Over all sectors (including commercial, industrial, dairy, lifestyle and residential) the capital value has increased 21.4 per cent since the 2012 revaluation, and the land value has increased 30.2 per cent.
For residential property, the average house value (capital value) excluding chattels has increased 27.2 per cent to $441,525 since the 2012 revaluation. The average section value (land value) has increased 36.8 per cent to $220,422.
Click here to see a breakdown of the changes across the city
In general, capital values have increased between 22 per cent and 32.5 per cent in most suburbs. The exception is in the CBD where capital values increased by 2.2 per cent, and in the Frankton area where capital values have increased by 18.6 per cent. There are not many residential properties in the CBD and the slight increases have mainly been driven by the level of demand for residential apartments.
Land values have increased between 20.7 per cent and 40.9 per cent in most suburbs. The exceptions are in the city where land values only increased by 5 per cent and – at the other end of the scale – in the Melville, Glenview, Pukete, St Andrews and Frankton areas where land values increased between 46.6 per cent and 50.6 per cent. The increases in these areas are a result of new subdivision developments such as Titoki Park and Northbrook in Pukete and as a result of increasing sales prices for both improved and vacant properties in these areas.
The residential market in Hamilton in the months leading up to the revaluation date of 1 September was extremely buoyant. Sales prices increased exponentially on the back of strong demand from first home buyers and investors. This has resulted in increased rating values across the city.