Coffs Harbour land values up 3.6% over three years

The total land value of the Coffs Harbour local government area sits at $6.558 billion, a 3.6% jump over the July 2008 valuations, according to NSW Valuer-General Philip Western.

New land values have been issued to the council today to use in the determination of rates of the 26,518 properties in the Coffs Harbour local government area.

Over the three-year period the value of residential land throughout central, west and south Coffs Harbour, Toormina, Boambee and Sawtell generally remained steady. In the last year the median residential holding was steady at $165,000.

Some residential land in the northern beaches area showed a slight decrease in value, the Valuer-General says.

Sustained demand for a limited supply of available good-quality property has resulted in slight increases in values of rural residential land across most areas, particularly throughout the well-regarded Crossmaglen, Bonville, Middle Boambee, Karangi, Korora, Sapphire and Moonee localities.

Commercial land values had remained steady.

The median business landholding was steady at $530,000 over the most recent financial year.

Industrial land values have generally shown a slight increase, with the exception of industrial land in the Orlando Street/Lawson Crescent locality, which has decreased slightly over the three-year period in the face of increased competition from other industrial centres.

The median industrial value rose over the last year by 1.3% from $288,000 to $293,000.

The value of larger rural holdings, including retreat homesites, grazing and horticultural holdings, has generally shown a slight increase over the three-year period. In the past year there was a small jump from $258,000 to $259,000 for the median rural landholding.

Land values for grazing and larger rural homesite holdings throughout the Orara Valley, Bucca and eastern Dorrigo Plateau localities have increased slightly as demand generally continues to exceed the limited supply of good quality properties.

Western says the 2011 valuation program included the analysis of 352 residential sales, 10 commercial, 22 industrial and 127 rural sales.

Typical residential land values were:

• 809 square metres at Thirteenth Avenue, Sawtell valued at $261,000
• 1,014 square metres at Cutter Drive, Coffs Harbour valued at $295,000
• 700 square metres at Abel Tasman Drive, Coffs Harbour valued at $150,000
• 500 square metres at Thrower Avenue, Coramba valued at $125,000
• 646 square metres at Barnes Street, Woolgoolga valued at $155,000
• 843 square metres at Burns Crescent, Corindi Beach valued at $145,000
• 570 square metres at Rutland Street, Bonville valued at $155,000
• 697 square metres at Paperbark Street, Sapphire Beach valued at $320,000 

Typical commercial land values were:

• 544 square metres at First Avenue, Sawtell valued at $510,000
• 397 square metres at Harbour Drive, Coffs Harbour valued at $715,000
• 498 square metres at Harbour Drive, Coffs Harbour valued at $560,000
• 1012 square metres at Park Avenue, Coffs Harbour valued at $635,000
• 323 square metres at Beach Street, Woolgoolga valued at $428,000 

Typical industrial land values were:

• 2,100 square metres at Craft Close, Toormina valued at $250,000
• 1,853 square metres at Lawson Crescent, Coffs Harbour valued at $315,000
• 1,623 square metres at Featherstone Drive, Woolgoolga valued at $195,000
• 2,028 square metres at Isles Drive, North Boambee Valley valued at $410,000 

Typical rural land values were:

• 30.9 hectares at Ferretts Road, Nana Glen valued at $375,000
• 66.1 hectares at Grafton Street, Lowanna valued at $325,000 

Typical rural residential land values were:

• 6,054 square metres at Fig Close, Bonville valued at $240,000
• 6,021 square metres at McRae Close, Boambee valued at $270,000
• 8,094 square metres at Mt Bishop Road, Karangi valued at $245,000
• 1.262 hectares at Heritage Drive, Moonee Beach valued at $240,000
• 3,166 square metres at Shearer Drive, Woolgoolga valued at $180,000
• 1.1 hectares at Red Rock Road, Corindi Beach valued at $265,000 

Typical hobby farm land values were:

• 10.1 hectares at Irvines Road, Bonville valued at $430,000
• 10 hectares at East Bank Road, Coramba valued at $326,000