The most recent property valuations bring positive news for homeowners in Gore, but the rural sector tells a different story.
Almost 7000 properties in the Gore District Council have been valued based on their quotable value, reflecting the sale price as of July 1 last year.
The district’s total value has grown to $5.59 billion, a 2.8% increase, with land value reaching $2.88 billion, a 0.4% increase.
However, variations within different sectors reveal a more complex picture beyond steady growth, with fluctuations in residential, commercial, industrial, lifestyle, pastoral, and dairy properties.
The residential market shows a 10-15% increase in Gore home values, driven by first-time buyers and investors, particularly in entry-level and modern properties.
Julie Mitchell, a real estate agent at Bayleys, praised Gore as a fantastic place to live and highlighted the district’s adaptability.
“Gore keeps reinventing itself. Every time we see major industry developments, skeptics doubt their longevity, but they end up thriving, attracting more investment,” she said.
Reflecting on the bustling real estate market in Gore, Mitchell expressed excitement for future growth.
Tara Maxwell, sales manager at Property Brokers, encouraged individuals to enter the Gore property market, emphasizing the benefits of ownership and stability amid rising rents and tenancy changes.
Gore Mayor Ben Bell welcomed the valuation news, noting the steady increases and affordable housing that make Gore an attractive destination for families and businesses seeking a balanced lifestyle.
Commercial and industrial properties now represent 9.4% of the district’s value, with respective upticks of 9.6% and 14.3%. Bell highlighted Gore’s strategic location, skilled workforce, and supportive infrastructure as key assets driving economic confidence.
QV lead valuer Brenan Tancredi attributed the rise in value of larger, older family homes to the overall positive numbers in the Gore District.
While pastoral properties experienced an 8.7% decline in value, contributing 26.8% of the district’s total, factors like challenging seasons, rising costs, and market uncertainties affected their worth.
Despite these challenges, dairy properties, making up 10.9% of the district’s value, saw a modest growth of 0.9% due to stable commodity prices and buyer interest.
Overall, Gore remains a promising location for families and businesses, with its affordability, connectivity, and community support enhancing its appeal in Southland.
gerrit.doppenberg@alliedmedia.co.nz
