Properties in Hastings district now worth a combined $27.8 billion

The new rating valuations have been prepared for 32,279 properties on behalf of the Hastings District Council by Quotable Value (QV). Photo / File

The Hastings District Rating Revaluation for 2019 has been confirmed with the region substantially increasing its overall value.

The new rating valuations have been prepared for 32,279 properties on behalf of the Hastings District Council by Quotable Value (QV).

Rating valuations are carried out on all properties in New Zealand, usually once every three years to specifically help local councils set rates for the following three year period.

The rating revaluation figures compiled by QV show the total rateable value of the properties within Hastings District Council is now $27.8 billion dollars, an increase of 40.5 per cent on 2016, with the land value of those properties increasing 51.1 per cent up to $14,744,002,000 over the same period.

QV general manager David Nagel said that the region has seen an overall increase in most domains.

"Residential housing is showing an average capital value increase of 41.9 per cent with the average house value now $562,400, while the corresponding average land value increased by 52.0 per cent to an average of $263,000. Value level changes vary on location and house type."

Residential house price movements show Hastings District has experienced relatively consistent value growth over the three year period since the last revaluation.

"Commercial property is showing an overall increase of 25 per cent, while the industrial sector has increased 41 per cent relative to the 2016 Capital Value levels. Land values have increased overall with 34 per cent for commercial and 178 per cent for industrial compared to 2016 land values," Nagel said.

"Lifestyle properties have seen value increases since 2016, with the average improved lifestyle property capital value increasing by 35.3 per cent to $1,076,000, while the corresponding average land value for a lifestyle property increased by 40.8 per cent to $466,000."

New rating values will be posted to property owners after October 21.