17 January 2013

Land Values issued for Port Macquarie-Hastings

NSW Valuer General Philip Western today said landowners and rate paying lessees of approximately 29,542 properties in the Port Macquarie-Hastings 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 the Port Macquarie-Hastings 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 Port Macquarie-Hastings LGA as at 1 July 2012 was approximately $7.12 billion. This is an overall increase from the total land value of $6.88 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 Port Macquarie-Hastings LGA has been comprehensive during the course of the 2012 valuation program with 572 residential, 20 commercial, 18 industrial and 102 rural sales analysed,” he said. Over the three year period since landowners in Port Macquarie-Hastings LGA were issued with Notices of Valuation the value of residential land has shown a slight increase, with residential land in Port Macquarie, Lake Cathie and Innes Lake showing the strongest increases. Commercial land values have also shown a slight increase, with business zoned properties in the Port Macquarie area showing the strongest increase. Industrial land in Port Macquarie has shown a slight decrease in value, while the exception of land in Wauchope which has shown a moderate decrease. Rural, rural residential, hobby farm and village land values have generally remained steady. “Typical residential land values as at 1 July 2012 were:

• 718 square metres at Bass Avenue, Laurieton valued at $185,000 • 703 square metres at Blackbutt Drive, Wauchope valued at $127,000 • 582 square metres at Bellevue Drive, Port Macquarie valued at $180,000 • 761 square metres at Macleay Place, Port Macquarie valued at $180,000 • 825 square metres at Matthew Flinders Drive, Port Macquarie valued at $240,000 • 859 square metres at Newport Crescent, Port Macquarie valued at $620,000 • 546 square metres at Chepana Street, Lake Cathie valued at $280,000.

“Typical commercial land values as at 1 July 2012 were:

• 462 square metres at Bold Street, Laurieton valued at $208,000 • 332 square metres at High Street, Wauchope valued at $315,000 • 374 square metres at Clarence Street, Port Macquarie valued at $533,000 • 1,922 square metres at Gordon Street, Port Macquarie valued at $570,000 • 986 square metres at Horton Street, Port Macquarie valued at $1,650,000.

“Typical industrial land values as at 1 July 2012 were:

• 4,052 square metres at Commerce Street, Wauchope valued at $175,000 • 4,047 square metres at Blackbutt Road, Port Macquarie valued at $770,000 • 968 square metres at Hastings River Drive, Port Macquarie valued at $290,000 • 2,329 square metres at Lake Road, Port Macquarie valued at $630,000.

“Typical rural land values as at 1 July 2012 were:

• 101 hectares at Upper Rollands Plains Road, Upper Rollands Plains valued at $360,000 • 63 hectares at Wingham Road, Comboyne valued at $610,000 • 60 hectares at Frazers Creek Road, Frazers Creek valued at $317,000 • 27 hectares at Pappinbarra Road, Lower Pappinbarra valued at $255,000.

“A typical rural residential land value as at 1 July 2012 was:

• 2.6 hectares at Comboyne Road, Byabarra valued at $153,000. “Typical hobby farm land values as at 1 July 2012 were:

• 7.7 hectares at Batar Creek Road, Batar Creek valued at $250,000 • 22 hectares at Rowsells Road, Pembrooke valued at $320,000.

“Typical village land values as at 1 July 2012 were:

• 1,012 square metres at Thone Street, Comboyne valued at $78,000 • 1,322 square metres at Beechwood Road, Beechwood valued at $115,000.

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