Far North property values reset following latest district revaluation

Far North District Council has released the results of its three-yearly property revaluation, showing property values across the district have generally eased since the market highs recorded in 2022.

The revaluation was carried out by independent valuers Quotable Value (QV) with an effective valuation date of 1 September 2025. Across the district, average capital values decreased by around 4.6 per cent, while average land values dropped by about 8.8 per cent.

The latest figures reflect changing market conditions following the rapid growth experienced during the post-Covid property boom. Since the 2022 revaluation, borrowing costs have increased, market activity has slowed, and buyer demand has become more cautious. The overall revaluation reflects that land values had generally reduced more than capital values, reflecting lower demand for development and new builds.

Residential property values softened slightly overall, with newer and well-maintained homes continuing to attract stronger demand than older houses. Lifestyle property values also eased from their 2021 and 2022 peaks, particularly in secondary and less accessible locations, while premium coastal and well-located lifestyle properties remained more resilient.

Commercial and industrial property values were generally stable, with slight reductions across most locations. Industrial properties showed the strongest resilience, with modest capital value growth recorded in some areas. Rural property values, including dairy, pastoral and forestry land, showed some decreases overall, but demand for well-located pastoral blocks remained steady.

The council is reminding property owners that changes to a property’s rating valuation do not automatically mean rates will increase or decrease by the same amount. Rating valuations are used to allocate rates across the district rather than determine the total amount of rates collected by the council.

Exactly how much an individual property attracts in rates depends on several factors, including changes in a property’s value relative to other properties, council budget decisions through Long Term and Annual Plans, and the rating differentials that apply to individual properties.

Property owners who believe their new rating valuation does not reflect the market value of their property as of 1 September 2025 can lodge an objection. The objection period closes on 5 June 2026.

Further information, including frequently asked questions and objection details, can be found here.