Property Victoria

DEPARTMENT OF SUSTAINABILITY AND ENVIRONMENT Property Victoria

January 2003 edition 02

Melbourne’s commercial property up $3.4 in this edition billion 01 he heart of Victoria's commercial Apart from Melbourne, the other high melbourne commercial property up Tindustry jumped in value by $3.4 performing major municipality was billion over the past two years. Glen Eira, reporting a 57.5% growth $3.4 billion in the value of its combined Melbourne’s commercial property jumps in value Commercial property in the City of commercial and industrial property. Melbourne is now valued at $15.8 billion compared with $12.4 billion in Commercial and industrial property in kingston leads industrial value 2000. Victoria is worth $86.7 billion Victoria’s top industrial municipality goes further according to Revaluation 2002 ahead This 27% increase - according to figures. But that is only a fraction of Municipal Revaluation 2002 reports the total value of the state’s property 02 submitted to the Valuer-General which was worth $557 billion. Victoria - shows that commercial commercial and industrial values property is the City of Melbourne's 2002 compared to 2000 fastest growing property type. shifts in value across the state The statewide increase in commercial (by municipality) compared to last revaluation property (Capital Improved Value CIV) reported under Revaluation 2002 was 03 - 04 20.2% compared with the overall statewide property CIV increase of commercial and industrial % 26.7%. changes to CIV graphs illustrating % changes across the state Top 5 commercial property by Top 5 commercial and industrial (by municipality) compared to last revaluation municipality by municipality 05 1. Melbourne $15.8b (up 27%) 1. Stonnington* $ 4.3b (up 30.1%) how our dream homes compare 2. Port Phillip $ 3.1b (up 17.4%) 2. Darebin* $ 1.9b (up 5.1%) the varying prices of buying a three-bedroom brick 3. Boroondara $ 2.9b (up 25%) 3. Brimbank* $ 1.8b (up 15.9%) veneer 4. Yarra $ 2.4b (up 28.2%) 4. Glen Eira* $ 1.7b (up 57.5%) 5. Whitehorse $ 1.6b (up 32.2%) 5. Bayside* $ 1.6b (up 33.3%) how to subscribe / next edition * Breakdown of figures not provided.

Property Victoria is produced by Land Victoria, a Kingston leads industrial values division of the Department of Sustainability & Environment. Land Victoria is the Victorian Government Industrial property value in Victoria is The municipality with the next organisation responsible for land management and highest in the City of Kingston - $2.6 highest industrial value - the City of information services and is committed to ensuring billion. Monash - is growing fast. Monash's land is managed in such a way to protect the industrial property this year was The value of Kingston's industrial environment as well as generating wealth and valued at $1.91 billion - up 20.8% property rose by 11.6% in the past growth in the state. from 2000. two years, on par with the state Property Victoria is produced using data from key average, according to the latest The City of Melbourne's industrial Land Victoria business areas to highlight areas of Revaluation 2002 figures. property grew by 17.3% to $1.31 property activity across Victoria. billion - lifting it past the City of Knox This growth far outstripped that in to have Victoria's sixth highest Victoria's next highest industrial industrial property value. municipality - Greater Dandenong's industrial property increased only The increase in industrial property 1.3% to $2.02 billion. reported in Revaluation 2002 was ISSN 1447-5324 11.5% compared with the overall Kingston and Greater Dandenong property increase of 26.7%. were the only municipalities to report industrial property worth more than $2 billion. 02 property victoria

Commercial & industrial values 2002 compared to 2000

Municipality 2002 Commercial 2002 Industrial 2002 Total 2000 Commercial 2000 Industrial 2000 Total Change in Change in Total CIV commercial CIV Industrial CIV Change 1. Alpine, Shire * $122,386,100 $1,013,482,400 $102,016,045 $928,006,376 20.0% 9.2% 2. Ararat, City $38,345,300 $8,141,700 $837,397,500 $34,005,000 $7,569,700 $742,396,600 12.8% 7.6% 12.8% 3. Ballarat, City $595,273,500 $226,476,500 $5,400,001,000 $546,536,000 $215,501,580 $4,517,869,580 8.9% 5.1% 19.5% 4. Banyule, City $804,560,100 $333,042,000 $13,270,173,100 $680,274,400 $294,211,300 $10,179,048,700 18.3% 13.2% 30.4% 5. Bass Coast, Shire $164,984,000 $32,855,000 $3,701,707,080 $140,609,200 $26,823,500 $2,457,074,620 17.3% 22.5% 50.7% 6. Baw Baw, Shire $137,015,830 $54,215,000 $2,853,483,930 $131,046,990 $50,583,000 $2,681,431,130 4.6% 7.2% 6.4% 7. Bayside, City * $1,575,664,099 $19,789,485,209 $1,181,724,300 $14,958,543,300 33.3% 32.3% 8. Boroondara, City $2,902,781,300 $290,828,000 $33,637,850,500 $2,322,772,000 $227,342,000 $25,347,015,000 25.0% 27.9% 32.7% 9. Brimbank, City * $1,808,332,300 $12,022,808,100 $1,560,895,534 $8,356,116,534 15.9% 43.9% 10. Buloke, Shire $9,361,000 $8,263,750 $735,802,800 $8,068,360 $7,556,500 $643,405,160 16.0% 9.4% 14.4% 11. Campaspe, Shire $227,267,000 $170,734,700 $2,891,859,500 $205,647,300 $167,799,500 $2,714,843,830 10.5% 1.7% 6.5% 12. Cardinia, Shire $160,203,000 $83,436,000 $4,095,910,040 $130,256,200 $73,480,700 $3,248,767,000 23.0% 13.5% 26.1% 13. Casey, City $1,017,757,800 $468,911,700 $13,078,130,300 $921,839,500 $412,282,100 $10,674,993,690 10.4% 13.7% 22.5% 14. Central Goldfields, Shire $38,054,450 $32,618,500 $727,707,150 $35,216,200 $31,430,800 $667,348,361 8.1% 3.8% 9.0% 15. Colac-Otway, Shire $156,312,000 $25,131,000 $2,179,156,500 $132,483,340 $25,536,000 $1,810,215,940 18.0% -1.6% 20.4% 16. Corangamite, Shire $106,834,000 $41,209,500 $1,868,134,800 $97,503,000 $39,299,320 $1,713,881,700 9.6% 4.9% 9.0% 17. Darebin, City * $1,881,257,500 $14,915,913,000 $1,789,280,700 $10,890,203,300 5.1% 37.0% 18. Delatite, Shire $135,262,000 $55,170,200 $1,934,800,900 $117,908,000 $51,781,600 $1,726,488,800 14.7% 6.5% 12.1% 19. Docklands * $117,044,796 $258,458,796 $98,323,996 $223,341,996 19.0% 15.7% 20. East Gippsland, Shire $363,498,900 $2,912,740,920 $362,894,000 $2,836,310,020 0.2% 2.7% 21. Frankston, City $754,147,700 $369,233,200 $8,475,492,700 $658,981,943 $335,648,800 $6,564,134,373 14.4% 10.0% 29.1% 22. Gannawarra, Shire $37,423,500 $18,740,500 $862,602,500 $36,655,000 $18,248,000 $782,506,800 2.1% 2.7% 10.2% 23. Glen Eira, City * $1,652,856,120 $20,575,185,420 $1,049,684,403 $14,952,977,603 57.5% 37.6% 24. Glenelg, Shire $97,792,000 $486,177,000 $2,114,919,000 $84,010,281 $513,796,300 $2,070,561,635 16.4% -5.4% 2.1% 25. Golden Plains, Shire $18,162,000 $903,000 $1,105,435,000 $16,152,000 $908,000 $936,533,000 12.4% -0.6% 18.0% 26. Greater Bendigo, City $487,166,505 $145,037,100 $5,413,872,855 $468,624,950 $152,617,100 $4,943,318,250 4.0% -5.0% 9.5% 27. Greater Dandenong, City $1,024,320,770 $2,022,828,000 $10,042,670,370 $1,020,633,120 $1,996,677,000 $8,288,395,120 0.4% 1.3% 21.2% 28. Greater Geelong, City $1,194,158,200 $886,176,800 $15,495,124,600 $1,051,669,500 $883,289,316 $12,227,144,316 13.5% 0.3% 26.7% 29. Greater Shepparton, City $469,156,500 $229,011,000 $4,294,090,600 $429,115,800 $212,272,800 $3,871,201,700 9.3% 7.9% 10.9% 30. Hepburn, Shire $93,325,500 $4,969,000 $1,019,021,700 $82,723,800 $4,851,500 $950,290,400 12.8% 2.4% 7.2% 31. Hindmarsh, Shire $33,669,400 $18,882,900 $587,150,800 $33,242,400 $17,635,400 $537,095,800 1.3% 7.1% 9.3% 32. Hobsons Bay, City $415,283,000 $1,294,310,800 $10,407,842,800 $332,052,500 $1,186,292,500 $7,845,183,200 25.1% 9.1% 32.7% 33. Horsham, City $81,071,000 $40,801,000 $1,393,245,400 $75,913,000 $38,115,000 $1,217,028,600 6.8% 7.0% 14.5% 34. Hume, City $641,187,000 $1,626,755,000 $10,511,415,800 $544,784,000 $1,412,107,840 $8,735,163,480 17.7% 15.2% 20.3% 35. Indigo, Shire * $73,985,600 $1,066,391,200 $67,178,445 $952,133,681 10.1% 12.0% 36. Kingston, City $1,094,634,000 $2,609,364,600 $17,301,958,100 $864,641,400 $2,337,934,100 $13,510,314,860 26.6% 11.6% 28.1% 37. Knox, City $858,174,000 $1,212,403,000 $11,349,782,800 $970,458,500 $1,241,042,890 $10,573,415,270 -11.6% -2.3% 7.3% 38. La Trobe, Shire $424,544,000 $113,560,500 $3,027,606,500 $414,934,000 $113,008,500 $2,909,729,800 2.3% 0.5% 4.1% 39. Loddon, Shire $14,804,900 $6,680,500 $794,198,000 $12,616,100 $6,154,000 $699,985,100 17.3% 8.6% 13.5% 40. Macedon Ranges, Shire $182,450,225 $37,359,500 $3,053,150,425 $227,898,990 $31,282,800 $2,854,721,290 -19.9% 19.4% 7.0% 41. Manningham, City $1,006,262,000 $84,884,000 $15,337,739,000 $788,902,800 $72,331,900 $12,108,120,000 27.6% 17.4% 26.7% 42. Maribyrnong, City $1,002,351,004 $668,934,000 $7,146,938,004 $840,815,400 $556,574,200 $5,578,202,600 19.2% 20.2% 28.1% 43. Maroondah, City $690,131,000 $561,701,000 $9,585,256,000 $705,680,411 $532,767,000 $7,356,090,011 -2.2% 5.4% 30.3% 44. Melbourne, City $15,797,018,812 $1,313,799,808 $25,438,887,620 $12,439,466,538 $1,120,475,635 $20,757,681,989 27.0% 17.3% 22.6% 45. Melton, Shire $170,668,000 $79,008,000 $3,663,029,000 $153,139,200 $65,377,000 $3,019,990,867 11.4% 20.8% 21.3% 46. Mildura, City # $536,799,875 $179,579,650 $4,400,815,255 $482,205,980 $148,953,000 $3,885,809,317 11.3% 20.6% 13.3% 47. Mitchell, Shire $91,710,000 $24,441,000 $1,921,947,000 $81,118,500 $22,159,000 $1,561,731,600 13.1% 10.3% 23.1% 48. Moira, Shire $127,062,000 $143,713,000 $2,167,963,000 $107,838,926 $124,690,655 $1,880,589,473 17.8% 15.3% 15.3% 49. Monash, City $1,476,479,400 $1,910,406,000 $20,498,907,525 $1,220,776,100 $1,582,037,500 $15,921,855,900 20.9% 20.8% 28.7% 50. Moonee Valley, City $1,201,930,000 $351,100,000 $15,273,980,000 $1,035,720,000 $307,045,000 $11,763,770,000 16.0% 14.3% 29.8% 51. Moorabool, Shire $68,838,000 $28,802,000 $1,847,892,000 $61,131,000 $23,870,000 $1,595,044,800 12.6% 20.7% 15.9% 52. Moreland, City $939,280,000 $751,910,000 $15,142,625,000 $800,603,000 $673,712,000 $11,731,483,500 17.3% 11.6% 29.1% 53. Mornington Peninsula, Shire $1,032,318,620 $351,819,000 $22,359,094,670 $930,046,195 $331,898,100 $16,335,175,095 11.0% 6.0% 36.9% 54. Mount Alexander, Shire $53,238,000 $28,323,500 $1,386,778,800 $39,401,000 $25,196,500 $1,113,101,850 35.1% 12.4% 24.6% 55. Moyne, Shire $148,827,500 $3,707,000 $2,289,509,500 $89,706,500 $3,238,500 $2,000,853,280 65.9% 14.5% 14.4% 56. Murrindindi, Shire * $102,837,300 $1,450,887,600 $91,340,700 $1,275,637,000 12.6% 13.7% 57. Nillumbik, Shire $177,574,000 $85,368,000 $6,312,344,000 $145,715,100 $67,263,800 $4,850,915,400 21.9% 26.9% 30.1% 58. Northern Grampians, Shire $101,086,600 $36,231,600 $1,005,457,600 $91,028,600 $34,748,800 $923,152,800 11.0% 4.3% 8.9% 59. Port Phillip, City $3,098,119,000 $730,905,000 $20,184,025,300 $2,639,245,500 $640,551,200 $16,266,409,780 17.4% 14.1% 24.1% 60. Pyrenees, Shire * $16,708,700 $626,522,000 $13,878,300 $571,844,500 20.4% 9.6% 61. Queenscliffe, Borough * $77,030,000 $952,560,500 $54,831,500 $665,108,500 40.5% 43.2% 62. South Gippsland, Shire $116,339,600 $28,852,000 $2,439,040,300 $122,665,500 $25,475,000 $2,228,951,740 -5.2% 13.3% 9.4% 63. Southern Grampians, Shire $72,611,500 $14,508,500 $1,444,061,740 $67,288,500 $13,895,000 $1,228,761,417 7.9% 4.4% 17.5% 64. Stonnington, City * $4,275,315,931 $25,773,026,431 $3,287,273,500 $19,469,277,600 30.1% 32.4% 65. Strathbogie, Shire $50,682,800 $997,558,400 $46,478,700 $885,011,860 9.0% 12.7% 66. Surf Coast, Shire $134,214,520 $143,276,833 $4,447,534,353 $96,138,365 $104,282,900 $2,949,019,165 39.6% 37.4% 50.8% 67. Swan Hill, City *# $366,692,600 $1,953,985,125 $298,135,495 $1,338,558,315 23.0% 46.0% 68. Towong, Shire $16,317,700 $2,137,500 $597,283,600 $14,965,683 $2,125,824 $527,867,067 9.0% 0.5% 13.2% 69. Wangaratta, City $154,011,361 $64,208,000 $1,883,277,361 $140,944,672 $60,773,162 $1,633,342,523 9.3% 5.7% 15.3% 70. Warrnambool, City $262,950,000 $73,623,000 $2,289,605,000 $242,997,000 $70,213,000 $1,753,057,000 8.2% 4.9% 30.6% 71. Wellington, Shire * $743,606,753 $3,971,278,893 $671,090,976 $3,554,123,476 10.8% 11.7% 72. West Wimmera, Shire $15,412,900 $4,455,200 $635,255,500 $15,420,900 $4,076,700 $580,384,540 -0.1% 9.3% 9.5% 73. Whitehorse, City $1,559,891,150 $773,593,300 $17,823,858,400 $1,180,150,900 $633,405,100 $13,370,114,200 32.2% 22.1% 33.3% 74. Whittlesea, City $586,840,812 $676,426,672 $10,501,135,400 $474,965,100 $631,760,000 $7,825,878,200 23.6% 7.1% 34.2% 75. Wodonga, City $206,593,160 $179,943,000 $2,108,243,660 $194,527,000 $164,503,500 $1,833,668,300 6.2% 9.4% 15.0% 76. Wyndham, City $343,848,300 $885,443,700 $6,608,264,790 $302,029,100 $749,838,000 $5,610,528,950 13.8% 18.1% 17.8% 77. Yarra, City $2,437,730,000 $1,381,946,000 $14,536,214,000 $1,902,214,033 $1,066,466,337 $11,146,938,530 28.2% 29.6% 30.4% 78. Yarra Ranges, Shire $834,380,400 $12,354,465,400 $737,596,951 $9,233,264,451 13.1% 33.8% 79. Yarriamback, Shire $20,501,900 $22,245,200 $820,995,100 $20,069,000 $22,041,600 $754,174,660 2.2% 0.9% 8.9% TOTALS $62,124,718,093 $24,539,518,413 $557,194,402,982 $51,668,812,822 $22,014,825,359 $439,824,626,171 20.2% 11.5% 26.7%

* Industrial/commercial figures combined # Preliminary information property victoria 03

Commercial % Changes in CIV

The maps list each council by number (refer to municipalities listings on page 2) and illustrate % changes to captial improvement value (CIV). 04 property victoria

Industrial % Changes in CIV

The maps list each council by number (refer to municipalities listings on page 2) and illustrate % changes to capital improved value (CIV) from 2000. property victoria 05

The price of our dream homes

What price a dream? That depends where you live. The comprehensive property information collected under the Valuation Best Practice approach in this year's municipal The three-bedroom brick veneer - the object of the great revaluation enables a fascinating comparison between suburbs. Australian dream of home ownership - can vary in price by around half a million dollars. These maps show the median value of a 1980s three-bedroom brick veneer in average condition in a range of metropolitan and The three obvious variables are location, location and location. regional locations.

in the next edition

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© The State of Victoria, Department of Sustainability and Environment, 2003 This publication may be of assistance to you but the State of Victoria and its employees do not guarantee that the publication is without flaw of any kind or is wholly appropriate for your particular purpose and therefore disclaims liability for any error, loss or other consequence which may arise from you relying on any information in this publication. These locations, chosen from more than 450 Future issues of Property Victoria will provide suburbs and towns across Victoria provided similar comparisons of different property types the best comparisons. around the State.