Waimarino land values up 79%

Ruapehu Bulletin, Volume 14, Issue 660, 29 October 1996, Page 1

Waimarino land values up 79%

Waimarino land has increased in value by between 70 and 127 per cent since the 1993 valuations. Dairying land has increased the most, up by 1 27 per cent in land value (LV) and 1 1 8 per cent in capital value (CV), although only two saies in the ward are represented in this category. The whole ward increases in LV by 79 per cent. Valuation New Zealand district valuer Mark Johannsen presented the figures to the Ruapehu District Council last Friday. Individual property owners will receive notification of their valuations next month. The next biggest increase is in Ohakune residential property where the LV has risen by 109 per cent, while the CV is up 41 per cent. Mr Johannsen said while the eruption had brought Ohakune residential saies to an abrupt halt, it appeared prices had not dropped. The halt roughly coincided with a seasonal slow-down in saies, he said. He later told the Bulletin it seemed most people recognised that the eruption was a one-off event. Things could be back to normal by the end of the year, he added. Grazing properties increased in LV by 92 per cent and CV by 63 per cent, and fattening land is up 8 1 per cent LV and 56 per cent CV. Lifestyle blocks are up 65 per cent LV and 39 per cent CV. Mr Johannsen said the extremely buoyant rural property market in the Waimarino may be catching up with other parts of the central North Island. He said in the past it had lagged behind other areas, and that now

it should tend to level out. National Park residential LV is also up, by 29 per cent and CV up 34 per cent. Taumarunui rural land increased in LV by an average of 25 per cent and CV by 20 per cent. A drop in the LV of Taumarunui residential property of 39 per cent brought down the overall urban LV by 22 per cent. Raetihi urban property remains static in LV and CV across all land types. Ohakune urban property other than residential is up 45 per cent CV for industrial and 47 per cent CV for commercial while both see an increase of 70 per cent for LV. Waiouru residential is up 2 per cent LV and down 3 per cent CV; industrial is static and commercial up 1 1 per cent CV and 23 per cent CV. The whole district is now worth $1675 million CV and $6 15m LV. Councillors discussed various concerns including the effect of forestry on values and rates demands, especially for roading, and the effect of the revaluations on the spread of rates. "Rural people always complain about their rates but they never object to their (higher) valuation," said Cr Bob Peck. Mayor Weston Kirton said a land owner had to choose between the higher equity in their property that a higher valuation led to, or less in rates through a lower valuation. Objections to valuations close on 20 December.