Buyers gain power as district enters softer cycle
Whakatāne District property owners will soon receive updated notices of rating valuation, with new figures showing a modest decline in local home and land values.
Quotable Value (QV) has completed revaluations for 17,277 properties, placing the district’s total rateable value at $16.4 billion, including $8.3 billion in land value.
Rating valuations are undertaken every three years and reflect likely selling prices as at 1 August, excluding chattels. They help determine each property’s share of council rates over the next rating cycle.
Residential property values across the district have decreased 2% since the previous revaluation in September 2022. Average land values have fallen 9%, bringing the district’s average home value to $567,000.
The update comes as national values have only recently begun to stabilise, with Cotality’s home value index rising 0.2% in October and national median values still sitting 17.3% below their 2022 peak. Regional variation remains wide, with southern centres stronger and first-home buyers reaching a record 29% share of sales.
Post-pandemic correction takes hold
QV senior consultant and registered valuer Michael Power said the latest revaluation reflects a market still cooling after the rapid pandemic-era surge.
“When the previous rating valuations were set in September 2022, the local property market was coming off a period of exceptional post-pandemic growth,” Power said in a media release.
“In response to that rapid escalation and rising inflation, the Reserve Bank substantially lifted the official cash rate (OCR) to rein in spending and bring inflation under control.
The resulting spike in interest rates sharply reduced borrowing power and dampened buyer demand.”
Higher prices and tighter lending rules restrained first-home buyers, while reduced yields softened investor demand. After strong gains during the boom, the Whakatāne District has since undergone a correction.
Subdued conditions persist in 2025
“Fast forward to August 2025, the market in Whakatāne has been relatively subdued, as is the general trend across the country,” Power said.
He cites job insecurity, cost-of-living pressure and weak buyer sentiment as key factors shifting the market from seller-favoured conditions in 2022 to a clear buyers’ market in 2025.
Vacant land has been particularly subdued. Most residential areas have declined except Murupara and beachfront Ōhope, which recorded some capital value gains.
Older homes lag while updated stock stays competitive
Properties in original condition remain harder to sell, while well-maintained or modernised homes are attracting stronger buyer engagement and quicker sales.
Rents rose sharply over the past three years but are now softening, according to local agents.
Commercial steady, rural mixed
Commercial property demand is steady but constrained by low sales volumes and limited modern freehold stock. Vacancy rates sit broadly in line with the previous revaluation, QV data shows.
In the rural sector:
- Dairy is down around 3% from 2022
- Good-contoured pastoral land has softened
- Steeper pastoral blocks have dropped further as forestry demand eases
- Kiwifruit orchard demand remains, though at slightly lower values
- Entry-level lifestyle blocks are selling, but high-value coastal lifestyle properties have seen larger reductions
What owners need to know
Because the rating valuation is fixed at 1 August, any market movement since then will not be included. Sale prices achieved today may differ from the new valuations.
All valuations are independently audited by the office of the valuer-general and must meet strict quality standards. They are not intended for lending or insurance purposes.
New rating values will be posted after 26 November. Property owners have until 16 January to lodge an objection.
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