Queenstown’s home to expensive, palatial pads – but even the rich and famous have suffered in controversial new property valuations.
Nationwide property monitor Quotable Value has recently released its new house and land assessments for the Queenstown Lakes District and most places appear to have dropped in value.
Before the appeal period closes tonight, Mountain Scene researched some notable local homes to see how they’ve fared.
Philanthropic millionaire Sir Eion Edgar’s sprawling Kelvin Heights super-home has dropped $100,000 to $6.7 million. The house of nearby resident, former chairman and director of Skyline and Mountain Scene owner, Barry Thomas, has dipped by the same amount. His pad is now worth $2.7m.
Jeweller Sir Michael Hill’s luxury Arrowtown home has dipped $65,000 to $4.25m but Hollywood actor Sam Neill’s Dalefield estate has climbed $250,000 to $5.65m.
Facebook tycoon Peter Thiel, who bought bankrupt developer Rod Nielsen’s “Plasma Screen” home on Edinburgh Drive in August, may have mixed feelings about his latest valuation. Previously worth $1.3m, it’s climbed to $2.5m – but it’s still nowhere near the $4.7m he paid for the place.
The value of mayor Vanessa van Uden’s Kelvin Heights family home has climbed $5000 to $840,000.
Van Uden laughs when contacted about her latest assessment.
“Well thank you for finding that out for me, I obviously hadn’t paid attention.”
Quotable Value acts independently of any local authority so QLDC has nothing to do with valuations.
“All we know is we got a broad brush overview of the percentage drops in area groups,” Van Uden says.
“I know empty sections, Wanaka houses and I think lifestyle properties have dropped quite a lot.”
Still, she’s pleased her home has increased.
“But in the end the property’s only worth what somebody’s prepared to pay for it if you want to sell it.”
Queenstown’s Real Estate Institute spokesman Kelvin Collins claimed in Mountain Scene earlier this month that 60 per cent of the new values were inaccurate.