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Decrease in land values

Monday, 24th January, 2011

Land valuation notices are being issued for about 10,504 properties in the Broken Hill Local Government Area (LGA).

The total land value of the Broken Hill LGA as at July 1, 2010 was about $345 million, according to Valuer General Philip Western.

Mr Western said the value of residential land had shown a moderate decrease, while the value of commercial, rural and rural residential land has generally remained steady.

He said demand for industrial land had been steady but the limited available supply of vacant land had caused a strong increase in values in the Kanadah Road industrial precinct.

The Valuer General analysed 44 residential, 15 commercial, three industrial and two rural sales to set the land values.

A typical 1,012 square metres residential block at McGowen Street was valued at $29,400; 1,062 square metres at Boughtman Street $22,400; 2,023 square metres at Piper Street $31,300; 1,454 square metres at Nicholls Street $30,900; and 1,012 square metres at Wyman Street 53,100.

Typical commercial land values were 272 square metres at Argent Street valued at $51,300; 536 square metres at Oxide Street $30,000; and 1,517 square metres at Cobalt Street $90,000.

A 3,908 square metres industrial block at Kanandah Place was $44,900 and 3,794 square metres in Rakow Street $44,100.

Typical rural residential land values were 22.8 hectares on Racecouse Road $150,000 and 0.4 hectares in Jamieson Street $12,000.

Typical hobby farm land values were 1.6 hectares at Racecouse Road valued at $55,000 and 8.8 hectares at Pinnacle Place $90,000.

The valuations are dated at 1 July 2010 and are based on relevant land and property sales data.

The 2010 land valuations are one of the factors that City Council will use to determine landowner rates.

"Landowners will receive a leaflet with their valuation notice that explains the valuation process," Mr Western said.

"People who have a query about their valuation are encouraged to call our toll free number (1800 110 038)."

More information on land valuation and a land value search service can be found on the Land and Property Management Authority's website at www.lpma.nsw.gov.au/valuation.

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