Values holding steady in Maitland, Pauline Hanson's new investment neighbourhood
The values of residential land in the Maitland local government area have only shown slight increases in the past three years.
Commercial land values have generally remained steady or shown a slight increase since July 1, 2008, according to the latest official data from NSW Valuer-General Philip Western.
That will be of interest for Pauline Hanson, who has bought former hotel premises on the main street in town of Maitland.
Industrial land values have generally remained steady.
Rural residential or hobby farm land has generally shown a slight increase in value over the three-year period.
The value of rural land has generally shown a slight decrease over the period.
The median Maitland residential land value jumped 3.5% from $144,000 to $149,000 over the past year. The median Maitland commercial land value dropped to $149,000 from $160,000 during the past year.
The overall value of the 28,106 properties in the Maitland local government area as at July 2011 was $5.26 billion, a slight increase from the $5.25 billion at July 2008, Western says.
Sales that assisted in determining land values during the 2011 valuation program included 312 residential, 16 commercial, 18 industrial and 91 rural sales that were analysed, he said.
While the value of residential land generally showed a slight increase exceptions included residential land in the northern section of East Maitland, which showed a moderate increase in value.
Residential land in the southern part of Rutherford and parts of Largs and Bolwarra Heights showed a slight decrease in value.
While commercial land values remained steady, the Valuer-General noted selected areas in the main CBD, such as the Church and Elgin streets areas, recorded moderate increases.
But parts of Rutherford, Morpeth and Greenhills showed a slight decrease.
While industrial land values generally remained steady, the exception was land in the Thornton industrial area, which showed a moderate increase in value, and some larger industrial and environmentally constrained sites, which have shown a slight decrease in value.
Typical residential land values were:
- 835 square metres at Bolwarra Road, Bolwarra valued at $194,000
- 660 square metres at Brigantine Street, Rutherford valued at $103,000
- 340 square metres at Bulwer Street, Maitland valued at $97,900
- 468 square metres at Green Hills Avenue, Woodberry valued at $109,000
- 727 square metres at Reilly Street, Thornton valued at $163,000
- 849 square metres at Wilton Drive, East Maitland valued at $211,000
- 721 square metres at Semillon Ridge, Gillieston Heights valued at $146,000.
Typical commercial land values were:
- 282 square metres at East Mall, Rutherford valued at $87,800
- 588 square metres at High Street, East Maitland valued at $129,000
- 1,355 square metres at Mitchell Drive, East Maitland valued at $334,000
- 221 square metres at High Street, Maitland valued at $126,000.
Typical industrial land values were:
- 4.1 hectares at Kyle Street, Rutherford valued at $2,240,000
- 2,571 square metres at Kestrel Avenue, Thornton valued at $365,000
- 1,912 square metres at Racecourse Road, Rutherford valued at $252,000
- 1,627 square metres at Turton Street, Metford valued at $198,000.
Typical rural land values were:
- 131 hectares at Knockfin Road, Luskintyre valued at $1,273,000
- 40 hectares at Maitland Vale Road, Maitland Vale valued at $565,000.
Typical rural residential land values were:
- 4,008 square metres at Woodlands Drive, Thornton valued at $268,000
- 1.4 hectares at Beacon Hill Road, Windella valued at $290,000
- 4,000 square metres at Quiescent Close, Louth Park valued at $278,000.
Typical hobby farm land values were:
- 12.1 hectares at Old North Road, Lochinvar valued at $342,000
- 11.7 hectares at Scotch Creek Road, Millers Forest valued at $350,000.
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.
