Revaluation of properties in Sydney's Kings Cross due to lockout laws welcomed

Prateek ChatterjeeMay 24, 20160 min read

The decision to revalue properties on the Kings Cross strip have been welcomed by real estate agency Gunning.

The decision by the Valuer General to step in and respond to a change of market conditions was the right move, said Gunning principal Malcolm Gunning. 

"NSW Valuer General Simon Gilkes took advice on the changing retail conditions due to the lockout laws and revisited the land values in the area based on their effect," Gunning said.

The lockout laws restrict the entry of patrons after 1.30 am and have affected property values in the area, according to a report by the Valuer General.

"He also recognised that the area is rapidly changing with the two major residential developments, at the site of the Crest Hotel and the Bourbon Hotel," added Gunning.

"It is great to see that Gilkes understands the property market and is willing to seek and ultimately take advice from industry experts in the form of the Land Valuation Advisory Group." 

"His decision clearly reflects the current state of affairs on the Kings Cross strip and recognises that valuations can move in either direction. This is a great win for the Kings Cross strip and NSW."

Prateek Chatterjee

Property News
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