Manly land values up 10% in three years

The Manly municipality recorded strong growth in land values over the past three years.

There was an $11.719 billion total land value across the Manly local government area as at July 2011.

This was 10% higher than the $10.631 billion total determined as at July 2008, according to NSW Valuer-General Philip Western.

There was a 3.2% change in the last year, with the median residential value up from $885,000 to $913,000.

The new values for the 9,752 properties were derived from analysis of 184 residential, 13 commercial and four industrial sales over the last year.

Over the three-year period residential land has shown a moderate increase.

“The value of commercial land has shown a slight increase, while industrial land values have remained steady,” Western says.

Business land median values rose 2% from $750,000 to $771,000 in the 2010 to 2011 valuation year.

The median industrial holding rose 2% in the past year from $1.02 million to $1.04 million. 

Typical residential land values were:

• 727 square metres at Castle Circuit, Seaforth valued at $1,100,000
• 594 square metres at Curban Street, Balgowlah Heights valued at $958,000
• 586 square metres at Grandview Grove, Seaforth valued at $935,000
• 736 square metres at Jenner Street, Seaforth valued at $1,100,000
• 550 square metres at Judith Street, Seaforth valued at $680,000
• 1,271 square metres at Seaforth Crescent, Seaforth valued at $1,370,000
• 627 square metres at Upper Beach Street, Balgowlah valued at $890,000
• 542 square metres at Wanganella Street, Balgowlah valued at $710,000

Typical commercial land values were:

• 178 square metres at North Steyne , Manly valued at $1,130,000
• 101 square metres at Pittwater Road, Manly valued at $450,000                     
• 196 square metres at Sydney Road, Fairlight valued at $347,000
• 368 square metres at Sydney Road, Balgowlah valued at $661,000
• 209 square metres at Sydney Road, Manly valued at $1,040,000
• 220 square metres at The Corso, Manly valued at $2,100,000 

Typical industrial land value was:

• 974 square metres at Condamine Street, Balgowlah valued at $1,040,000