Residential
57% Capital Value average increase
63% Land Value average increase
The average residential property is worth $922,800
Property revaluations unravelled
The 2021 revaluation of all Hamilton properties is complete
View the valuations via our property search
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.
Your valuation is an estimate of the likely selling price (without chattels) if the property had sold on 1 September 2021.
This helped us to calculate rates from 1 July 2022.
The valuations were audited and approved by the Office of the Valuer-General.
Summary of changes
Hamilton city is now worth $71.4 billion. From the previous revaluation in 2018, the total Capital Value of the city increased by approximately 53%, and the Land Value increased by 67%.
For residential property, the average house value (Capital Value) excluding chattels increased by 57% to $922,800 since the 2018 revaluation. The average section value (Land Value) increased by 63% to $568,700.
Hamilton residential Capital Values by suburb
| Suburb | Average CV% change | 2021 Average CV |
|---|---|---|
| CBD | 52.1% | 845,210 |
| Beerescourt | 63.1% | 998,814 |
| Maeroa | 63.4% | 795,316 |
| Frankton | 56.8% | 748,327 |
| Fairfield / Woodstock / Enderley | 60.0% | 843,178 |
| Claudelands / Hamilton East | 55.8% | 850,827 |
| Melville | 54.5% | 702,864 |
| Glenview | 55.3% | 814,902 |
| Lake / Hospital | 39.3% | 953,858 |
| Dinsdale / Western Heights / Temple View | 55.2% | 827,327 |
| Nawton / Grandview Heights | 63.4% | 776,427 |
| St Andrews | 61.4% | 943,927 |
| Pukete | 55.0% | 879,691 |
| Flagstaff / Rototuna / Huntington / Harrowfield | 50.4% | 1,095,107 |
| Chartwell / Queenwood / Chedworth | 59.3% | 944,771 |
| Hillcrest / Silverdale | 51.1% | 853,119 |
| Flagstaff North | 53.2% | 1,333,740 |
| 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 saw exponential amounts of growth between the 2018 and 2021 revaluation, with rapid increases seen throughout the second half of 2021.
Several factors 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, resulted in multiple bidding scenarios at auctions resulting in historical price increases.
In addition, further intensification enabled by the District Plan saw older housing stock on larger sites being purchased and redeveloped to provide townhouse and duplex accommodation throughout most suburbs within close proximity to the Hamilton CBD.
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 revaluation@hcc.govt.nz.
Frequently asked questions
What does the revaluation tell us?
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.
How are valuations used?
These valuations will be used to help calculate everyone’s share of rates for the next three years, starting 1 July 2022.
Why is it the 2021 revaluation when I was notified in 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.
What does this mean for my rates?
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:
- A residential property with a Capital Value increase of about 57% should see a rates increase of about 4.9%.
- A commercial / industrial property with a Capital Value increase of about 40% should see a rates increase of about 4.9%.
- If your property changed by more than the average, your rates increase may be more than 4.9%.
- If your property changed by less than the average, your rates increase may be less than 4.9%, or may decrease.
Not all rates are based on property value. Some rates are a fixed amount and are not affected by the revaluation.
How do we calculate property values?
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.
Why has my Land Value increased a lot but my Value of Improvements has decreased?
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
If you don't look inside my house, how do you know what it is worth?
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.
How can my house have a rating value if it wasn't built at the time of the valuation?
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.
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Last updated 2 October 2024