Beachfront land values fall sharply in Wyong in past three years

The total value of the 59,810 properties in the Wyong area in July 2011 was $13.063 billion, according to NSW Valuer-General Philip Western.

The figure was down 7% from the last valuation of $14.063 billion in 2008.

The Valuer-General found that residential land values had generally shown a slight decrease over the past three years, with medium-density and larger more valuable sites experiencing a slight to moderate decrease.

Residential properties in the low and middle price ranges remained steady or increased slightly, but higher-value properties, including waterfront and beachfront properties, experienced a strong decrease in land values.

In 2011 median residential values decreased 2% from $160,000 in 2010.

Commercial land had a slight decrease overall. Tuggerah experienced a strong decrease while Budgewoi remained stable and Wyong CBD increased significantly over the three years.

Industrial land had a slight decrease in land value overall. Larger sites and more valuable sites traditionally purchased by institutional investors had a moderate decrease in value while parts of Berkeley Vale showed a slight increase.

Year on year, median 2011 industrial land values in Wyong decreased 0.5% from $397,000 in 2010.

Rural and lifestyle properties had a slight to moderate decrease in Wyong. Rural residential properties close to major suburban areas were the most stable while unimproved, ecologically affected land without a designated building envelope had a strong decrease in value.

Since 2010 median rural land prices decreased 0.7% from $413,000.

Landowners and rate-paying lessees received a notice of valuation this month.

The valuations are used to determine rates and land taxes on investment properties.

Typical residential land values were:

• 531 square metres at Dening Street, the entrance valued at $375,000
• 654 square metres at Fishburn Crescent, Watanobbi valued at $130,000
• 620 square metres at Iluka Avenue, San Remo valued at $125,000
• 790 square metres at Lakedge Avenue, Berkeley Vale valued at $258,000
• 556 square metres at Robertson Road, Killarney Vale valued at $160,000
• 613 square metres at Soldiers Point Drive, Norah Head valued at $304,000
• 677 square metres at Surf Street, Long Jetty valued at $195,000
• 753 square metres at Werrina Parade, Blue Bay valued at $1,774,000

Typical commercial land values were:

• 518 square metres at Canton Beach Road, Toukley valued at $325,000
• 2,098 square metres at Pacific Highway, Tuggerah valued at $669,000
• 278 square metres at Pacific Highway, Wyong valued at $255,000
• 524 square metres at the entrance Road, the entrance valued at $494,000

Typical industrial land values were:

• 3,274 square metres at Catamaran Road, Fountaindale valued at $491,000
• 2,363 square metres at Joule Place, Tuggerah valued at $270,000
• 5,828 square metres at Reliance Drive, Tuggerah valued at $665,000
• 4,002 square metres at Naples Place, Wyong valued at $488,000

Typical rural residential land values were:

• 4 hectares at Cams Boulevard, Summerland Point valued at $406,000
• 1.1 hectares at Hansens Road, Tumbi Umbi valued at $457,000
• 1 hectare at Holloway Drive, Jilliby valued at $365,000

Typical hobby farm land values were:

• 8.7 hectares at Finns Road, Kulnura valued at $617,000
• 10 hectares at Beaven Lane, Jilliby valued at $530,000