New RVs for Wellington's most expensive homes - a jump of 41pc

Residential homes, Mt Victoria, Wellington. Photo / Ross Setford

Wellington's new rating values are out. The city council assessed every property in the capital in September and homeowners can now check their new RV.

The council is set to release the overall data that will show how much the RVs in each suburb in the capital have increased since 2018 - the last time the RVs were issued.

It's highly likely homeowners will see big changes in their RV - often their first touch point with what's going on in the housing market. OneRoof's own House Value Index shows Wellington's average property value has surged 27.1 per cent ($267,000) in the last 12 months alone to $1.254 million, although price growth has slowed in the last three months to 3.6 per cent.

OneRoof has looked at the shift in the RVs of the 10 highest settled sales in the capital this year (for privacy reasons we have only given the street address and suburb, not the street number) and even this small sample size reflects the shift in the market since 2018.

The properties' RVs in 2018 ranged from $1.88m to $5.85m, with the average RV of the 10 homes sitting at $3.108m. The average RV of the 10 homes in September 2021 was $4.39m - a jump of 41 per cent.

The RV for all but one property was above the price the properties sold for, which can be attributed to the fact that most of the sales took place in the first quarter of the year.

The property that saw the biggest leap in its RV - a whopping 104 per cent - was an investment property on The Terrace that houses three apartments and was advertised as offering buyers a yield of $174,200 a year. The surge in RV for the other properties can be attributed to the general lift in the market and improvements made to the properties.