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Property Victoria September 2003 Edition 05

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Property Victoria September 2003 edition 05 Suburban flats rise in value in this edition 01 suburban flats rise in value new development boosts number and value of flats and units 02 & 03 metropolitan city snapshots value shifts in six Melbourne suburbs 04 country house blocks in demand a look at house, flat and vacant land sales in regional Victoria victoria from every angle digital maps, aerial photography and more how to subscribe / next edition any Melbourne metropolitan total CIV jumped by more than 90 per municipalities recorded cent. The increase is primarily due to Msignificant growth in the the development of the former number and value of their flats and Larundel Psychiatric Hospital site. units between 2000 and 2002, Land In the Bayside suburb of Brighton Victoria figures show. East the total number of flats and units increased by 48 per cent and As well as highlighting increases in Property Victoria is produced by Land Victoria, their total CIV was up by more than value over two years, figures from Department of Sustainability & Environment. Valuer General Victoria (VGV) show 120 per cent. there was a lot of new development Land Victoria is the Victorian Government’s key Although the total number of flats in across Melbourne. program for land administration and land the Manningham suburbs of information. In this edition of Property Victoria, we Doncaster, Doncaster East and Lower profile the flat and unit market in six Templestowe rose by less than 20 per Property Victoria is produced using data from key Melbourne municipalities - Bayside, cent in two years, their total CIV Land Victoria business areas to highlight areas of Darebin, Hobsons Bay, Manningham, increased by more than 50 per cent. property activity across Victoria Monash and Moonee Valley. Charting growth in the flat and unit Waterside municipalities such as market is possible as a result of Bayside and Hobsons Bay recorded Valuation Best Practice guidelines For information on Valuer General Victoria go to increases of 70 and 57 per cent introduced by VGV. Under the www.land.vic.gov.au/valuation respectively in the total Capital guidelines, all private properties in Improved Value (CIV) of their flats Victoria must be valued every two and units in two years. The average years. The figures are compiled from CIV of flats and units in Hobsons Bay information provided to VGV by all rose by 44 per cent. Victorian councils. A boom in the number and CIV of ISSN 1447-5324 flats and units happened in the Darebin suburb of Bundoora - the number rose by 95 per cent and their property victoria 02 Bayside City snapshot · Increase of 70 per cent in total CIV of flats and units between 2000 and 2002 · 23 per cent increase in number of flats and units in two years · Average CIV of flats/units up by 39 per cent ($245,214 in 2000 to $340,299 in 2002) In the City of Bayside, Brighton East recorded the highest percentage increase (48 per cent) in the number of flats/units between 2000 and 2002. The suburb also recorded the biggest increase in the average CIV of its flats and units, up 51 per cent and the biggest rise in the total CIV of all flats and units, up 123 per cent. The total CIV of flats and units in Beaumaris and Cheltenham rose by more than 70 per cent from 2000 to 2002. The total number of flats in both suburbs rose by more than 20 per cent and the average CIV was up more than 40 per cent. Hobsons Bay snapshot · Increase of 57 per cent in total CIV of flats and units between 2000 and 2002 · 9 per cent increase in number of flats and units in two years · Average CIV of flats/units up by 44 per cent ($125,252 in 2000 to $180,471 in 2002) The CIV of flats and units in Hobsons Bay rose significantly between 2000 and 2002, particularly in Newport. The suburb recorded an increase of more than 80 per cent in the total CIV of its flats and units while the average CIV leapt by 57 per cent. Spotswood followed a close second, recording an increase of more than 60 per cent in the total CIV of its flats and units. The average CIV also rose by more than 40 per cent. Neither suburb recorded a significant increase in the number of flats and units. The total CIV of flats and units in Williamstown rose by more than 50 per cent as did those in Altona and Altona Meadows. The average CIV of flats and units in these bayside suburbs was also up between 30 and 50 per cent. Neither suburb recorded a significant increase in the number of flats and units. Manningham snapshot · Increase of 50 per cent in total CIV of flats and units between 2000 and 2002 · 14 per cent increase in number of flats and units in two years · Average CIV of flats/units up by 32 per cent ($191,982 in 2000 to $253,010 in 2002) Doncaster, Doncaster East and Lower Templestowe led the way in the City of Manningham, recording increases of more than 50 per cent in the total CIV of their flats and units while Donvale, Templestowe and Bulleen recorded increases of more than 40 per cent. The total CIV of units and flats in the eastern part of the municipality - Ringwood North, Park Orchards, Warrandyte and Wonga Park - all fell between 2000 and 2002. As there are less than 10 units/flats in Park Orchards and Wonga Park the information on these areas is based on a very small sample. The average CIV of flats and units in Park Orchards and Wonga Park fell by up to 20 per cent and averages in Warrandyte and Ringwood North rose by up to 10 per cent. property victoria 03 Darebin snapshot · Increase of 49 per cent in total CIV of flats and units between 2000 and 2002 · 7 per cent increase in number of flats and units in two years · Average CIV of flats/units up by 40 per cent ($114,847 in 2000 to $161,141 in 2002) In two years, the total CIV of flats and units in Bundoora increased by more than 90 per cent. The suburb recorded a 95 per cent increase in the number or flats and units (due to the development of the former Larundel Psychiatric Hospital site) and the average CIV increased by more than 20 per cent. The average CIV of flats and units in Thornbury rose by 50 per cent, higher than any other suburb in the municipality. Preston, Northcote, Fairfield and Alphington followed with increases of more than 40 per cent. Monash snapshot · Increase of 38 per cent in total CIV of flats and units between 2000 and 2002 · 10 per cent increase in number of flats and units in two years · Average CIV of flats/units up by 26 per cent ($174,356 in 2000 to $219,118 in 2002) In the City of Monash, Oakleigh recorded the biggest increase in the total CIV of flats and units, jumping more than 60 per cent from 2000 to 2002. The average CIV of flats and units in the suburb also rose by more than 30 per cent over the two years. Ashwood recorded the highest percentage change in the number of flats and units with 33 per cent more in 2002 than 2000. The total CIV of flats and units in the suburb also rose more than 50 per cent. Hughesdale, Huntingdale and Notting Hill all recorded a rise of more than 30 per cent in the average CIV of their units and flats. Moonee Valley snapshot · Increase of 37 per cent in total CIV of flats and units between 2000 and 2002 · 3 per cent decrease in number of flats and units in two years (due to demolition of some public housing flats; the sites are currently being redeveloped) · Average CIV of flats/units up by 41 per cent ($119,162 in 2000 to $168,256 in 2002) North Melbourne and Strathmore recorded the biggest increases in the total CIV of flats and units. In both suburbs the total CIV increased by more than 50 per cent in two years. The average CIV increased by more than 50 per cent in North Melbourne and more than 30 per cent in Strathmore, which recorded an increase of more than 10 per cent in the number of flats and units. The average CIV of flats and units in Essendon and Moonee Ponds rose by more than 40 per cent. In Airport West, Niddrie, Keilor East, Essendon West and Avondale Heights the average CIV rose by more than 20 per cent. property victoria 04 Country house blocks in demand Vacant land was hot property in the Rural City of where 1281 of the shire's 12,413 houses were Wodonga in 2002 - more than 90 per cent of sold and in South Gippsland where 724 of the vacant house blocks in the municipality went shire's 7497 houses were sold. The median under the hammer in 2002, making it country house price in both shires was $128,000. Victoria's best performer in this category. Municipality House Total no. % houses Median sales houses sold price Of the 422 blocks of vacant land in the city, 383 in the next were sold in 2002, the median price being Moyne 267 2837 9.5% $145,017 $53,500. Mount Alexander 412 4771 8.6% $152,000 edition The second highest percentage turnover was Murrindindi 379 4315 8.7% $135,000 The Land Exchange and recorded in Southern Grampians Shire where 75 Alpine Shire had the highest percentage turnover its component projects.
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