Land values in the Merimbula area are patchy for the first time in a decade which reflects the softening of property market conditions. Some landowners have reported a drop of 16 per cent while others claim their values have risen slightly. It is a far cry from December 2003 when property values shot up by a whopping 300 per cent turning some residents into millionaires overnight.
NSW Valuer General Philip Western said landowners and rate paying lessees of about 18,209 properties in the Bega Valley Shire had been issued with a Notice of Valuation showing the land value of their property based on property market conditions as at 1 July 2012.
Mr Western said landowners and rate paying lessees are issued with a Notice of Valuation when new land values have been issued to their council to use in the determination of rates.
“These land values are fixed for rating until new values are issued to council, which usually occurs every three to four years,” he said.
Landowners were last issued with a Notice of Valuation showing their property’s land value as at 1 July 2009.
“The total land value of the Bega Valley Shire as at 1 July 2012 was approximately $3.18 billion. This is an overall decrease from the total land value of $3.42 billion determined as at 1 July 2009,” Mr Western said.
“Property sales are the most important factor considered by valuers when determining land values.
“Real estate analysis in the Bega Valley Shire has been comprehensive during the course of the 2012 valuation program with 421 residential, 33 commercial, 13 industrial and 284 rural sales analysed,” he said.
Over the three year period since the last valuations were issued the value of residential and rural residential land generally showed a slight decrease, with higher valued residential properties such as those located on headland sites showing the strongest decreases, Mr Western said.
Some residential land in the lower to middle value range, which is mostly located in well-presented high demand locations, remained steady or showed a slight increase in value.
Commercial land values have generally shown a moderate decrease due to the ongoing retraction in retail trade, falling rental income and rising vacancies.
Industrial land values have generally shown a slight decrease, with the exception of industrial land in areas such as North Bega and Bermagui, where values have remained steady.
The value of larger working rural properties has generally shown a slight decrease.
Village land values have generally shown a slight decrease, Mr Western said. The value of land in the smaller villages, however, generally remained steady.
Typical residential land values as at 1 July 2012 were:
• 1062 square metres at Collins Street, Merimbula valued at $242,000
• 1062 square metres at Coraki Drive, Pambula Beach valued at $294,000
• 766 square metres at Tura Beach Drive, Tura Beach valued at $145,000.
• 784 square metres at Auckland Street, Bega valued at $65,300
• 1067 square metres at Goldberg Place, Bega valued at $76,800
• 556 square metres at Scenic Drive, Bermagui valued at $221,000
• 969 square metres at Maling Street, Eden valued at $111,000
Typical commercial land values as at 1 July 2012 were:
• 496 square metres at Carp Street, Bega valued at $180,000
• 506 square metres at Lamont Street, Bermagui valued at $231,000
• 503 square metres at Imlay Street, Eden valued at $193,000
• 708 square metres at Market Street, Merimbula valued at $589,000
• 500 square metres at Merimbula Drive, Merimbula valued at $456,000
• 527 square metres at Bennett Lane, Pambula valued at $180,000
• 556 square metres at Andy Poole Drive, Tathra valued at $219,000.
Typical industrial land values as at 1 July 2012 were:
• 1 hectare at West Street, Bega valued at $205,000
• 1,948 square metres at Imlay Street, Eden valued at $219,000
• 3,060 square metres at Sir William McKell Drive, Pambula valued at $152,000
• 3,372 square metres at Strudwicks Road, Bermagui valued at $109,000
• 6,566 square metres at Chandos Street, Eden valued at $133,000.
Typical rural land values as at 1 July 2012 were:
• 198 hectares at Bollers Road, Tantawangalo valued at $482,000
• 142 hectares at Candelo Wolumla Road, Toothdale valued at $496,000
• 156 hectares at Mount Darragh Road, Wyndham valued at $286,000.
Typical rural residential land values as at 1 July 2012 were:
• 2.4 hectares at Mountview Close, Bega valued at $169,000
• 10 hectares at Princes Highway, Eden valued at $202,000
• 4 hectares at County Boundary Road, Cobargo valued at $143,000
• 1.2 hectares at Armstrong Drive, Kalaru valued at $157,000
• 5.9 hectares at Princes Highway, Greigs Flat valued at $314,000.
Typical hobby farm land values as at 1 July 2012 were:
• 19 hectares at The Snake Track, Towamba valued at $94,800
• 41 hectares at Burragate Road, Burragate valued at $138,000.
Typical village land values as at 1 July 2012 were:
• 2788 square metres at Loftus Street, Bemboka valued at $45,600
• 1112 square metres at Panbula Street, Candelo valued at $45,200
• 1922 square metres at Park Street, Cobargo valued at $68,300
• 2023 square metres at Towamba Street, Towamba valued at $42,800
• 3052 square metres at Dawson Avenue, Wonboyn valued at $82,500
• 2,023 square metres at Oak Street, Wyndham valued at $65,400
• 1012 square metres at Philip Street, Wolumla valued at $61,100.
Mr Western said landowners wishing to know more about their land value or the land valuation system could call toll free on 1800 110 038 or visit the Land and Property Information website at www.lpi.nsw .gov.au/valuation.