57% Capital Value average increase
63% Land Value average increase
The average residential property is now worth $922,800
We used Opteon, an independent registration valuation company, to complete complex market research, looking at property type, location and land size, to provide up-to-date values for all Hamilton properties.
COVID-19 restrictions have caused scheduling delays to revaluations across the country and valuation notices have been sent later than usual.
Your new valuation is an estimate of the likely selling price (without chattels) if the property had sold on 1 September 2021.
This helps us to calculate rates from 1 July 2022.
The valuations have been audited and approved by the Office of the Valuer-General.
Hamilton city is now worth $71.4 billion. From the last revaluation in 2018, the total Capital Value of the city has increased by approximately 53%, and the Land Value of increased by 67%.
For residential property, the average house value (Capital Value) excluding chattels has increased 57% to $922,800 since the 2018 revaluation. The average section value (Land Value) has increased 63% to $568,700.
|Suburb||Average CV% change||2021 Average CV|
|Fairfield / Woodstock / Enderley||60.0%||843,178|
|Claudelands / Hamilton East||55.8%||850,827|
|Lake / Hospital||39.3%||953,858|
|Dinsdale / Western Heights / Temple View||55.2%||827,327|
|Nawton / Grandview Heights||63.4%||776,427|
|Flagstaff / Rototuna / Huntington / Harrowfield||50.4%||1,095,107|
|Chartwell / Queenwood / Chedworth||59.3%||944,771|
|Hillcrest / Silverdale||51.1%||853,119|
|Peacocke / Rotokauri||138.6%||2,383,331|
The table above includes properties in a residential valuation category. Suburbs are based on valuation areas and may not align to suburb boundaries.
The Hamilton residential market has seen exponential amounts of growth between the 2018 and 2021 revaluation, with rapid increases seen throughout the second half of 2021. Several factors have contributed to this growth including the continuation of low interest rates throughout most of 2021, increase in First Home Buyer activity looking for affordable entry level housing together with an increase in investor activity chasing favourable yields. The above, coupled with a lack of housing supply, has resulted in multiple bidding scenarios at auctions resulting in historical price increases. In addition, further intensification enabled by the District Plan has seen older housing stock on larger sites being purchased and redeveloped to provide townhouse and duplex accommodation throughout most suburbs within close proximity to Hamilton CBD.
If you disagree with the valuation, you can lodge an objection.
If you have a Notice of Rating Valuation dated in the past 20 working days, you may object to this valuation.
You may also pay to have your rating valuation reviewed at any time. This is called a Section 16 review.
The cost for this is $300 + GST for a typical residential property, but may be more for other properties. This fee is payable directly to our valuers, Opteon.
To find out more about this please email email@example.com or phone 07 959 9056.
I lodged an objection. What happens now?
If you lodged an objection, you should have received a confirmation email or letter.
Opteon will be reviewing objections for many weeks. Because the average rates increase is now set at 4.9% for 2022/23, and if a property’s value changes as a result of an objection, their rates will be recalculated.
Objections can not be fast-tracked for any reason.
Once your valuation has been reviewed you will be sent a letter or email advising of the outcome.
Rating valuations are provided for the purpose of setting rates only. If you need a market valuation for another reason, then please contact a registered valuation company.
If you have any questions, please email firstname.lastname@example.org.
The revaluation tells us about the trends in property sales in Hamilton and provides us with updated rating valuations for each property.
Since our last revaluation in 2018, property values have seen substantial growth.
On average, residential Capital Values have increased by about 57% across the city.
On average, commercial / industrial Capital Values have increased by about 40% across the city.
These valuations will be used to help calculate everyone’s share of rates for the next three years, starting 1 July 2022.
Rating valuations are a snapshot in time.
COVID-19 restrictions caused scheduling delays to revaluations across the country and Hamilton's revaluation was completed later than usual.
Because property prices are always on the move, your 1 September 2021 valuation may not reflect your property’s market value if it sold today.
If you need a current market valuation, you can purchase this from a registered valuer. Council is not involved in this, and it won’t affect your rating valuation.
Your rates won’t change by the same amount as your rating valuation has changed.
The total amount of rates Council collects does not change as a result of the three-yearly revaluation. We calculate how much it costs to run our great river city and set budgets to work out everyone’s share of the rates pie.
As set in the 2021-2031 Long-Term Plan, a 4.9% average rates increase will apply from 1 July 2022.
How your rates change will depend on how your property's Capital Value has changed compared to the average for the property type:
Not all rates are based on property value. Some rates are a fixed amount and are not affected by the revaluation.
Land value: The value of just the land as if it had no buildings on it. This is based on its highest and best use for e.g if the land can be developed.
Capital value: The total value of your property including land and buildings. This is an estimate of what your property may have sold for on 1 September 2021 (excluding chattels).
Value of improvements: The value of improvements is simply the difference between your capital value and land value. Although it reflects the value added by an structures on the property, it does not represent a replacement cost to build or the insurance value of buildings.
Commercial and industrial properties are determined by the market and other factors such rental returns. They do not include chattels, nor do they include GST.
Sales evidence shows that large sections and corner suits suitable for development have increased in value by much more than smaller sections, especially in older areas of the city where development is taking place. for these properties the Land Value may have increased significantly more than the total (Capital Value) of the property.
If the Land Value (LV) has increased at a higher percent than the Capital Value (CV), then the Value of Improvements (VI) must decrease.
VI = CV - LV
Councils hold details on every property in New Zealand, including yours. Properties with similar attributes such as land area, and age of building, condition and location are grouped together.
A value trend (determined by relevant sales) will then be applied to the group in which your property sits.
A house that has been newly built or renovated since the last revaluation will receive an updated rating value that reflects what it would have been worth if it existed at on 1 September 2021.
Last updated 27 July 2023