The NSW Valuer General has estimated that the total value of Clarence Valley’s land (25,252 properties) has increased by 5.9 percent during the 2015/16 financial year – from $4,386,219,426 to $4,642,698,266 – and that the Pacific Highway upgrade is a factor in the increased valuations.
Meanwhile, the overall property valuation during the 2014/15 financial year rose by three percent.
Median land values over recent years are: 2012 – $117k; 2013 – $114k; 2014 – $113k, 2015 – $116k; and, 2016 – $121k.
According to Valuer General Simon Gilkes, the land values, which have “generally increased across the north coast region over the 12-month period,” reflect the property market as at July 1, 2016.
He said property sales are the most important factor considered when determining land values.
However, he said that “land values do not include the value of the home or improvements to the land”.
“Land values are one factor used by councils to calculate rates,” Mr Gilkes said.
“Changes in land value don’t always mean a change in council rates. Each council develops a revenue policy which is used to determine rates charged to fund community services.”
Generally, in the Clarence Valley LGA, there was a “moderate and consistant increase in land values across the market, with the exception of industrial lands, which experienced strong increases, and rural lands, which increased slightly,” the Valuer General website states.
The ‘residential overview’ notes that there has been “increased demand for residential property in coastal villages” and that “the proposed Pacific Highway upgrade generally had a positive influence overall on residential land values”.
“Rural residential home sites in Glenreagh have shown a slight decrease due to increased supply levels, and the commuting distance to the major regional centres of Grafton and Coffs Harbour.
“Residential and rural residential home-sites in Coutts Crossing have remained steady with well balanced supply and demand.”
Commercial land values “have shown a moderate increase due to the Pacific Highway upgrade, commencement of the second bridge at Grafton and an overall stronger demand for commercial properties”.
“Limited supply and stronger demand for industrial properties at Maclean, Iluka and established industrial localities at Yamba” have resulted in “a strong increase” in values.
Meanwhile, “land values for fringe industrial properties at Grafton have generally remained steady due to limited demand … at this locality”.
Rural land values have generally showed slight increases, which the Valuer General says “can be attributed to continued interest in blueberry farming and strong cattle prices”.
“Rural grazing properties in the Hernani and Tyringham localities have generally shown strong increases in land value; this can be attributed to good seasonal conditions and higher prices for cattle.”
From July 1, 2017 land values will also be a factor used to calculate the Emergency Services Property Levy (ESPL), which will replace the current levy on property insurance. The levy will help fund fire and emergency services across NSW.
For more information on this, go to: www.cvindependent.com.au/new-emergency-services-levy-added-to-rates-bill.
Landholders will receive a Notice of Valuation showing their land value before it is used by council for rating, which allows landholders time to consider their land value.
Landholders can find more information about their Notice of Valuation and a specific report for the Clarence Valley LGA at: www.valuergeneral.nsw.gov.au or by calling 1800 110 038.
Landholders have 60 days to lodge an objection to their valuation.