The Selwyn District Council’s new three-yearly rating valuations show industrial land values have increased by a 83.8%, while property values in the industrial sector have risen by 35.4% since 2021.
On average, properties in the district are now worth 5.2% more than they were three years ago, the latest rateable values show.
Said Quotable Value Canterbury manager Brendon McCurley: “The growth of industrial land values has been significant. This has largely been driven by the strength of the industrial market in Rolleston within IZone, IPORT and Tawhiri Business Park, with sales showing large increases in values here driven by a strong industrial market nationally but also from improved infrastructure and relatively lower costs compared to Christchurch.”
QV updated the values on behalf of the council for all 35,792 properties in the district. The council uses this data to help it calculate rates. Since the district’s last revaluation in 2021, the value of residential housing has increased by an average of 5.2%.
The average house value is now $846,000, while the corresponding average land value has decreased by 6.4% to a new average of $374,000.
The total rateable value for the district is now $42.906b, with the land value of those properties now $23.19b.
McCurley said the Selwyn property market has remained relatively stable over the last two years, dropping back from its high in 2022 when prices peaked at about $892,000.
“As a result, the majority of residential properties will be seeing values that are lower than the levels seen at the market peak, but are still showing an increase from their last valuation three years ago.”
He said different townships within the district have had varying levels of change to their capital value, with none seeing a decrease. Darfield has seen the largest change with average values increasing 13.6% to $694,000, while West Melton has had the smallest increase of 0.3% to $1.174m.
Rolleston, Selwyn’s largest town, remained steady with an increase of 1.1% to $803,000.
“This softer increase is in large part due to the higher base value level, and continuously growing level of supply available in Rolleston,” McCurley said.
The average capital value of an improved lifestyle property has increased by 11.2% to $1,382,000, while the corresponding land value for a lifestyle property increased by 12.5% to $694,000.
Going up
- Township 2024 capital value and average increase since 2021
- Darfield: $694,000 – 13.6% increase
- Leeston: $639,000 – 5.6% increase
- Lincoln: $898,000 – 9.5% increase
- Prebbleton: $1,227,000 – 10.1% increase
- Rolleston: $803,000 – 1.1% increase
- Southbridge: $599,000 – 10.1% increase
- Tai Tapu: $1,049,000 – 10.6% increase
- West Melton: $1,174,000 – 0.3% increase
How valuations affect your rates
Revaluation is a legal requirement that every council in New Zealand must carry out, generally every three years.
The new valuations are an estimate of the likely price that would have been paid for a property on September 1, 2024 and are used to help set the council’s rates for the next financial year, in this case from July 1, 2025 onwards.
For most residential properties in Selwyn, only about a quarter of their rates bill is based on the capital value of their property, with the balance of the rates set as a fixed amount per property based on the available services.
Where a property value has increased by more than the average increase in capital value (5.2%), a property owner can expect a slightly higher than average increase in their rates from July 1, 2025. Property owners whose capital value increase was less than the average for Selwyn can expect a slightly lower than average increase in their rates.
