the Oamaru courthouse, closed since late last year because of earthquake risk, fell from $865,000 in 2009 to $600,000.
In the rural sector, the capital value of dairying showed the biggest rise of 19.5%, followed by arable 15.2%, pastoral 2.9% and specialist rural 2.6%. Horticulture capital values declined by an average 2% and forestry 1.6%.
Mining capital value rose 20.2%.
The latest values have been sent to property owners, who have until November 30 to object.
Mr Bodger expected more objections this time than the 228 received in the last revaluation in 2009. He said that would be a result of the Government paying out compensation to Christchurch earthquake victims based on the rateable values of their properties.
In the past, the majority of objections were from property owners wanting lower values because of the impact on rates paid. They were now wanting higher values following Christchurch compensation payments.
