,p>The revaluation of houses in St Albans has seen the valuation of houses rise about 17 per cent over 2007 values.
QV, which carried out the valuations on behalf of the Christchurch City Council, relied on 2013 house sale statistics in the area. These are not individual valuations -apparently that is not doable for 160,000 houses – and they do not reflect the damage done by the earthquakes. QV is assuming that the damage will be covered by insurance and the homes returned to their original state/value.
The average city increase was 16.2 so the valuations in St Albans pretty much reflect the average. Some house valuations, particularly in Hornby and other western areas, rose 29 per cent while some eastern areas of the city also recorded slight increases. Banks Peninsula valuations, which include a number of holiday homes, went down.
The increases in value is expected to result in a small increase in rates (less than a Sunday newspaper per week for an average priced house) paid by householders but the amounts depend on the relative valuations compared to other houses in the city.
Meanwhile commercial building values have also gone up in St Albans -in some parts by more than 30 per cent. This contrasts with a decrease in the CBD valuations.
The Council is seeking feedback on the valuations but won’t be listening if you complain about earthquake damage versus the valuation increase. The 2007 figures have been used by EQC and insurance companies when determining payouts – does this mean that future payments will reflect 2013 valuations?
Sources: Based on recent articles on TV3, ZB News and Christchurch Press.
