Richmond Valley land values up 6% in three years: NSW Valuer-General

The total land value of the Richmond Valley municipality was $1.856 billion in July 2011, up 6% from 2008, according to NSW Valuer-General Philip Western.

In 2008 the 10,106 properties in the area were worth $1.749 billion.

Western’s report showed residential land values generally had a moderate increase in value over the three years, while residential land in the towns of Broadwater, Evans Head, Coraki and Woodburn had just a slight increase in value.

Year-on-year the median residential land value increased 2% from $99,000 in 2010 to $101,000 in 2011.

Prime commercial land in the town of Casino generally experienced a slight increase in value, while fringe commercial land generally had a moderate increase in value. Commercial land in Coraki, Woodburn and Broadwater had slight increases in land value.

From 2010 to 2011 the median commercial land value increased 4% from $111,000 to $115,000.

Industrial land values in Casino had a moderate increase in value, while coastal industrial land in Evans Head experienced moderate to strong increases in value.

Industrial land values in the area increased 3%, from $168,000 in 2010 to $173,000 in 2011.

Rural residential land and hobby farms increased slightly in value over three years, with the exception of rural-residential land closer to the coast but west of the highway, which decreased slightly in value.

Rural land values remained steady over the three years despite falling 3.5% from $171,000 in 2010 to $165,000 in 2011.

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.

Typical residential land values were:

• 858 square metres at Fergusson Street, Casino valued at $84,000
• 1,161 square metres at Lakeside Drive, Casino valued at $130,000
• 832 square metres at McAuliffe Street, Casino valued at $96,100
• 790 square metres at Booyong Street, Evans Head valued at $260,000
• 717 square metres at Ocean Drive, South Evans Head valued at $400,000
• 1,011 square metres at Richmond Street, Woodburn valued at $120,000
• 685 square metres at Thomas Crescent, Coraki valued at $87,500

Typical commercial land values were:

• 500 square metres at Barker Street, Casino valued at $93,600
• 651 square metres at Centre Street, Casino valued at $115,000

Typical industrial land values were:

• 1,125 square metres at Sir Valston Hancock Drive, Evans Head valued at $200,000
• 2,116 square metres at Cassino Drive, Casino valued at $117,000

Typical rural land values were:

• 70.2 hectares at Bruxner Highway, Woodview valued at $300,000
• 73.4 hectares at Mongogarie Road, Leeville valued at $400,000

Typical rural residential land values were:

• 2 hectares at Sextonville Road, Casino valued at $134,000
• 5,000 square metres at Hereford Drive, North Casino valued at $128,000
• 1.4 hectares at Casuarina Drive, Swan Bay valued at $165,000

Typical hobby farm land value was:

• 17.8 hectares at Avenue Road, Myrtle Creek valued at $130,000