New land values: check yours out

MORE than 6,000 fresh land valuations have been issued to landholders in the Cooma-Monaro Shire - with mixed results.

While residential land values have decreased slightly, rural and rural residential have increased, but also only 'slightly.'

Commercial land values have shown a slight decrease, while industrial properties have remained steady.

These assessments were issued by the NSW Valuer General, Philip Western.

He said that Notices of Valuation show the land value of a property based on property market conditions as at July 1, 2013.

Land value is the value of the land only and does not include the value of the home or other improvements on the land.

"Land values are one factor considered by councils when determining rates. The Notice of Valuation gives landholders the opportunity to consider their land value before it is used by council," Mr Western said.

"The total land value of the Cooma-Monaro LGA was approximately $827 million as at July 1, 2013. This is an overall increase from the total land value of approximately $818 million determined as at July 1, 2010.

"Changes in land values don't necessarily lead to similar changes in rates. Each council develops a revenue policy to use in the calculation of rates and charges to fund services for the community."

Mr Western said valuers take a number of factors into consideration when determining land values.

"Property sales are the most important factor considered when determining land values. Real estate analysis in the Cooma-Monaro LGA has been comprehensive during the course of the 2013 valuation program with 77 residential, six commercial, two industrial and 55 rural sales analysed," Mr Western said.

"In the three year period since landholders in the Cooma-Monaro LGA were issued with Notices of Valuation, land values of residential properties have generally decreased slightly.

"Commercial land values across the Cooma-Monaro LGA have shown a slight decrease since Notices of Valuation were last issued, while land values for industrial properties have remained steady.

"Land values for rural and rural residential properties have generally shown slight increases.

"Land values for village properties have generally remained steady however the village of Michelago has shown a strong increase due to its proximity to Canberra."

Typical residential land values were:

n 771 square metres at Alkoomi Place, Cooma valued at $70,400

n 797 square metres at Norris Street, Cooma valued at $87,000

n 989 square metres at Lambie Street, Cooma valued at $82,200

n 601 square metres at Adams Avenue, Cooma valued at $61,700

n 626 square metres at Waggun Street, Cooma valued at $56,500

n 959 square metres at Tulong Avenue, Cooma valued at $80,500

n 3,628 square metres at Mittagang Road, Cooma valued at $157,000

Typical rural residential land values were:

n 2 hectares at Bunyan Street, Bredbo valued at $154,000

n 2 hectares at Glen Road, Binjura valued at $107,000

n 4.1 hectares at Clarke Street, Nimmitabel valued at $64,000

Typical village land values were:

n 3,162 square metres at Ryrie Street, Michelago valued at $214,000

n 2,023 square metres at Swan Street, Bredbo valued at $98,000

n 2,023 square metres at Clarke Street, Nimmitabel valued at $34,000

n 3,027 square metres at Maclean Street, Numeralla valued at $29,600

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