QV Revaluation
Proposed property revaluations for the Clutha District were under the spotlight when representatives from Quotable Value NZ (QV) presented to councillors at the Council Meeting on 27 March 2024.
QV presented on the revaluation process and the outcomes of the General Revaluation dated 1 September 2023, which Quotable Value has now completed.
The valuations have been audited and publicly released, and will be implemented for the rating year commencing 1 July 2024.
The valuers assess what is happening in the market and consider factors such as interest rates, building costs and applications for building and resource consents in the district, in order to draw their conclusions.
Revaluations showed variance in rural sectors, while urban properties remained reasonably consistent. The biggest increases were in lifestyle and forestry land values, with homes in Tapanui receiving the highest average residential increase due to their lower base valuations.
The value of residential housing has increased by an average of 25%. The average house value is now at $403,000, while the corresponding average land value has increased by 41% to a new average of $138,000.
“Rural markets are fairly subdued through 2023, with pressures on new forestry regulations, commodity prices and rising interest rates. However, there has been some market movements observed from the 2020 levels, driven by the forestry conversion of suitable pastoral holdings from both corporate and private investors,” said QV Registered Valuer Ian Harvey.
The updated rating valuations are then independently audited by the Office of the Valuer General to ensure they meet rigorous quality standards, before the new rating valuations are confirmed and posted to property owners.
Our Place Taieri Mouth feedback received
Feedback has been received from the recent consultation for the Our Place Taieri Mouth Community Plan.
Council has approved priority projects in several focus areas, including community facilities, development, Taieri River access and waste management.
These key focus areas will be used to develop the final Our Place Taieri Mouth Community Plan, which will then be put to Council for approval and adoption later this year.
Since 2016 the Clutha District Council has been developing community plans for the Clutha District. It is one of the ways Council identifies what our communities want for their locality, what projects should be prioritised, and how Council could support the community with these projects.
2024-2027 Land Transport Programme
Council was given an update on the status of the 2024-27 Land Transport Programme, following release of the draft Government Policy Statement on Land Transport 2024-34.
The Government indicated its top priority will be to support economic growth and productivity in New Zealand’s economy, with major reforms to be undertaken.
‘Activity Classes’ have been defined as a means to achieve Government’s outcomes and priorities.
NZTA has published how the new proposed activity classes will align with the National Land Transport Programme (NLTP), which has been assessed and compared to Clutha’s 2021-24 approved NZTA budget.
Further updates are expected in September.