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Property Victoria DEPARTMENT OF SUSTAINABILITY AND ENVIRONMENT Property Victoria June 2003 edition 04 Inner city apartment market grows in this edition 01 apartments on the rise the official value of inner-city high-density housing 02 inner city & inner suburban growth a closer look at value shifts from 2000 to 2002 03 melbourne’s booming which suburbs are leading the growth? assistance for rural councils 12 regional municipalities receive help for Revaluation 2004 new look for property book a guide to property values gets a facelift how to subscribe / next edition he number of apartment-style The CIV of Port Phillip's high-density Thomes in the City of Melbourne housing was more than $7.8 billion in has increased by almost 50 per cent 2002 compared with more than $6 in two years. billion in 2000. Figures released by Land Victoria, Stonnington also experienced a rise part of the Department of in apartment-style housing. The data Sustainability and Environment, show shows that the numbers rose to apartments, flats, units and strata 20,466 in 2002 from 19,746 in 2000. dwelling numbers in the Melbourne Over the same period the CIV in area increased from 15,541 in 2000 Stonnington rose from more than Property Victoria is produced by Land Victoria, to 22,069 in 2002. Over the same $3.7 billion in 2000 to almost $5.3 Department of Sustainability & Environment. period the total capital improved billion two years later. value (CIV) of high density housing Land Victoria is the Victorian Government’s key Of the three municipalities the City of increased from $3.6 billion in 2000 to program for land administration and land Melbourne experienced the highest $6 billion in 2002. information. average price for apartment-style Figures for Docklands have not been housing at $272,325 followed by Port Property Victoria is produced using data from key included because 2000 figures are Phillip with $261,664 and Land Victoria business areas to highlight areas of not available to make a comparison Stonnington at $258,207. property activity across Victoria. with 2002. The figures compiled by Valuer- Neighbouring municipalities of Port General Victoria, part of Land Phillip and Stonnington also Victoria, were from the first two experienced increases in volume and statewide municipal revaluations. value. Under Valuation Best Practice guidelines all private properties in Port Phillip had the highest number Victoria must be valued every two of apartment-style homes in years. ISSN 1447-5324 Melbourne's inner city. Data gathered during the 2002 municipal property revaluation shows that Port Phillip is home to 29,935 apartments, flats, units and strata dwellings. property victoria 02 Inner city apartment values and numbers in 2002 compared with 2000 2002 2000 Municipality No. of Total CIV Median CIV Average CIV No. of Total CIV Median CIV Average apartments $ $ $ apartments $ $ CIV $ Melbourne 22,069 6,009,950,700 232,000 275,325 15,541 3,579,765,562 187,000 230,343 Port Phillip 29,935 7,832,920,300 225,000 261,664 29,035 6,085,787,920 180,000 209,652 Stonnington 20,466 5,284,459,000 222,000 258,207 19,746 3,742,728,000 156,000 189,544 Inner suburban apartment values and numbers - City of Melbourne 2002 2000 Municipality No. of Total CIV Median CIV Average CIV No. of Total CIV Median CIV Average apartments $ $ $ apartments $ $ CIV $ Carlton 3730 682,696,900 160,000 183,029 3005 505,962,545 140,000 168,374 East Melbourne 1551 529,842,700 278,000 341,614 240 91,603,000 152,600 381,679 Flemington # 84 19,233,000 232,000 228,964 49 13,620,000 170,000 277,959 Jolimont 144 46,824,000 259,000 325,167 3 1,713,000 372,000 571,000 Kensington * 752 105,964,000 113,000 140,910 872 99,873,000 110,000 114,533 Melbourne 7293 2,053,181,300 230,000 281,528 4674 1,274,945,100 216,000 272,774 North Melbourne 1819 374,692,000 180,000 205,988 1621 264,966,979 137,000 163,459 Parkville 1014 247,610,000 219,000 244,191 916 207,604,738 196,000 226,643 South Yarra 1932 674,296,000 266,000 349,014 1929 521,691,000 192,000 270,446 Southbank 3194 1,114,046,000 278,500 348,793 1807 497,456,200 232,000 275,294 West Melbourne 552 160,853,800 279,000 291,402 425 100,330,000 220,000 236,071 # Flemington also falls into the City of Moonee Valley. * Apartment numbers in Kensington fell in 2002 because of demolition of some public housing flats. The sites are currently being redeveloped. property victoria 03 Melbourne’s apartment growth entral Melbourne is leading the growth of the city's Capartment market. Statistics from Land Victoria, part of the Department of Sustainability and Environment, show that the number of apartments, flats, units and strata dwellings grew by 2,619 in Melbourne between 2000 and 2002. The total capital improved value in Melbourne also rose from almost $1.3 billion in 2000 to more than $2.05 billion in 2002. Southbank was the second Melbourne suburb in terms of volume and value growth. The value of Southbank's apartment-style properties rose by more than $438 million from $497 million in 2000. In 2002 there were 1,387 more apartments, flats, units and strata dwellings in the area than there were in 2002. In 2002 East Melbourne experienced a rise of 1,311 in in the the number of high-density properties, up from 240 in 2000. The total CIV of those properties was more than next $529 million in 2002 compared with $91 million in 2000. edition Take a closer look at the apartment market Second rural assistance program announced in outer Melbourne suburbs. Over the next 12 months these councils will get assistance to improve the quality of their map bases and property and ratings records. The latest package follows the success of the 2002 rural assistance program, which helped 14 councils establish the status or ownership of 17,000 properties that appeared on the state's digital map base but had not been matched to subscribe council records. Property Victoria is a free The second rural assistance package means quarterly publication more councils will get help to ensure their distributed via email. valuations are of the highest possible standard. The bulk of this year's funding will be used to If you’d like to receive carry out Title Searches to clarify the ownership Property Victoria of any unidentified properties. send an email to [email protected]. Buloke Shire Council was one of the gov.au with SUBSCRIBE in municipalities to receive assistance last year. the subject heading and Chief Executive Officer Mark Amirtharajah said it list your details, most was a great help to the council. importantly your email "We had between 300 and 400 unmatched address. Likewise if you wish to unsubscribe send welve rural councils will receive help properties so receiving help with Title Searches an email to the same preparing for the 2004 revaluation process meant we could greatly improve our map base," T address with under a $1.5 million assistance program Mr Amirtharajah said. "It was tremendous. We UNSUBSCRIBE in the developed by Valuer-General Victoria. now have records that are more accurate which helps the valuers." subject heading. Councils selected for the package are Bass Coast, Baw Baw, Campaspe, Glenelg, Hepburn, Mitchell, Mount Alexander, Southern Grampians, Strathbogie and Wellington shire councils along copyright & disclaimer with Ararat and Horsham rural city councils. © The State of Victoria, Department of Sustainability and Environment, 2003 This publication may be of assistance to you but the State of Property book gets a new look Victoria and its employees do not guarantee that the publication is without flaw of any kind or is wholly appropriate for your ictoria's leading property sales publication First published in 1972, the guide has gained particular purpose and therefore Vwill have a new look for the 2002 edition. the reputation as one of the leading resources disclaims liability for any error, loss or other consequence which may for the state's property industry. arise from you relying on any The next edition of A Guide to Property Values, information in this publication. due to be released in August will have a new The book will contain all the information about cover but its contents will be similar to previous properties sold in Victoria in 2002 including years. suburban median prices and sales statistics for each of Victoria's 79 local government areas..
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