URBAN VALUATION Christchurch Now Worth $559m

Press, Volume CIX, Issue 32142, 11 November 1969, Page 1

URBAN VALUATION Christchurch Now Worth $559m

The capital value of property in the City of Christ* church increased by more than $l4l million between November, 1964, and November, 1969.

The manager of the Valuation Department in Christchurch (Mr V. R. Aitken) released figures yesterday showing that the value of city property was $559,394,745, compared with $417,889,880 in November, 1964.

The new figure includes all buildings completed since March 31, 1969. Up to 16 valuers spent two years inspecting the 52,998 properties in the city which is the biggest single valuation undertaken by the department in New Zealand.

The new total value of improvements is $344,235,235, compared with the figure at March, 1969, of $322,888,595. These new values will provide the basis for city rate demands for the 1970-71 rating year. The rateable unimproved value is now $202,639,085 compared with the figure of 3144,947,625 which was used for the present year’s rates.

Market Steady Commenting on the valuation, the senior urban district valuer (Mr A. P. Faults) said

that during the last two yean toe market for property had been steady for all but toe poorest types of residence. But toe market had been subject to fluctuation and there had been limited demand for

obsolescent types of commercial and industrial properties. Some of the biggest increases in residential property values had been in the area from St Andrew’s Hill to Scarborough, particularly with good type hill properties. In the industrial areas there had been comparatively high increases in Sydenham, Waltham and Linwood. A similar situation to that shown in the 1964 revaluation was again evident in that the level of i sales and rental transactions in much of the inner central business area over recent years had brought about a lesser increase in values in that area to that applicable to the city as a ' whole. This was because of increased suburban industrial and commercial development The demand for most central business area properties and space appeared to be sound, he said. Notices Posted Notices of new values are now being posted to all property owners and the roll will be open for inspection at the department’s office in the Automobile Association building until December 12. The district valuers (Messrs Faults, G. W. A. Dobson and B. H. Hadcroft) and their staff will be available without appointment for the next two weeks to discuss their values with any property owners. After that intending callers should telephone -or write for an appointment to ensure immediate attention.