How the 2021 revaluation was completed
In 2021 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 2021 valuation was 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.
The peak of 2021
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.
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.
What drove property value growth in 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.
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Last updated 19 June 2025