PROPERTY VALUES

Evening Post, Volume CXL, Issue 56, 4 September 1945, Page 8

PROPERTY VALUES

CITY AND SUBURBS

WIDE VARIATIONS

At its next meeting the City Council will probably return Ho the discussion of valuations of properties in various parts of Wellington, for, after an earlier discussion, the City Valuer (Mr. J. A. Jenkins) made a report to the finance committee yesterday afternoon, in which he stated that there were wide variations in the movement of values, as indicated by property sales. During the past two years the total sales in Wellington city and suburbs, were 3670, and the total value was £6.322,875. The aggregate Government valuation of those properties was £4.362.737, so that sales brought almost £2,000,000 more than the valuations. The greatest increase in values as shown by recent sales was in Khandallah," where the sale figures were 75 per cent, above Government valuations and the smallest was in the city area (C 3), where the increase was 23 per cent., and there had, stated Mr. Jenkins, been a number of sales in recent years of large city properties at less than the Government valuation, but such sales might be accounted for by the particular circumstances and because the valuation was not uniform in the central area. Viewing the position as a whole, Mr. Jenkins expressed the opinion that on a general revision of valuations the major increases would be in the suburban areas. The present valuations shown were dated March, 1935, and were made while the depression was still being felt. On that account alone they would be low compared with present values. This did not affect the incidence of rating but it did increase the rate in the pound as compared with the rate struck on present values. The greater increase in values in certain parts of the city as compared with other parts affected Lhe incidence of rating. SECTIONAL VALUATIONS. The Valuer-General had legislative power to revise valuations in part of any district but so far it appeared this power had been exercised only in counties where extensive development of seaside resorts altered the incidence of rating. There seemed no reason why this could not be applied to a city such as Wellington, which embraced all the outlying suburbs. Auckland suburbs, for instance, were mostly controlled by separate local authorities which might individually obtain a revision of'valuations on application to the Valuer-General. Councillor E. R. Toop, who had earlier proposed that the council should endeavour to have valuations revised section by section, restated his viewthat only by sectional revaluation could the council expect to get progress under present conditions, for the Valuer-General's office had not sufficient staff to undertake a general valuation for a long time. On the Mayor's suggestion discussion was deferred until the report had been circulated and considered in detail by councillors.