Byron Bay land values down almost 7% in past three years

Byron Bay's total property values have dropped 6.7% in the past three years, according to the NSW Valuer-General, with land owners in the Byron Bay local government area (LGA) recently issued with the fresh valuations.

These valuations are used for ratings purposes and reflect the land value based on market conditions as at July 1, 2012.

Byron Bay's 2012 valuation program consisted of a total of 13,036 properties, up from 12,800 in January 2010.

Property values in the Byron Bay municipality have generally decreased in the three-year period since the last valuation program was conducted.

“The total land value of the Byron Bay LGA as at 1 July 2012 was approximately $6.04 billion. This is an overall decrease from the total land value of $6.44 billion determined as at 1 July 2009,” says Valuer-General Phillip Western.

Residential land values have decreased slightly in the period, with the stronger falls in top-end suburbs such as Wategos Beach, Suffolk Park and New Brighton.

In contrast to the general decrease in value, residential land in parts of Mullumbimby and Sunrise Beach showed slight increases in value.

Commercial land values have followed a similar trend, generally showing a slight decrease, with the exception of a number of properties in Ocean Shores, which have shown a slight increase in value.

Industrial land has bucked the trend and generally recorded slight to moderate increase in value over the past three years.  This is can be demonstrated by values of similar properties in Bonanza Drive, Billinudgel, valued in both 2009 and 2012 and rising from $253 per square metre to 270 per square metre  This represents a 7% increase in value over the three-year period.

Rural properties and hobby farm land followed the general pattern and shown a slight decrease in value with the exception of Mullumbimby, showing slight to moderate increases in value.

Typical residential land values as at 1 July 2012 were:

• 616 square metres at Bottlebrush Crescent, Suffolk Park valued at $300,000
• 633 square metres at Cooper Street, Byron Bay valued at $370,000
• 718 square metres at Grevillea Avenue, Mullumbimby valued at $225,000
• 641 square metres at Ivory Curl Place, Bangalow valued at $265,000
• 613 square metres at Mullumbimbi Street, Brunswick Heads valued at $450,000
• 1,195 square metres at Tindara Avenue, Ocean Shores valued at $220,000
• 650 square metres at Mia Court, Ocean Shores valued at $315,000.

Typical commercial land values as at 1 July 2012 were:

• 607 square metres at Burringbar Street, Mullumbimby valued at $470,000
• 658 square metres at Fletcher Street, Byron Bay valued at $1,540,000.

Typical industrial land values as at 1 July 2012 were:

• 1,000 square metres at Bonanza Drive, Billinudgel valued at $270,000
• 1,494 square metres at Smith Street, Mullumbimby valued at $310,000
• 1,177 square metres at Centennial Circuit, Byron Bay valued at $500,000.

Typical rural land values as at 1 July 2012 were:

• 59 hectares at Kennedys Lane, Ewingsdale valued at $1,070,000
• 77 hectares at Vallances Road, Mullumbimby valued at $725,000.

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

• 7,625 square metres at Brushbox Drive, Mullumbimby Creek valued at $364,000
• 4,047 square metres at Figtree Court, Ewingsdale valued at $450,000
• 4.9 hectares at Friday Hut Road, Possum Creek valued at $550,000
• 2.5 hectares at Lagoon Drive, Myocum valued at $400,000.

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

• 18 hectares at Kirklands Lane, Nashua valued at $510,000
• 22 hectares at Myocum Road, Myocum valued at $600,000
• 21 hectares at Middle Pocket Road, Middle Pocket valued at $540,000

These valuations have been compiled during the 2012 valuation program from the analysis of 322 residential, 34 commercial, 12 industrial and 192 rural sales.

Byron Bay picture courtesy of Flickr.