30 January 2013

Land Values issued for Kiama

NSW Valuer General Philip Western today said landowners and rate paying lessees of approximately 9,022 properties in the Kiama 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 Kiama 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 Kiama LGA as at 1 July 2012 was approximately $3.73 billion. This is an overall increase from the total land value of $3.69 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 Kiama LGA has been comprehensive during the course of the 2012 valuation program with 130 residential, 6 commercial, 5 industrial and 21 rural sales analysed,” he said. Over the three year period since landowners in Kiama LGA were issued with Notices of Valuation the value of residential and commercial land has generally remained steady, however, headland reserve front residential properties have shown a slight decrease in value. The value of Industrial land, including industrial land that has been rezoned “Business Park”, has generally remained steady. Rural and rural residential land values generally remained steady. Rural land in areas on or below the escarpment, however, showed slight decreases in value, while some rural land in coastal areas showed a slight increase. “Typical residential land values as at 1 July 2012 were:

• 846 square metres at Beattie Street, Jamberoo valued at $282,000

• 601 square metres at Johnson Street, Kiama Downs valued at $909,000 • 556 square metres at Jupiter Street, Gerringong valued at $262,000 • 710 square metres at Meehan Drive, Kiama Downs valued at $228,000 • 683 square metres at Stafford Street, Gerroa valued at $850,000.

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

• 627 square metres at Noble Street, Gerringong valued at $567,000 • 1,075 square metres at Manning Street, Kiama valued at $1,350,000 • 139 square metres at Terralong Street, Kiama valued at $518,000.

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

• 1,454 square metres at Manning Street, Kiama valued at $503,000. “A typical rural land value as at 1 July 2012 was:

• 51 hectares at Wallaby Hill Road, Jamberoo valued at $1,150,000. “A typical rural residential land value as at 1 July 2012 was:

• 4,000 square metres at Curramore Road, Curramore valued at $557,000. “A typical hobby farm land value as at 1 July 2012 was:

• 10 hectares at Connors Creek Road, Broughton Village valued at $575,000. 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