Land value rise con­tin­ues

But rates will not be af­fected by the lat­est fig­ures

The Daily Examiner - - NEWS - Tim Howard tim.howard@dai­lyex­am­iner.com.au

THE IM­PACT of sea chang­ers and the in­fra­struc­ture boom in the Clarence Valley has led to a steady mod­er­ate in­crease in res­i­den­tial land value.

The NSW Valuer Gen­eral, Simon Gilkes, re­leased land values for the North Coast re­gion on Fri­day, which re­vealed mod­er­ate to steady growth in most sec­tors.

De­spite land values in­creas­ing by up to 15% in some sec­tors, the rises in land values, which re­flected the prop­erty market at July 1, 2017, would have no im­pact on rates.

Mr Gilkes said Clarence Valley Coun­cil’s rates were set on 2016 values and would re­main un­changed un­til 2019.

But the new values will be used to cal­cu­late land tax for the 2018 land tax year.

Mr Gilkes said those reg­is­tered for land tax would re­ceive a no­tice of as­sess­ment from Rev­enue NSW from January 10.

He said land values in Clarence Valley had gen­er­ally shown a mod­er­ate in­crease be­tween 2016 to 2017 with sea-change buy­ers, pre­dom­i­nantly from Syd­ney, help­ing in­crease de­mand.

“Works on the Pa­cific High­way up­grade have also en­cour­aged in­ter­est in the area,” he said.

“Ru­ral, res­i­den­tial and in­dus­trial land values have ex­pe­ri­enced mod­er­ate in­creases while com­mer­cial land values have seen a slight in­crease.”

Mr Gilkes said res­i­den­tial land values had shown the most move­ment.

“Over­all, res­i­den­tial land values in the Clarence Valley lo­cal gov­ern­ment area have shown a mod­er­ate in­crease, with strong in­creases seen in the coastal area of Yamba as a re­sult of the sea-change de­mand,” he said.

“Unit site land values in the coastal ar­eas of An­gourie, Iluka and Yamba also ex­pe­ri­enced a strong in­crease as the market recog­nises the op­por­tu­nity of such prop­er­ties.

“Grafton river­front and South Grafton land values re­mained steady fol­low­ing in­creases in re­cent years.

“Land values were also steady for the prop­er­ties in the in­land vil­lages that had no river views. Junc­tion Hill has re­mained steady due to in­creased sup­ply.”

Land in the North Coast re­gion has been in­de­pen­dently val­ued and qual­ity as­sured through a range of sys­tem checks, au­dits and com­par­i­son against in­ter­na­tional stan­dards.

Mr Gilkes said prop­erty sales were the most im­por­tant fac­tor when de­ter­min­ing land values.

“We con­sider a num­ber of dif­fer­ent fac­tors when valu­ing a par­cel of land, with a strong fo­cus on prop­erty sales in a re­gion,” he said.

For more in­for­ma­tion on land values visit www. val­uer­gen­eral.nsw.gov.au or call 1800 110 038.

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