The soaring real estate market has pushed the value of Christchurch property up by 50 per cent, to $47.3 billion, in three years.
Thursday, November 11th 2004, 11:38PM
by The Landlord
Figures released yesterday show the total capital value of the city has rocketed from $31.4b since the last valuation in 2001. Capital value is the sale price a property is expected to fetch.
Total land value – the price of the bare land – has gone from $13.6b to $22.3b in the same period.
Across the city the average value of a residential property is now $259,948 compared with $169,447 in 2001.
Property values in seaside suburbs have increased the most with South Shore-Brighton and Sumner 74% and 73% higher than three years ago. Templeton and Westmorland recorded the lowest increase at 39% and 41% respectively.
The Christchurch City Council yesterday warned residents not to panic about the impact of higher valuations on their rates bills. "The likely impact on rates of the new values is not yet known, but capital values alone do not change rates," council funds and financial policy manager Geoff Barnes said.
