How much is your property worth?

Though rating valuations are prepared for council rating purposes, those recently announced for Queenstown-Lakes are also of interest if owners want to know their property’s potential worth.

These new RVs, based on a property’s likely sale price on September 1 last year, show the median house value was $1,610,000 and the median land value was $860,000.

In the Whakatipu, the biggest increase from 2021’s RVs is Arrowtown’s Millbrook — its capital value (CV) rose 32.63% to an average $6,751,045.

Lake Hayes Estate/Shotover Country rose 26.22% to an average $1,527,686.

And Frankton rose 25.12% to an average $1,711,114.

Kelvin Heights was interesting as its land values rose 30.26% but its CVs, comprising both land and buildings, rose only 11.4% to $3,017,693.

And Jack’s Point’s average CVs rose only 2%, with about half the CVs dropping, according to Walker & Co Realty’s Hamish Walker.

"Jack’s had a huge lift of about 50% over three years in the peak — the peak was about 2021 — and since it’s actually dropped 25%.

"Sales have increased a lot over the last six months because buyers are now seeing reasonably good value."

Q Property director Barry Murphy, a registered valuer, attributes Jack’s Point’s consolidation to it fitting within "the most challenging sale price bracket, $2.5m to $4m, [where properties] are taking longer to sell".

"This market was very strong through 2021 and 2022 but may have slowed due to the softening of other markets nationwide."

Explaining Kelvin Heights’ variance between CV and land value, "this could be down to the limited vacant land available and the fact there have been strong land sales on the Peninsula since the last RV, and with many improved properties having older dwellings on them, purchasers either demolish or significantly renovate them".

Walker says the increases for Frankton, Lake Hayes Estate and Shotover Country reflect what he’s been saying about these being ‘hot’ suburbs.

"Those are still very affordable suburbs compared to others."

Comparing sales over the past two weeks with the six-months-old RVs, "generally properties in Kelvin Heights and Frankton are selling for a touch under the CV, Lakes Hayes Estate and Shotover are selling for above the new CVs".

From recent sales, local Harcourts branch manager Priscilla Uhrle suggests "properties that were advertised as a doer-upper, were tired or required remedial works sold between $104,000 and $163,000 below the new RV" — she notes valuation calculations don’t include physical inspections.

"Unique offerings, in short supply, are achieving well above the new RVs."

Local Bayleys CEO Stacy Coburn says "the general narrative regarding the latest rateable values is the majority of them seem to be in line with current market values".

However, an owner serious about selling should still get a proper appraisal from a good real estate agent, he advises.

Interestingly, Murphy says as a registered valuer he doesn’t consider RVs — "we look at the market transactions up to the date of valuation".

Property owners have till April 24 to object to their valuation.

Katherine Harbrow, council GM assurance, finance and risk, notes: "An increase in your property value may not mean you pay more in rates.

"Any rates increase is determined by your property value increase compared with the average increase around the region."