Gisborne property values up by an average of 22 percent

Drone image by Ben Cowper

A 2023 (draft) revaluation of Gisborne properties shows an average increase in property values of between 18 and 27 percent since the last valuation three years ago.

The valuations will be used by Gisborne District Council for rating purposes from July 1, 2024.

Ben Inder, of valuation and consultancy business Lewis Wright, yesterday told a full Gisborne District Council meeting that the district average increase was around 22 percent.

He said lifestyle properties and the lower end of the residential property market was moving at the upper of the range.

Horticulture, forestry and commercial properties were moving at the lower end of the range.

Mr Inder’s written report said the figures came from a “snapshot” of the district on August 1 and covered 23,537 properties.

The revaluations were originally scheduled for July 1 but were delayed first by the Covid-19 pandemic, and then Cyclone Gabrielle.

There had been high inflation from 2020 to 2023 with “overall property values just keeping up”,  Mr Inder said.

“That’s positive for the region. We’re not going backwards — we’re actually keeping up with inflation.”

The report said the average residential improved property values are now approximately $600,000, up from $490,000 in September 2020.

“In Gisborne city, average values are now close to $640,000.

“The lifestyle market has held up strongly in the last 12 months and as a result has the highest movement of all property categories.

“Average improved property values in this sector now sit at approximately $900,000.”

The report attributed lifestyle property value increases to supply issues, more people working from home post Covid-19 and to new improvements.

Council revenue team leader Fiona Scragg said the public would be notified on December 8) after the figures were approved by the Valuer-General, which is scheduled to happen on December 1.

The valuations were different from a market valuation, Mr Inder said.

“It is a market valuation on one day of a three-year cycle.

“We do stress that. It’s not what you would get on the market.”

Councillor Andy Cranston said it could be difficult for some people because the figures were out of date “when they come out”.

Objections to the valuations close on January 31.

There is a legal process via the Land Valuation Tribunal to deal with any objections that cannot be resolved.