Land value down

Press, 11 October 1979, Page 1

Land value down

The total land value of Christchurch has been reduced by the latest fiveyear revaluation. Residential land values in many parts of the city are down from 1974 because of the depressed market. But commercial and industrial land will have slight to moderate rises in line with property sales. The Valuation Department is now issuing notices to property owners in the southern part of Christchurch, the first of three stages to be issued this month. North-eastern suburbs will get their notices next,

and central city and north-west areas last. All new values will be as of July 1, 1979. They represent the estimated market value of a property, except for chattels. In the first stage, land values are down about 1.1 per cent, from $286.9 million to $283.4 million. The City Council rates on land value, and will study new valuations this month to determine how rating incidence might be affected by them. Total capital value in the first stage of 21,300 properties is up 11.7 per cent a rise in the value of improvements (up 24.3 per

cent) accounting for the increase. In the 1974 revaluation, residential land values rose substantially compared with the centra) business district. This time, central land values have shown bigger rises. One exception in residential values, which have had little over-all increase, is for good homes in some areas. They are selling well, and will have greater valuation increases. Some regional shopping centres that have experienced widespread redevelopment will have greater than average valuation increases.