Report from LDR
Property in the South Wairarapa district is proving to be among New Zealand’s most desirable locations. The average residential house price rose to $621,620 last month, according to figures from Quotable Value [QV]. That is a 21.8 per cent rise in 12 months, compared to the national average of 13.7 per cent.
This continues a steep upward curve from $546,586 a year earlier, and $447,544 in 2017, when the last update was made.
Rating valuations occur at least every three years. But homeowners are facing delays in updates to their valuations. The delays are due to a change in the auditing process, according to QV area manager Paul McCorry.
“We want to assure you that, while this may delay the approval and release of the new values by several weeks, this remains an integral part of the process.
“We pride ourselves on the quality of our work. That’s why we go to great lengths to ensure that all the information we provide is accurate.”
New rating valuations for the district are expected to be available in mid-January. They will not take effect until July, for the 2021/22 rating year.