1 February 2013

Land Values issued for City

NSW Valuer General Philip Western today said landowners and rate paying lessees of approximately 12,510 properties in the Queanbeyan City local government area (LGA) have 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 in Queanbeyan City LGA 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 Queanbeyan City LGA as at 1 July 2012 was approximately $4.23 billion. This is an overall increase from the total land value of $3.78 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 Queanbeyan City LGA has been comprehensive during the course of the 2012 valuation program with 147 residential, 3 commercial, 15 industrial and 19 rural sales analysed,” he said.

Over the three year period since landowners in Queanbeyan City LGA were issued with Notices of Valuation the value of residential land showed a moderate increase, with properties in Jerrabomberra and those close to the CBD showing the strongest increases.

Commercial land values generally showed a moderate increase, with properties located on the fringe of the main commercial area showing the strongest increase in value. A small number of commercial properties with large block sizes, however, showed a slight decrease in value.

The value of industrial land also showed a moderate increase, with properties smaller than 1,000 square metres showing the largest increases in value. The value of larger lots, those larger than 4,000 square metres, generally remained steady.

Grazing land has generally shown a slight increase in value.

Rural residential land within Queanbeyan City has generally shown a moderate increase in value. Rural residential land at The Ridgeway, Kingsway and Estates showed a slight increase in value, while properties in Wickerslake Lane, Tempe Crescent and Talpa Heights have shown a strong increase in value.

“Typical residential land values as at 1 July 2012 were: • 967 square metres at Currie Street, Karabar valued at $260,000 • 601 square metres at Donald Road, Karabar valued at $235,000 • 1,021 square metres at Eucalyptus Rise, Jerrabomberra valued at $329,000 • 1,211 square metres at Lakeview Gardens, Jerrabomberra valued at $463,000 • 451 square metres at Old Sydney Road, valued at $246,000 • 601 square metres at Pindari Crescent, Karabar valued at $238,000 • 6,967 square metres at Taylor Place, Greenleigh valued at $407,000 • 696 square metres at Agnes Avenue, Crestwood valued at $271,000.

“Typical commercial land values as at 1 July 2012 were: • 481 square metres at Crawford Street, Queanbeyan valued at $327,000 • 1,321 square metres at Crawford Street, Queanbeyan valued at $581,000 • 297 square metres at Monaro Street, Queanbeyan valued at $154,000 • 835 square metres at Monaro Street, Queanbeyan valued at $316,000.

“Typical industrial land values as at 1 July 2012 were: • 854 square metres at Bayldon Road, valued at $278,000 • 2,080 square metres at Gilmore Road, Queanbeyan West valued at $485,000 • 1,096 square metres at Yass Road, Queanbeyan East valued at $409,000 • 6,887 square metres at Faunce Street, Queanbeyan East valued at $1,170,000.

“Typical rural land values as at 1 July 2012 were: • 22 hectares at Old Cooma Road, Googong valued at $218,000 • 285 hectares at Old Cooma Road, Royalla valued at $1,240,000 • 658 hectares at Alderson Place, Tralee valued at $2,820,000 • 171 hectares at Wickerslack Lane, Googong valued at $525,000.

“Typical rural residential land values as at 1 July 2012 were: • 3.8 hectares at Clydesdale Road, valued at $448,000 • 1.5 hectares at Tempe Crescent, Googong valued at $352,000 • 1.9 hectares at Outlook Place, The Ridgeway valued at $493,000 • 1 hectare at Woodland Avenue, Carwoola valued at $445,000 • 2 hectares at Shillington Avenue, Googong valued at $421,000 • 3 hectares at Buckley Place, Royalla valued at $439,000.

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.

Media contact: Bill Smith 0412 446 058