Waterfront land losing value in Ballina

The total land value of Ballina Shire decreased 1% from 2008 to 2011, according to the latest report by NSW Valuer-General Philip Western.

Western found the total land value of the shire was $5.44 billion in July 2011, down from his 2008 valuation of $5.496 billion

In that time residential land values generally had a slight decrease, although some waterfront properties and properties with good water views showed slight to moderate decreases in land value.

Much of decline was from 2010 to 2011, with the median residential land price decreasing 3.5% from $236,000 to $228,000.

Commercial land values in Ballina decreased slightly over the three years, while secondary commercial and commercial properties fronting the highway experienced moderate decreases in land value.

Year-on-year the median commercial land value decreased 5% from $472,000 to $448,000.

Industrial land values decreased slightly, with the exception of industrial land in Alstonville, which had a slight increase in value.

From 2010 to 2011 overall the mean industrial land price increased 1% from $350,000 to $354,000.

Rural land values had a slight increase, though some areas in the western part of Ballina experienced a slight decrease.

Rural residential and hobby farm land values generally increased slightly, with the rise more significant in the northern part of the municipality due to the influence of Byron Bay.

Landowners and rate-paying lessees received a notice of valuation last month.

The valuations are used to determine rates and land taxes on investment properties.

The median rural land price increased 1% from $347,000 in 2010 to $350,000 in 2011.

Typical residential land values were:

  • 672 square metres at Crane Street, Ballina valued at $285,000
  • 735 square metres at Tea Tree Place, East Ballina valued at $227,000
  • 953 square metres at Amber Drive, Lennox Head valued at $396,000
  • 765 square metres at Ashland Street, Alstonville valued at $190,000.
  • Typical commercial land values were:
  • 1,092 square metres at River Street, Ballina valued at $490,000
  • 303 square metres at River Street, Ballina valued at $390,000

Typical industrial land values were:

  • 1,498 square metres at Southern Cross Drive, Ballina valued at $448,000
  • 1,078 square metres at Northcott Crescent, Alstonville valued at $182,000.

Typical rural land values were:

  • 24.9 hectares at Bagotville Road, Bagotville valued at $445,000
  • 33.3 hectares at Meaneys Lane, East Wardell valued at $385,000.

Typical rural residential land values were:

  • 4,140 square metres at Hillcrest Drive, Tintenbar valued at $395,000
  • 4,326 square metres at Teven Road, Teven valued at $266,000
  • 5,539 square metres at Wenga Drive, Alstonvale valued at $281,000.

Typical hobby farm land value was:

  • 14.6 hectares at Fernleigh Road, Fernleigh valued at $550,000

 

 

    Alistair Walsh

    Alistair Walsh

    Deutsche Welle online reporter

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