25 January 2013

Land Values issued for Warren

NSW Valuer General Philip Western today said landowners and rate paying lessees of approximately 2,004 properties in the Warren 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 Warren 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 Warren LGA as at 1 July 2012 was approximately $659 million. This is an overall increase from the total land value of $539 million 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 Warren LGA has been comprehensive during the course of the 2012 valuation program with 50 residential, 5 commercial and 39 rural sales analysed,” he said. Over the three year period since landowners in Warren LGA were issued with Notices of Valuation the value of residential land, including land around Pittman Parade and the central residential areas of Warren, showed a slight to moderate decrease. Commercial land values in Warren have generally shown a slight decrease, with the exception of Nevertire and Collie where land values have remained steady. The value of industrial land has generally remained steady. Prime industrial property, however, has shown a slight increase in value, while rural industrial sites have shown a slight decrease. The value of rural land has generally shown a strong increase, particularly in the country adjoining Coonamble and Gilgandra Shires to the north and east, mixed farming land around Central Warren and areas around Collie and the Macquarie River. Irrigation

properties have shown a moderate increase in value, while mixed farming land in Nevertire has shown a slight increase. Rural residential and hobby farm land, including properties around Nevertire and those with a river frontage, has generally remained steady or shown a slight increase. Village land values in Collie and Nevertire have remained steady. “Typical residential land values as at 1 July 2012 were:

• 1,012 square metres at Bundemar Street, Warren valued at $10,500 • 1,012 square metres at Chester Street, Warren valued at $11,250 • 937 square metres at Deacon Drive, Warren valued at $17,500 • 854 square metres at Macquarie Drive, Warren valued at $21,000 • 912 square metres at Orchard Street, Ravenswood valued at $19,000 • 2,403 square metres at Pittman Parade, Warren valued at $31,500.

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

• 7,927 square metres at Nevertire-Bogan Road, Nevertire valued at $8,000 • 4,795 square metres at Coonamble Road, Ravenswood valued at $30,500 • 645 square metres at Dubbo Street, Warren valued at $10,000 • 544 square metres at Dubbo Street, Warren valued at $13,250 • 1,855 square metres at Hale Street, Warren valued at $15,750 • 2,024 square metres at Trangie Street, Nevertire valued at $9,250.

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

• 5,502 square metres at Silo Row, Warren valued at $13,500 • 1,619 square metres at Stafford Street, Warren valued at $16,000 • 1,256 square metres at Zora Street, Warren valued at $13,000 • 8.1 hectares at Radnedge Road, Red Hill valued at $50,000.

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

• 492 hectares at Yungundi Road, Collie valued at $662,000 • 777 hectares at Mitchell Highway, Nevertire valued at $516,000 • 2,089 hectares at Lemongrove Road, The Marra valued at $615,000 • 701 hectares at Pigeonbah Road, Pigeonbah valued at $880,000 • 22,950 hectares at Marthaguy Road, Marthaguy valued at $20,600,000 • 777 hectares at Marthaguy Road, Marthaguy valued at $496,000.

“Typical hobby farm land values as at 1 July 2012 were:

• 20 hectares at Old Warren Road, Warren valued at $96,000 • 13 hectares at Carinda Road, Warren valued at $90,000 • 13 hectares at Old Warren Road, Warren valued at $71,000

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

• 1,012 square metres at Wonbobbie Street, Collie valued at $1,350 • 1,320 square metres at Narromine Street, Nevertire valued at $4,750

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