Whanganui property values updated in latest rating revaluation
Published on 11 March 2026
Quotable Value media release
Whanganui District property owners will soon receive updated rating valuations in the mail, following the district’s latest three-yearly revaluation.
The new rating valuations have been prepared for 22,442 properties on behalf of Whanganui District Council by Quotable Value (QV). They show the city’s total rateable value is now $15.8 billion with the land value of those properties now valued at $7.8 billion.
Rating valuations are usually carried out on all New Zealand properties every three years to help local councils set rates for the following three-year period. They reflect the likely selling price of a property (excluding chattels) at the effective revaluation date, which for Whanganui District is 1 September 2025.
On average, the value of residential housing in Whanganui has eased 0.5% since the previous revaluation date of 1 September 2022. The average home value is now $529,000, while the corresponding average land value has increased 1.0% to $250,000.
QV Senior Consultant and Lead Valuer Simon Willocks said rating valuations are like a snapshot of the market at a point in time.
“Leading up to the previous rating valuations, in 2022, the Whanganui property market had experienced considerable post pandemic growth.” he said.
“This time around, the market has stabilised, with most residential properties holding their value. Variations from this trend were generally driven by individual property characteristics, including improvements or declining property condition.”
Commercial property values have had a very similar trend to the residential sector with an average decrease of -0.5%, and land values, a slight increase of 0.6%. Industrial property values have risen by 7.8%, and land values by 2.5% since the last rating valuation in 2022.
Mr Willocks noted that the industrial market has continued to outperform the commercial sector on a national scale — a trend also reflected in Whanganui.
The lifestyle trends have been consistent across the district with an average capital value decrease of
-4.9%, and an average value of $862,000. Variations from the averages were seen for ageing houses requiring upgrades and high-end properties. Land values have held with an average of $435,000.
“In the rural sector, the northern hill country values have fallen on average 20%, compared to well-located and contoured properties, which have held their values.”
The effective rating revaluation date of 1 September 2025 has now passed and any changes in the market since then will not be included in the new rating valuations. In many cases, this means a sale price achieved in the market today may differ from the new rating valuation “as at” 1 September 2025.
Whanganui District Council chief financial officer Mike Fermor said it is important for residents to understand that changes in property values do not directly translate into the same level of change in rates.
“People often assume that if their property value has increased or decreased, their rates will change by the same amount, for example, if their property has increased by 10% their rates will also increase by 10%. That’s not how the system works,” Mr Fermor said.
“Each year, council goes through a budget-setting process where we calculate the total cost of delivering services and facilities for our district – things like maintaining roads and other essential infrastructure, running libraries and pools and managing parks.”
“That overall cost is what determines how much we need to collect in rates across the district. Property values don’t change the total amount we need to collect; they simply help determine how that cost is shared between property owners.”
Mr Fermor said the revaluation helps ensure that the distribution of rates remains fair across the district.
The updated rating valuations are independently audited by the Office of the Valuer-General and must meet rigorous quality standards before they are certified. They are not designed to be used as market valuations for raising finance with banks or as insurance valuations.
New rating values will be posted to property owners after 11 March 2026. If owners do not agree with their rating valuation, they have a right to object through the objection process by 17 April 2026.
What are rating valuations?
Rating valuations are usually carried out on all New Zealand properties every three years to help local councils assess rates for the following three-year period. They are not intended to be used for any other purpose, including raising finance with banks or as insurance valuations.
They reflect the likely selling price of a property at the effective revaluation date, which was 1 September 2025, and do not include chattels. Any changes in the market since that time will not be included in the new rating valuations, which often means that a sale price achieved today will be different to the new rating valuation.
Rating valuations are calculated using a highly complex and detailed process that utilises all relevant property sales from your area. Many properties have also been physically assessed, particularly those that have been issued building consents in the last three years.
The updated rating valuations are independently audited by the Office of the Valuer General, to ensure they meet rigorous quality standards, before the new rating valuations are confirmed and posted to property owners.
New rating values will be posted to property owners from 11 March 2026. If owners do not agree with their rating valuation, they have a right to object through the objection process by 17 April 2026.
For more information, please contact:
Simon Willocks
Manawatu/Taranaki Manager
simon.willocks@qv.co.nz