15 January 2013

Land Values issued for Tumut

NSW Valuer General Philip Western today said landowners and rate paying lessees of approximately 6,489 properties in the Tumut 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 Tumut LGA were last issued with a Notice of Valuation showing their property’s land value as at 1 July 2008. “The total land value of the Tumut LGA as at 1 July 2012 was approximately $818 million. This is an overall decrease from the total land value of $862 million determined as at 1 July 2008,” Mr Western said. “Property sales are the most important factor considered by valuers when determining land values. “Real estate analysis in the Tumut LGA has been comprehensive during the course of the 2012 valuation program with 42 residential, 6 commercial, 4 industrial and 28 rural sales analysed,” he said. Over the four year period since landowners in Tumut LGA were issued with Notices of Valuation the value of residential land generally remained steady, with some areas of Tumut showing a slight decrease in value. Residential land in the smaller towns of Batlow, Brungle and Adelong has shown a slight increase in value. Commercial land values have generally shown a moderate increase, supported by the nearby Visy Kraft Paper Mill, timber production and tourism industries, while commercial land in the town of Batlow remained steady. Industrial land in Tumut showed a slight increase in value, while the value of land in the industrial areas of Batlow remained steady. The value of larger rural parcels generally showed a slight to moderate decrease. There has been a reduction in the number of potential purchasers in this market.

Rural residential and hobby farm land values have generally remained steady. Well located rural residential parcels in close proximity to Tumut have shown a slight increase in value, while land values in the Gilmore Valley have shown a strong increase. Hobby farms and rural residential parcels in the more remote areas, however, have shown a slight decrease in value. As the village of Cabramurra is a Snowy Hydro Limited town there is no direct market evidence available. Valuers have had regard to sales in Adelong, Batlow, Talbingo and Khancoban, which indicate a strong decrease in values. “Typical residential land values as at 1 July 2012 were:

• 860 square metres at Elphick Street, Tumut valued at $84,200 • 651 square metres at Hudson Street, Tumut valued at $45,000 • 1,758 square metres at Merivale Street, Tumut valued at $107,000 • 786 square metres at Simpson Street, Tumut valued at $71,500 • 683 square metres at Sydney Street, Tumut valued at $66,500 • 664 square metres at Wynyard Street, Tumut valued at $99,700 • 1012 square metres at Tumut Street, Adelong valued at $52,300 • 871 square metres at Lockeridge Drive, Tumut valued at $83,100.

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

• 809 square metres at Tumut Street, Adelong valued at $53,000 • 651 square metres at Pioneer Street, Batlow valued at $14,500 • 2,023 square metres at Capper Street, Tumut valued at $119,000 • 861 square metres at Russell Street, Tumut valued at $177,000.

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

• 5,400 square metres at Mill Road, Batlow valued at $24,900 • 771 square metres at Adelong Road, Tumut valued at $77,000 • 3,140 square metres at Jarrah Road, Tumut valued at $127,000 • 1,012 square metres at Vyner Street, Tumut valued at $69,700 • 1 hectare at Adelong Road, Tumut valued at $179,000.

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

• 531 hectares at Brindabella Valley Road, Brindabella valued at $255,000 • 77 hectares at Gocup Road, Tumut valued at $254,000 • 307 hectares at Bombowlee Creek Road, Bombowlee Creek valued at $711,000 • 56 hectares at Nimbo Road, Brungle valued at $375,000.

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

• 5.2 hectares at East Grahamstown Road, Grahamstown valued at $99,200 • 4,264 square metres at Heatleys Road, Batlow valued at $35,800 • 5.3 hectares at East Gilmore Road, Gilmore valued at $150,000 • 2.1 hectares at Morgans Reserve Road, Mundongo valued at $168,000 • 6,551 square metres at Tumut Plains Road, Tumut valued at $125,000 • 2,832 square metres at Camp Street, Adelong valued at $35,000 • 3.9 hectares at Gocup Road, Gocup valued at $50,100

• 1.7 hectares at Wee Jasper Road, Bombowlee valued at $102,000. “Typical hobby farm land values as at 1 July 2012 were:

• 32 hectares at Brindabella Valley Road, Brindabella valued at $177,000 • 27 hectares at Matthews Road, Black Creek valued at $140,000 • 19 hectares at Morgans Reserve Road, Mundongo valued at $249,000 • 41 hectares at Goobragandra Powerline Road, Goobarragandra valued at $180,000 • 32 hectares at Batlow Road, Kunama valued at $147,000 • 41 hectares at Snowy Mountains Highway, Tumut valued at $232,000.

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

• 696 square metres at Bartoman Street, Batlow valued at $18,300 • 4,047 square metres at Brungle Road, Brungle valued at $23,900 • 721 square metres at Bowman Street, Talbingo valued at $57,000 • 589 square metres at Cabramurra Village , Cabramurra valued at $30,000.

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