Sutherland Shire values show 12% growth over past three years, but waterfront values wane

New valuations have been released for the 60,422 properties in the Sutherland local government area.

They show the total land value of the shire – residential, commercial and industrial –was $37 billion, a 12% increase on the 2008 valuation, which had a $33 billion determination.

There was an annual increase in the shire’s residential median land value of 5.8% in the latest year.

The value of residential land had generally shown a moderate increase over the three-year period, with the exception of waterfront properties, which had shown little to no movement during the period, NSW Valuer-General Philip Western notes.

The value of commercial and industrial land had generally shown a slight increase since July 2008, he says.

The notice of valuation showing the land value of a property as at July 1, 2011 will be used by the council in the determination of rates. The valuations are also used to determine how much land tax will be paid on investment properties. 

“Real estate analysis in the Sutherland LGA has been comprehensive during the course of the 2011 valuation program, with 455 residential, 114 commercial, 98 industrial sales analysed,” Western says. 

Typical residential land values were:

• 664 square metres at Bernie Street, Bundeena valued at $440,000
• 552 square metres at Bridges Street, Kurnell valued at $390,000
• 552 square metres at Gardenia Street, Cronulla valued at $980,000
• 556 square metres at Havelock Avenue, Engadine valued at $408,000
• 594 square metres at Lynch Avenue, Caringbah South valued at $624,000
• 782 square metres at Marsden Road, Barden Ridge valued at $431,000
• 673 square metres at Prior Close, Illawong valued at $470,000
• 670 square metres at Rickard Road, Oyster Bay valued at $510,000. 

Typical commercial land values were:

• 186 square metres at Cronulla Street, Cronulla valued at $1,350,000
• 221 square metres at Kingsway, Caringbah valued at $630,000
• 240 square metres at Kingsway, Miranda valued at $635,000
• 253 square metres at Loftus Avenue, Loftus valued at $275,000
• 278 square metres at Old Princes Highway, Engadine valued at $350,000
• 139 square metres at Old Princes Highway, Sutherland valued at $450,000.

Typical industrial land values were:

• 2,206 square metres at Bath Road, Kirrawee valued at $1,400,000
• 2,210 square metres at Parraweena Road, Caringbah valued at $1,500,000
• 1.23 hectares at Parraweena Road, Miranda valued at $5,200,000
• 1,022 square metres at Taren Point Road, Caringbah valued at $1,000,000
• 44.6 hectares at Sir Joseph Banks Drive, Kurnell valued at $30,000,000.

Western says 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.