QV rise in Carterton

TOWN VALUES UP: Owners in Daffodil Grove, Carterton will be among those receiving new Quotable Value (QV) rating valuations this month. PHOTO/LYNDA FERINGA

Wairarapa homeowners can expect to learn the rateable value of their property over the next few weeks.

New revaluations completed by state valuer Quotable Value (QV) show while residential properties in Carterton increased in value, those in Masterton and South Wairarapa decreased.

The average value for a house in Masterton is now $241,000, down 1.5 per cent from 2011.

House values in South Wairarapa dropped marginally by 0.1 per cent to $299,000, while Carterton experienced a 6 per cent increase to an average value of $264,000.

The greatest gain was in urban Carterton capital values - the most likely selling price including buildings and all other improvements on the land - which saw an average increase of 7.6 per cent.

QV Wellington operations manager David Nagel said Carterton was the right price to attract buyers.

"It's close to transport lines and prices are affordable. That's probably the main driver."

Although the majority of sectors had shown little change since 2011, others had changed substantially.

"The rural sector has also seen an overall improvement in confidence over the past three years. There has been notable buyer activity, especially from buyers outside the area."

Rural capital values increased in all three districts, ranging from a 9.5 per cent increase in South Wairarapa, a 10 per cent increase in Carterton and a 10.7 per cent increase in Masterton.

However, lifestyle property values were steady or decreased slightly across all three districts.

The market had been static outside Auckland and Christchurch but was improving, Mr Nagel said.

"We are seeing some very early signs of the property market growth coming outside of Auckland - the market indicators are really positive."

"[There] seems to be some early signs of some regional recovery going on as well."

Managing director of Hamill Realty Prue Hamill said she expected the trend for people being buying north of Wellington to continue.

"People are looking for that provincial New Zealand living ... Carterton still gives that rural community, and it's not far from Wellington."

Loan-to-value ratio (LVR) restrictions had affected the number of first-home buyers and the market was tight although properties were turning over steadily, with low interest rates encouraging buyers, she said.

"I feel confident in our market - and it is turning over."

Property Brokers Wairarapa regional manager Guy Mordaunt said confidence had increased since the election.

"It's certainly buoyant compared to what it has been."

As rating valuations were retrospective they were not an accurate gauge of what a property might sell for, Mr Mordaunt said.

"From a real estate point of view we take them very much with a pinch of salt."

While councils use these valuations to help determine 2015/2016 rates, an altered valuation may not necessarily mean a change in rates liability.

Property owners will receive their notice of rating valuation by post from tomorrow.