Coromandel Peninsula property values drop

New valuations to be posted out December 21

Property values have dropped across the Thames-Coromandel District - by 4.3 per cent overall on capital value and 7.07 per cent on land value - as a result of the triennial revaluation.

The new values means the Thames-Coromandel District was worth more than $15 billion at the time of the revaluation on July 1, 2009.

The average capital value is $549,689 and average residential property is now over $484,000.

Lifestyle blocks showed the biggest capital value drop at 10.15 per cent while commercial property values dropped 3.19 per cent.

Rural values rose 4.0 per cent and industrial values were marginally up by .20 per cent.

The biggest fall in residential land values overall was in Whitianga (-11.6%) followed by Tairua/Onemana (-9.0%), Whangamata (-8.9%), Thames (-4.3%), Pauanui (-2.7%) and Coromandel (-0.1%).

Residential property capital values have dropped by 4.95 per cent, less than the 5.6 per cent fall in neighbouring Hauraki District, but in contrast with a 6.16 per cent increase in South Waikato District and 2.8 per cent in Matamata-Piako. However, across all categories only the Thames-Coromandel district showed an overall decline, with South Waikato increasing by 8.59 per cent, Matamata-Piako by 8.2 per cent and Hauraki District by 6.7 per cent.

Quotable Value reported the outcomes to the December Thames-Coromandel District Council meeting and told Councillors the new valuation notices would be posted out on December 21.

Councillors were told the new valuations were a "snapshot in time" for rating purposes only and did not include chattels.

Property owners have until February 19, 2010 to lodge objections to their valuations.