Riverfront land value down in Hunters Hill
The total land value of the Hunters Hill municipality was $4.865 billion as at July 2011, according to NSW Valuer-General Philip Western, with the latest riverfront residential values showing a slight decrease over the three-year period.
But there was a 6% jump across the 3,720 properties, which had a combined $4.585 billion value as at July 2008.
“Residential land on the waterfront generally showed a slight decrease in value over the three-year period,” Western said.
The extent of the drop has not been revealed by the official data.
“The value of residential land west of Burns Bay Road in Gladesville and Hunters Hill generally showed a moderate increase, while residential land to the east of Burns Bay Road generally showed a slight increase.
“The value of small retail sites generally showed a slight increase, while the larger commercial and mixed use sites showed moderate to strong increases in value,” he said.
He said the real estate analysis in the Hunters Hill municipality included 94 residential and eight commercial sales.
In the 2008 analysis the Valuer-General had 74 residential sales and three commercial sales on which to base the 2008 valuations.
Over the past year until July 2011, the municipality’s residential median land value moved from $898,000 to $899,000.
Median business land values jumped from $506,000 to $530,000 in the period.
The municipality’s most recently sold prestige listing confirms the fall in values. It’s the $9.2 million sale of an imposing house on a 2,037-square-metre Angelo Street, Woolwich, riverfront block.
The property was given a $7.4 million land value in 2008, but in the past two years the Angelo Street property maintained a $7.03 million value as at July 2010 and July 2011.
Most houses in the municipality would be principal places of residence and therefore exempt from land tax, although if the home owner was to be posted overseas and renting the property out for a lengthy time, the tax could apply.
Typical residential land values were:
- 1,034 square metres at Campbell Street, Hunters Hill valued at $3,320,000
- 418 square metres at Le Vesinet Drive, Hunters Hill valued at $1,840,000
- 717 square metres at Lyndhurst Crescent, Hunters Hill valued at $2,640,000
- 835 square metres at The Close , Hunters Hill valued at $1,480,000
- 487 square metres at Paul Street, Hunters Hill valued at $763,000
- 621 square metres at Ryde Road, Hunters Hill valued at $530,000
- 556 square metres at Toocooya Road, Hunters Hill valued at $1,270,000
- 1331 square metres at Mark Street, Hunters Hill valued at $1,200,000
Typical commercial land values were:
- 342 square metres at Gladesville Road, Hunters Hill valued at $636,000
- 202 square metres at Victoria Road, Gladesville valued at $462,000
- 249 square metres at Woolwich Road, Woolwich valued at $520,000
