Pittwater valuations dip 4.7%

The valuation of all Pittwater property dropped 4.7% over the past three years, according to the NSW Valuer-General.

Landowners in the Pittwater local government area (LGA) were recently issued with the fresh individual valuations used for ratings purposes and land tax charges.

As at July 1, 2012 Pittwater’s 2012 valuation program consisted of 20,257 properties, up from 20,150 in July 1, 2009.

The Valuer General concluded property values in the Pittwater municipality have generally decreased in the three-year period since the last valuation program was conducted.

“The total land value of the Pittwater LGA as at 1 July 2012 was approximately $17.97 billion. This is an overall decrease from the total land value of $18.81 billion determined as at 1 July 2009,” says Valuer-General Phillip Western.

But residential land values had generally remained steady in the period, with the moderate falls occuring in waterfront, prestige and holiday market land in areas such as Palm Beach, Whale Beach and the western foreshore of Pittwater, according to the NSW Valuer General.

But one example given by the Valuer General of residential values in Alexander Road, Avalon have slightly decreased by 5.5% as typical prices in 2010 were $697,000 for 682 square metres.  In the latest valuations, Alexander Road had typical values of $660,000 for the same size property.

Commercial land values have remained steady with the exception of land in Avalon and Palm Beach which showed a slight increase in value.   Typical values in Barrenjoey Road Newport were $1.3 million for 556 square metres in 2010 and $1.38 million on 556 square metres in 2012.  This is an increase of 6% over three years. 

Parts of Narrambeen stood out, showing moderate increases in commercial land values.

Industrial and rural residential land also remained steady with notable increases in value in Mona Vale and non-urban values in Ingleside.

Jubilee Ave in Warriewood saw an increase in general industrial values as the sale of a property in 2010 represented $552 per square metre and in 2012, $588 per square metre.

A typical rural land value in 2010 was $841,000 for 2,605 square metres in Laurel Road West, Ingleside – compared with $930,000 in 2012, an increase of 10.5%.

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

• 683 square metres at Alexander Road, Avalon valued at $660,000 

• 696 square metres at Allington Crescent, Elanora Heights valued at $565,000 

• 828 square metres at Bilkurra Avenue, Bilgola valued at $560,000 

• 696 square metres at Alameda Way, Warriewood valued at $529,000 

• 696 square metres at Jeanette Avenue, Mona Vale valued at $645,000  

• 702 square metres at Lanyon Place, Newport valued at $680,000 

• 930 square metres at Pacific Road, Palm Beach valued at $1,450,000 

• 784 square metres at Dress Circle Road, Avalon valued at $649,000. 

“Typical commercial land values as at 1 July 2012 were: 

• 734 square metres at Barrenjoey Road, Palm Beach valued at $1,070,000 

• 556 square metres at Barrenjoey Road, Newport valued at $1,380,000 

• 240 square metres at Old Barrenjoey Road, Avalon valued at $1,070,000 

• 462 square metres at Waratah Street, Mona Vale valued at $1,590,000 

• 879 square metres at Bowling Green Lane, Avalon valued at $1,380,000 

• 204 square metres at Pittwater Road, Narrabeen valued at $525,000. 

“Typical industrial land values as at 1 July 2012 were: 

• 860 square metres at Darley Street, Mona Vale valued at $970,000 

• 697 square metres at Garden Street, North Narrabeen valued at $550,000 

• 1,921 square metres at Jubilee Avenue, Warriewood valued at $1,130,000. 

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

• 2 hectares at Dendrobium Crescent, Elanora Heights valued at $1,950,000 

• 2,605 square metres at Laurel Road, Ingleside valued at $930,000 

• 5,229 square metres at Minkara Road, Bayview valued at $1,080,000. 

Mr Western said 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 at www.lpi.nsw.gov.au/valuation.