ASX-listed developer Cedar Woods is progressing its plans for its Southbank arts precinct site.&nbsp;

The developer has filed plans, which are now with the&nbsp;Department of Transport and Planning, for a new 20-level tower at&nbsp;<a href="https://www.apartments.com.au/new-apartments/141-151-sturt-street-southbank-vic-3006">141–151 Sturt Street</a>, a 2,718 sqm block opposite the Habitat Filter sculpture.

The proposal seeks to demolish the two-level&nbsp;commercial building, including a small supermarket and medical tenancies, and create a new building with 180 apartments and a focus on an&nbsp;active public realm and arts integration.

&nbsp;

<img alt="Southbank site" data-entity-type="file" data-entity-uuid="76a72db6-91ef-43ae-827d-a9cfa72893d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site.png?VersionId=DZgtB4K6BswVh0QtCs3iLjXaLp0CbcEb" />

&nbsp;

There will be a full mix of apartment configurations, including 28 studio apartments, 16 one-bedroom, 104 two-bedroom, and 32 three-bedroom units.

Retail, creative arts, and residential amenity functions are integrated across the lower levels. A food and drink tenancy is planned to front Dodds Street, while a retail tenancy fronting Sturt Street will be accessed via an elevated walkway. The first floor includes a substantial 734 sqm creative arts space, envisioned to support Melbourne’s growing cultural and digital industries.

Architecture firm <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has put together the plans. In their&nbsp;Urban Design Report they highlighted the project’s ambition to embed itself within Southbank’s evolving cultural fabric.

A central feature of the design is a through-block link connecting Sturt and Dodds Streets, landscaped with native plantings and embedded with universal access ramps.

“The ramp has been thoughtfully integrated as the primary access point, ensuring universal accessibility for all users,” the report noted, with the link offering “a direct response to the urban planning scheme of creating more green spaces within our communities”.

<img alt="Southbank podium" data-entity-type="file" data-entity-uuid="4d24b1b2-d69c-4a11-a11d-ec6df432221c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium.png?VersionId=geWoJyZDmPSLODZ_.PNJ0LvpOmyyCdpo" />

The building’s podium form responds to the mandatory height limits along Dodds Street and maintains a fine-grain interface to adjoining developments. Above the podium, the tower is articulated with recessed balconies and a focus on views toward the CBD and surrounding arts institutions. A communal rooftop recreation deck and indoor lounge are positioned on level four, adjoining seven apartments and providing over 900 sqm of resident amenity space.

Vehicle access and loading will be provided via Dodds Street, with 155 resident car spaces located across two basement levels and the first three above-ground floors. Bicycle storage is more generous, with 226 spaces distributed across resident, staff and visitor needs.

Rothelowman describes the architecture as “humanist,” with ground-level interfaces designed to encourage social interaction and provide a dignified entry for both residents and passers-by. “All street interfaces are crafted to invite and nurture human connections,” the design report states. “The façade transitions to a human scale, providing an approachable and engaging streetscape”.

Cedar Woods, while well-known for its large communities it develops outside of Australia's capital cities, they have recently developed in Melbourne's inner-ring before. They are approaching completion at <a href="https://www.apartments.com.au/new-townhouses/88-leveson-north-melbourne-88-leveson-street-north-melbourne-vic-3051">88 Leveson</a>, just 15 townhouses in the heart of North Melbourne.

Joel Robinson

Cedar Woods progresses with new apartment plans in Southbank arts precinct

Brisbane developers Core Property Partners and Vector Property Australia has teamed up for Brisbane's newest apartment development.

The duo identified <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as their preferred suburb, on the fringe of the Gabba Precinct, where they've just revealed BANKSII, 72 apartments opposite Raymond Park.

[smartcode_project:default project_id=136432 project_image_fid=5481]

The one-, two-, and three-bedroom apartments will sit in a glass-wrapped building that will also feature a rooftop with an&nbsp;infinity-edge pool, a BBQ area and alfresco dining spaces, sun lounges, and a sauna, as well as a resident-only gym and a ground-floor cafe.

Rhett Williams, Director of Vector Property Australia, said the project will lift the quality of the East Brisbane community and set a new benchmark.

"In Brisbane’s current property landscape, <a href="https://www.apartments.com.au/new-apartments/banksii-east-brisbane-169-wellington-road-east-brisbane-qld-4169">BANKSII</a> stands out through its emphasis on lifestyle-oriented living, connectivity and sophisticated design," Williams says.

[smartcode_project:default project_id=136432 project_image_fid=5479]

The 10-level building has been designed by MAS Architecture. Their designs were inspired by the native Banksia flower, with the architecture and interiors reflecting the organic symmetry of its namesake flora. MAS has interpreted this throughout the building’s curved form, façade detailing and interior palette.&nbsp;

The building’s flowing geometry and natural tones are complemented by large balconies and floor-to-ceiling glazing, maximising cross-breezes, daylight and views over the city, parklands and river.

“Having a strong narrative for a building helps us architecturally,” MAS noted. "We can choose colours that come off that species of flowers. The trunk and the trees and the flower elements all are now visible in our joinery on the inside and in our architectural finishes on the outside."

[smartcode_project:default project_id=136432 project_image_fid=5485]

Apartments will feature timber floors, soft porcelain tiles, brushed bronze fittings, and stone benchtops with warm veining.&nbsp;

Kitchens feature premium SMEG appliances and generous storage, while bathrooms have been designed as calming retreats with curved cabinetry and twin sinks in the master ensuites.

The building will feature a suite of rooftop and wellness amenities. Residents will have access to an infinity-edge pool, BBQ and alfresco dining areas, sun lounges and a rooftop sauna.&nbsp;

A residents-only gym will be located on the podium level, while a ground-floor café and landscaped laneway will further activate the site and improve neighbourhood connectivity.

[smartcode_project:default project_id=136432 project_image_fid=5488]

BANKSII will rise from a prime Wellington Road site, with the building oriented to overlook the adjacent Raymond Park and take in extensive city views. It is also on the doorstep of key&nbsp;lifestyle infrastructure, including the future Kangaroo Point Green Bridge, The Gabba stadium, and the planned Brisbane Live arena.&nbsp;

Public transport options, including ferry, bus and rail - including the future Cross River Rail Woolloongabba station - are all nearby, supporting a car-optional lifestyle just minutes from the CBD.

Williams said the team spent over a year searching for the ideal site before securing this location.

"We were attracted to <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as it is a vibrant and growing community that offers a perfect balance of urban convenience and natural beauty with the parklands and river on our doorstep.”

The project is part of the broader Woolloongabba Games precinct, which is undergoing significant investment in the lead-up to the 2032 Brisbane Olympics. This urban renewal, coupled with infrastructure upgrades, is expected to enhance long-term liveability and capital growth in the area.

Given the wide max of configurations, BANKSII is expected to suit everyone from first home buyers and investors to families and downsizers.

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BANKSII sales launch in booming East Brisbane apartment market

The Minns Labor Government will deliver Sydney’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around Woollahra and Edgecliff stations, right next to the CBD, to tackle the housing crisis and rebalance growth across the city.

Recent reports by the NSW Productivity Commission have warned that Sydney is losing twice as many young people as it is gaining, while also finding that Woollahra is the most feasible Local Government Area (LGA) in New South Wales to build new housing.

Despite this, housing approvals in Woollahra consistently lag well behind other LGAs, and the population has declined by 11 per cent over the past 50 years while Greater Sydney as a whole has grown by 74 per cent.

The new station that will be an eight-minute trip from Sydney CBD, will be located on the Eastern Suburbs train line in Woollahra, where a station build was started in the 1970s but never completed.

To enable the delivery of new homes the NSW Government will lead a rezoning of Woollahra and Edgecliff stations similar to other state led rezonings to allow additional homes to be built around the stations.

Affordable housing will also make up a proportion of development on the site with the final amount of affordable housing required, to be determined as part of the rezoning process.

The area surrounding the new station is within walking distance of major green and recreational space including Cooper, Trumper, Rushcutters Bay and Centennial Parks.

The Eastern Suburbs train line between Bondi Junction and Sydney CBD also has the lowest passenger usage rates during the AM peak of any line on the Sydney network, with only 43 per cent of operating capacity during the AM peak currently being utilised by passengers.

Sydney Water and Infrastructure NSW have confirmed there is capacity in the water and wastewater systems to accommodate the proposed 10,000 dwellings without major upgrades.

The rezoning is expected to take around two years and will further support the Government’s housing targets that rebalance the delivery of new homes around existing infrastructure.

&nbsp;

&nbsp;

Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney

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Fresh off completing its mixed-use Malvern project Malvern Collective, Kokoda Property Group has acquired a prime site on Richmond's Bridge Road.

They are planning a mid-rise residential development with&nbsp;integrated wellness amenities and a vibrant ground-floor retail and dining offering.

The site, at&nbsp;487–495 Bridge Road, spans&nbsp;1,650 sqm with 50 metres of dual frontage across Bridge Road and Palmer Street. It is currently leased to Adairs, and has a large retail building and 20 onsite car parks.
</section>

<section data-element_type="section" data-id="534a164">
Kokoda Property Group’s acquisition forms part of a broader phase of growth in Melbourne, building on momentum from the completion of Malvern Collective and the recent purchase of a Burnley Street site for the developer’s first commercial project.&nbsp;

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating.

“Melbourne is regaining momentum,"&nbsp;Stevens said.

"After a cautious period post-COVID, we’re seeing buyer sentiment stabilise and capital leaning back into well-located, quality projects. Victoria now benefits from deep builder capacity and competitive delivery pricing, creating a rare opportunity to bring design-led inner-city developments to market without compromising on craftsmanship.

“Richmond ticks all the boxes for us – connectivity, culture and everyday amenity – making Bridge Road the perfect address for an amenity-rich, multi-use development."

<img alt="Kokoda" data-entity-type="file" data-entity-uuid="9a8de51d-8092-480a-8b7e-e081816692c2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-08-29%20at%208.54.27%E2%80%AFAM.png?VersionId=VRHpV5.6beOu2cieKHWrw3ErMPuVOAuj" />

Envisioned as an “urban lantern” the building will bring a distinctive new presence to Bridge Road with a sculptural retail frontage, designed to honour the street’s heritage character while contributing to its renewal.

Stevens said the acquisition reflects the developer’s commitment to design-led addresses in Melbourne’s inner city.

“Drawing on Richmond’s rich heritage and dynamic character, we’ve envisioned a contemporary building that respects the past while elevating the way people live today. With dual frontages, curated ground-floor spaces, and a focus on wellness, this project will contribute to the neighbourhood’s evolution, appealing to both downsizers and a new generation of professionals.”

Kokoda Property will now progress concept design ahead of a future planning process.
</section>

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating

First look: Kokoda secures Richmond site for new apartment development

Gold Coast developer Drew Group is fast approaching sell-out at its Main Beach apartment development, Lagoon Main Beach.

In the last nine months, Drew Group and sales partner Pezet Matheson have secured 31 sales totalling over $75 million, as the two-tower development advances towards completion under the expert eye of Hutchinson Builders.

“Today's buyers are more discerning than ever," Drew Group Managing Director Jon Drew says.

"It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

[smartcode_project:default project_id=108747 project_image_fid=193023]

Just over 50 per cent of recent&nbsp;sales have been to local buyers, reflecting the deep trust and connection within the Gold Coast community that Drew Group has developed over the years.

Demand has been particularly robust at the top end, with two of the three exclusive penthouses already sold, alongside five sub-penthouses. Only seven apartments remain in Lagoon's Signature Series — one&nbsp;penthouse and six sub-penthouses.

[smartcode_project:default project_id=108747 project_image_fid=284864]

Drew Group has also removed the much-maligned sunset clause from all contracts at Lagoon. The sunset clause — although rarely invoked, yet on occasion known to have been — allows developers to take back contracts on apartments should the building not be completed within the timeframe specified in the contract.

Pezet Matheson Co-Director Jayde Pezet says the fact Lagoon is&nbsp;within a year of completion, and has no sunset clause in contracts, provides certainty to buyers.

"This is paramount in the current market," Pezet says.

Drew Group has committed to providing the highest level of security inclusions — none more impressive than the Ubiquity Access Control System, a cutting-edge facial recognition technology that is one of the most state-of-the-art keyless entry systems on the market.

[smartcode_project:default project_id=108747 project_image_fid=190743]

One of the biggest drawcards to Lagoon has been the size of the apartments.

"It is unlikely that any future new development in Main Beach will be able to offer such spacious living at this price point," Drew says.

"Today's buyers are more discerning than ever, carefully evaluating amenities like gyms, spas, workspaces, and beach lockers, along with quality finishes. It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

Lagoon is set to complete construction in mid-2026.

[smartcode_project_cta:default project_id=108747]

Lagoon Main Beach approaches sell-out as local buyers drive $75m in sales

Valuations

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CoreLogic announces the appointment of Shelley Horton as the new general manager of valuation solutions Australasia. Shelley will bring a new perspective to CoreLogic valuation partners as they navigate an evolving landscape of digital disruption and business transformation.
Shelley started her career as a registered property valuer, has held leadership roles at Genworth, and consulted on valuations operations and strategy to major CoreLogic banking clients. She has unparalleled experience across the real estate, valuation, banking and finance and mortgage insurance industries.
In her new role, Shelley will oversee all aspects of CoreLogic’s valuation solutions, including the panel management function, with the goal of further growing the leadership footprint in Australia and New Zealand by supporting valuation firms to address their day-to-day challenges. One of her main purposes will be to help the valuation industry in its goals to grow, manage risks, and optimise operational performance for our shared clients.
Shelley Horton said, “The valuation industry plays a key role supporting many important sectors of the economy and I am excited about partnering with the industry as it continues to evolve in the information age and to help drive innovation, efficiencies and sound risk management solutions that embrace the use of data, analytics and technology.”
In closing, CoreLogic General Manager, Industry Solutions James Vaughan said, “This is the start of an exciting new era for CoreLogic. We are really looking forward to embark on a journey with our valuation partners and empower them to fulfil their goals. Shelley has a great track record in working in complex multi stakeholder environments and driving outcomes through the power of innovation, data and collaboration.”
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j.ballantyne1990-6AQqhLzZaK

Shelley Horton appointed as general manager of valuation solutions Australasia: CoreLogic

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The economic impacts from COVID-19 on valuing, owning, managing and administering commercial real estate will be profound, according to a paper released by Property Funds Association.
In conjunction with property valuation firm, Preston Rowe Paterson, The PFA/PRP issues paper Dealing with Valuation Uncertainty – Investment Real Estate serves as a guide to stakeholders in the asset revaluation process during the COVID-19 crisis, raising potential issues among the accounting and valuation standards.
Paul Healy, CEO of Property Funds Association (PFA), said valuation challenges will be felt across the property industry. “It is almost certain that lenders, regulators and auditors will heighten the scrutiny of investment real estate valuations.
“As an industry we are all in this together and it’s important we defer to the recognised accounting and valuation standards."
“These fair valuation standards weren’t all available during the global financial crisis and will help property to navigate the COVID-19 crisis. It’s important we have some uniformity around valuation, which will benefit all in the property investment industry”, he said.
According to the paper, key challenges to accurate property valuations include the speed of COVID-19’s impact on the economy, lack of comparable property data, and the impact from newly introduced legislation including the Commonwealth’s Commercial Leasing Code.
The paper says: “Given the speed with which we have entered into the economic impact of Covid 19… it is likely that there will be a period of time where the market is starved of sale and lease transactions struck after the announcement of the pandemic on 2 March 2020 which would ordinarily allow the direct comparison methodology to apply.”
It also says the Commonwealth’s Commercial Leasing Code (the Code): “…will have a sudden and profound impact on investment real estate cash flows for the period of the Covid 19 pandemic and, as espoused in the Code, a reasonable recovery period, which will in turn impact the underlying value of the asset based on pre COVID 19 cash flows.
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Property faces valuation uncertainty in the wake of Covid-19

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The saboteur of the Landmark White valuation database privacy has inflicted another devastating blow against the listed valuation company.
LMW has called another trading halt in its shares from Wednesday, to possibly update shareholders on Friday morning with a view to a resumption in trade.
The request came in an update after the market had closed.
The troubled valuation firm admitted National Australia Bank, Bankwest, Bendigo &amp; Adelaide Bank, Suncorp, HSBC and Latrobe had all stopped using it for valuation work, <a href="/expert-insights/anz-and-cba-stop-lmw-valuations-after-second-web-privacy-breach">joining ANZ and CBA </a>which ceased their valuations soon after the initial notification of a further breach of valuation files.
It advised the business would result in a material loss of business revenue.
<a href="/news/landmark-white-see-westpac-return-after-dark-web-data-privacy-breach">The initial breach</a> cost up to $7 million.
I<a href="/news/landmark-white-reports-more-private-valuation-files-posted-online">t maintained the latest data breach</a> did not constitute a notifiable breach under law as only limited private information was contained in the documents posted onto document sharing site SCRIBD.
Only yesterday Landmark White had previously disclosed CBA and ANZ were among a "small number of clients" who had dropped LMW from their valuation panels.
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Landmark White saboteur inflicts another devastating blow against valuation firm

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Australia's largest independent valuation and advisory firm, Herron Todd White, have announced long-serving CEO, Brendon Hulcombe, is stepping down from his role.
Hulcombe, who has held the top job for over a decade, informed the Herron Todd White board of his decision today.
"The Board of HTW has thanked Brendon for his many contributions right across our network, for leading us through a long period of sustained growth, for his expert client relationship management, his valuation industry leadership, and his stewardship of HTW," said Herron Todd White chairman, Jeff Forbes.
"I am very pleased to confirm that Jacqui Bayles will be stepping into the role of Acting CEO of HTW with immediate effect, and until such time as the Board of HTW has concluded its search for Brendon’s replacement," Mr Forbes said.
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He has been at HTW over a 16 year period; 13 of those years as its chief executive.
He will remain an employee of HTW until the end of August 2019, but will be taking a period of extended leave between now and then.
Jacqui has been at HTW for five years, most recently as General Counsel &amp; Company Secretary. 
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Jacqui Bayles becomes HTW's acting CEO after Brendon Hulcombe departure 

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The shares in the property valuation firm Landmark White fell 10 percent to 38 cents after it resumed trading after a major data breach.
It was trading at 45 cents prior to its initial advisory of a privacy breach.
Last week Landmark White advised its investigations revealed that an unknown third party posted an <a href="/news/landmark-white-valuation-data-available-on-dark-web-forum-after-data-breach">illegally downloaded valuation dataset on a dark web forum </a>for 10 days in late January 2019.
It <a href="/news/landmark-white-enters-trading-halt-after-banks-suspend-its-use">sought the suspension of its ASX-listed shares</a> after some of the big four banks indicated they had <a href="/news/banks-drop-landmark-white-valuations-after-data-breach">stopped using LMW valuations</a>.
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"We anticipate that the suspensions will be progressively lifted over the coming days and that workflows will return to more normal levels by the end of the month," it told shareholders today.
"An unknown criminal has maliciously accessed a LandMark White’s system," it advised.
"LMW has been working with independent cyber security consultants, along with the Australian Cyber Security Centre and the Office of the Australian Information Commissioner, to ensure client information and LMW’s network is secure.
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"Having assessed the severity of the incident and confirming that the personal information disclosed is relatively benign, the breach was isolated and has been closed. LMW continues to work with the affected corporate partners to lift suspensions, recover work flows and return to business as usual. LMW has not obtained any evidence that the data has been misused."
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jchancellor-FAypfDUnLy

LandMark White shares fall 10 percent after dark web data revelation

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All but two of Melbourne’s 31 metropolitan councils are increasing rates next financial year by an average of 2.25 per cent, according to the Herald Sun.
Monash wants to bust the cap, pushing for a 3.53 per cent rise in rates unless it can introduce a new waste charge to deal with the recycling crisis.
China's ban on some recycling imports, including those from Australia, is behind the desire.
Victoria previously exported the majority of its recycling to China, where it was processed and used to fuel factories.
Major recycling companies including Visy, SKM and Polytrade would pay councils about $60 to $70 a tonne for the contents of residents' yellow bins and sell it to China at a higher price.
Now unable to do that, it is understood recycling companies plan to charge councils about $60 a tonne to take the material.
The Glen Waverley-based Monash council is one of a few that doesn’t currently have a separate rubbish levy.
The usual annual rate rise is mandated to be a maximum of 2.25 per cent, but waste charges are excluded from that cap.
Nillumbik will increase rates by an average of only 1.95 per cent. Mayor Peter Clarke, who froze rates last year, has been a long-time critic of council budgeting practices.
Several councils are also increasing their waste levies in the wake of the China recycling crisis. Bayside is proposing a 40 per cent, or $92.75 rise, to $324.55.
The paper suggests thousands of Victorian households will be hit with bigger-than-expected rate rises when notices go out next month.
Despite the state government cap of an average 2.25 per cent, high property revaluations will push up rates for many families above that limit, with estimated annual increases of up to $100 likely.
In the City of Melbourne, 57 per cent of ratepayers will pay more than the cap, with households in East Melbourne and Kensington hit hardest because of rising property values.
CBD and Docklands residents can expect their bills to be level with the cap or below, Deputy Lord Mayor Arron Wood said.
Ratepayers Victoria wants independent financial monitors to check on councils’ finances and the rates they charge.
Spokesman Frank Sullivan told The Herald Sun rate increases should not be automatic and the monitors would see if ratepayers’ money was used wisely.
In Stonnington, chief exec­utive Warren Roberts confirmed that almost one in three homes would receive a general rate rise above 2.25 per cent.
“The average residential rate increase is approximately $31 for the year, or 60 cents per week,’’ he said.
In Port Phillip, mayor Bernadene Voss said 28 per cent of ratepayers would receive an above-cap bill.
In Hume, in Melbourne’s outer north, about two-thirds would pay more.
In the outer-eastern Yarra Ranges, 58 per cent will pay above the cap, while in Hobsons Bay the figure is 68 per cent.
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Melbourne council rates set to rise

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The global real estate services company JLL has bought the valuation business, Propell National Valuers.
The deal sees Propell's 200 staff from every state and territory added to JLL's 2300-strong workforce.
JLL Australia chief executive Stephen Conry said the acquisition had been made carefully within the heated residential market. 
Propell completes about 100,000 residential valuations per year.
It has been reported JLL's reputed $25 million acquisition will give it clout in the residential segment, taking on valuation companies such as Herron Todd White, which does more than 300,000 valuations per year, CBRE and Opteon Property Group. 
JLL has doubled revenue from its valuations business in the last five years.
Propell chief executive Bart Mead will continue his senior leadership role at JLL Australia.
Propell’s Head office is in Brisbane.
The business in Australia will continue to operate as Propell – a JLL company during an initial transition and integration phase.
Picture above is of Propell CEO, Bart Mead, (left), with JLL Australia CEO, Stephen Conry.
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JLL buys Propell National Valuers

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The two Sydney municipal districts experiencing the highest annual increases in median residential land values were Willoughby (up 37% to $1.08 million) and Bankstown (29.4% up to $519,000).
Their increases were more than double the overall 13 percent statewide residential increase, thereby possibly tipping further investors into the land tax web which applies to investment property with a value above the revised $432,000 threshold.
The NSW State Government threshold applies to the combined investment property portfolio of individual investors, businesses and SMSFs, excluding principal place of residence. 
Highlighting the Sydney property price momentum, Hornsby (up 25.3% to $554,000), The Hills Shire (24.4% to $504,000), Canterbury (21.4% to $438,000), Marrickville (19.9%), Warringah (19%) and Manly (18.6%), the electorate of the State Premier, Mike Baird, also had above average increases. Leichhardt was up 17.4 per cent.
Overall residential land values for NSW increased by 13 per cent in the 12 months to 1 July 2014, compared to a 3.2 per cent increase for the year to 1 July 2013.
The escalation follows several years of relatively flat valuations.
The valuation surge has pushed a further four Sydney local government areas (LGAs) into the $1 million plus category for median residential land value.
Waverley, Hunters Hill, Willoughby and Manly have joined Mosman and Woollahra.
The pricey eastern suburbs regained the crown from the lower north shore as Woollahra overtook Mosman, becoming the LGA with the highest median residential land value of $1.4 million (a 13.8% increase from 2013). 
With the slowest growth among Sydney metropolitan LGAs of 6.9 per cent, Mosman median land value stands at $1.39 million, but still someway ahead of Waverley ($1.12m), Hunters Hill ($1.09m), Willoughby ($1.08m) and Manly ($1.05). North Sydney and Lane Cove just fall short of the million dollar median value.
North Sydney and Ryde were the only other LGAs that recorded growth of less than 10 per cent (9.6% and 9.2% respectively). 
No metropolitan LGAs recorded negative growth. 
The biggest overall market trend has seen increases for land values predominantly occur in the Sydney basin. 
The major non-metropolitan centres showing the highest residential median land values were Newcastle ($255,000) and Wollongong ($248,000).
Newcastle recorded the greatest growth in median residential land values over the 12 month period at 10.4 per cent, followed by Wyong with growth of 9.1 per cent. 
A number of regional LGAs performed strongly including Gilgandra (an increase of 30%), Coonamble (20%), Oberon (20%), Dubbo (19.4%), Newcastle (10.4%), Bathurst Regional (9.6%), Wyong (9.6%) and Kiama (9.5%).
LGAs close to Canberra had the highest median land values of inland centres, with Queanbeyan ($266,000) the highest followed by Yass Valley ($172,000). 
A total of 22 LGAs in the state experienced a decrease in median residential land values for the 12-month period, with the largest decrease experienced in Cobar ($23,200) with the median residential land value dropping by 10 per cent. Five other inland LGAs experienced negative growth of five per cent or more in median residential land values, Broken Hill ($17,600), Tumut ($66,500), Guyra ($53,400), Moree Plains ($36,900) and Griffith ($79,500).
There was no change at other lgas including the Eurobodalla median land value of $155,000 and Shoalhaven’s $158,000.
The value of all land in NSW has increased by more than 11 per cent, exceeding $1.12 trillion, in the 12 months to 1 July 2014, according to new figures released by NSW Valuer General, Simon Gilkes, who replaced Philip Western, who endeavoured to make a start at ridding the system of its many flaws during his 11 year term. Simon Gilkes, the deputy General Manager and Director, Valuation Services, Land and Property Information, is the acting Valuer General. 
As part of the 1 July 2014 valuation program, the LPI Department assessed almost 2.5 million residential, rural, business and industrial land values for properties in NSW across the 152 lgas.
Valuers analysed over 43,000 property sales across NSW to determine the 1 July 2014 land values; with specific property sales the most important factor considered when determining fresh land values.
Every year approximately one third of Local Government Areas (LGA) receive new valuations to assist with setting rates. Ku-ring-gai, the Hills and Leichhardt will use the updated data when setting rates in 2015.
Some 882,000 Notices of Valuations are being sent to landholders in 45 LGAs this month, showing the value of properties based on market conditions as at July 1, 2014.
The 45 councils will review their rates model for this year based on the new land values.
Land values are one of the factors councils will use set each landholder’s rates.
“Increases or decreases in land values do not necessarily lead to similar increases or decreases in rates.” Mr Gilkes said.
The land values were prepared by valuers contracted from 17 firms across the state. 
“The values are then subject to rigorous quality assurance including statistical testing by the University of Western Sydney,” he said. 
“For 1 July 2014 residential land values in more than 94 per cent of LGAs met or exceeded internationally recognised measures of consistency and accuracy. 
“We are also improving our information to the community and making it easier for landholders to raise concerns and understand how their issues are being addressed.” 
Landholders concerned about their Notice of Valuation can have it independently reviewed by lodging an objection.
About 0.1 per cent of Notices of Valuation required amendment following the 2013 valuations. 
However the NSW Parliament's last two inquiries into the valuation system found the existing processes associated with land valuation objections, valuations for just terms purposes and related objection processes remained "unfair and inadequate." 
Landholders have 60 days to request a review of any land value on the Land Tax Assessment from the date it was issued. Land tax clients cannot object to their average land value.
Objections must be based on individual land values that appear on the land tax assessment. Land tax clients may object to all three years' land values, upon the receipt of their land tax assessment.
Land value is the value of the land only, and does not include improvements such as the houuse or other structures. But it thereby nabs investors with houses on land more so than investors with units in apartment blocks. For strata units, the land value for each individual strata lot is calculated on a proportional basis using the unit entitlement for each lot and the aggregate for the strata scheme. 
<a href="https://www.apps08.osr.nsw.gov.au/erevenue/calculators/landtax.php#anc_calc" target="_blank">Land tax is $100 plus 1.6 per cent of the land value of investment properties above the $432,000 threshold</a>, which jumped from $412,000 in the past year.
Land tax is applied to the value of any property owned or jointly owned that is above the land tax threshold as at midnight on December 31. A landholder with one or more parcels of taxable land (such as investment properties, holiday houses or commercial premises), may be liable for land tax if the total value of land exceeds the land tax threshold.
Values are determined as at 1 July, preceding each land tax year. 
The latest 2014 valuations are being posted online over the next month, with the Valuer General allowing NSW property owners to conduct five <a href="https://www.valuergeneral.nsw.gov.au/your_land_value/land_value_search" target="_blank">free online valuation searches</a> following <a href="https://shop.lpi.nsw.gov.au/wps/portal/lpma/lpi-shop/land-values/register/!ut/p/b1/04_SjzQyMDAwNDI2NzDWj9CPykssy0xPLMnMz0vMAfGjzOKDnZxCTR0NzQwNzJ1dDDwNzfxMnEMNvVw9zfWDU_P0c6McFQF2_pit/" target="_blank">registration</a>.
Hardly sufficient as since 2007 and subsequent tax years, the value used to determine land tax liability is the average of the land value for the current tax year and the land values for the previous two years, each of which is available one at a time.
News Ltd papers estimated the average land tax bill in the City of Sydney will increase from $2212 in 2014 to $3,300 this year.
It estimates the land tax bill for the investor owner of an average plot of land in Willoughby will rise from about $6000 in 2014 to around $10,000 this year. 
 
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Willoughby, Bankstown and Hornsby property investors face higher land tax bills

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When looking to buy a property, the one thing that concerns every purchaser is how much the property is really worth.
As one of the most expensive purchases of lives, it’s understandable to be concerned about overpaying.
However, determining “market value” is trickier than it sounds. While it is effectively true that "market value" is whatever the market will pay for the property when it sells, this advice doesn’t do new buyers, or even experienced buyers, any favours when they’re working out what they should prudently offer or bid for a home.
The methods to work out what you should pay are varied and some of them require a lot of time and effort.
Heading to the suburb’s median price may be on many a person’s “top” thing to do to get an idea of value in a suburb. However, this is fraught with difficulty. Here are four things you should know about median price first, before deciding to use this as a way to determine value (it’s not).
With median prices ruled out, what are we left with?
Buyer’s agent Patrick Bright says that it is through comparative market analysis that buyers will work out the best price to pay. That is, looking at other properties on the market or hose that have recently sold and using this to get a gauge for what this property should sell for. This isn’t a bad technique.
He suggests that 100 comparable homes are inspected. Quite an undertaking.
“When I started in real estate as a selling agent I didn't really have a clue what homes in the area were worth. The owner of the real estate office said to me, 'Patrick, you need to learn what the market value is of homes in the area. I want you to go out and see as many properties as you can in the next few weeks'. He told me I had to inspect each home and document all its relevant features,” writes Bright.
“I decided that I was going to inspect 100 properties and so I pretended to be a home buyer for about four weeks. I covered four or five suburbs, looked at a little over 100 properties and took notes on each one. I wrote down the asking price and what I thought they were worth and followed them up after they'd been sold,” he explained.
He attended a lot of auctions as well, and by the end of the month he was fairly confident about what the market was doing and what properties were worth.
He says this is some of the best advice he has ever received and <a href="/expert-insights/investing/how-to-determine-a-propertys-true-value-patrick-bright">while it’s a lot of work, it’s worthwhile</a>.
Meanwhile, Michael Matusik points to rental returns as a key factor in determining value, particularly for investment properties. He says that they should really be used as the benchmark.
“And the 5% gross rental return – the old school marker which essentially converts to $1 in weekly rent for every $1,000 spent buying a property – is still the most accurate measure, in my opinion, to help determine investment value,” he writes in his explanation.
Technology is increasingly looking to make our property research easier. The new app RealAs looks to present predictions of what the properties are worth, and notes that they do so with a high degree of accuracy – factoring in features like what is on the market and comparable aspects.
Sadly, the algorithm is a closely guarded secret and is not available for everyone to play around with – but it <a href="/news/can-this-algorithm-determine-what-a-bad-property-is">does allow you to plug in any property that’s on the market right now and see their estimate</a>.
Then there’s the option to pay for a professional valuation. There are four types:
<ol>
<li>Full valuation 
</li>
<li>Short form or pro forma valuation 
</li>
<li>Restricted valuation (to include “restricted assessment”, “kerbside” and “drive by” valuations) 
</li>
<li>Desktop (to include electronic valuer review - EVR)</li>
</ol>
Source: RP Data
If you want to know the differences between these valuations, and how each of them is calculated, you can <a href="/news/how-much-is-my-home-worth-judging-a-propertys-value">read our in-depth explanation here</a>.
See over page for the things you must know about valuations.
<hr class="system-pagebreak">
A valuation may appear to be the natural way to answer this question of what your property is worth, so let's take a closer look.
<blockquote>
MUST KNOW ELEMENTS:
<ul>
<li>It's not an appraisal</li>
<li>They're not an exact science</li>
<li>There are multiple types of valuation</li>
<li>Comparables are heavily relied upon</li>
<li>You can assist the valuer</li>
</ul>
</blockquote>
There are also many reasons why you’d want to get an independent valuation – observer<a href="/expert-insights/investing/five-great-reasons-to-get-an-independent-valuation"> Cameron McEvoy aptly describes five crucial reasons you’d consider this</a> - and so it pays to be aware of what is involved.
Here are five ‘must know’ elements of valuations:
<img src="/images/2014/07/04/yellow-one.jpg" alt="" style="float: left;">It’s not an appraisal
You may have had an appraisal with a real estate agent and now believe that your home can fetch in excess of $630,000 on the current market. This may be the case, however a real estate agent’s appraisal is not a valuation and will not be accepted by the bank as such.
While most real estate agents act with professionalism, investors must be aware that it’s not unheard of for real estate agents to alter the appraisal they provide you to match your expectations and to be fairly bullish with their appraisals to secure a listing.
A valuer, however, is immune to these pressures, tasked with one job and one job alone – valuing your home.
<img src="/images/2014/07/04/yellow-two.jpg" alt="" style="float: left;">They’re not an exact science
It will be of no surprise to any savvy investor that figuring out the price of a property is never an exact science, even for those trained in the valuation field. Similarly, obtaining two different valuations also isn’t an unheard of occurrence and is the reason many investors will head to a different bank to obtain financing, particularly after a renovation.
Observer <a href="/expert-insights/investing/the-murky-waters-of-bank-valuations-mark-armstrong">Mark Armstrong refers to bank valuations as being ‘murky waters’</a>. “Remember if a valuation comes in too high and the bank loses money on the loan then the valuer maybe legally liable,” he notes, which may suggest why there is also a general impression in real estate that valuers are conservative with their estimates.
Similarly, it has been pointed out time and time again, such as <a href="/expert-insights/investing/home-valuations-can-be-subjective">by Mal James in this article</a>, that valuers are subjective. This is because they are human beings, and they act with the information provided and their knowledge to come up with the best possible response.
<img src="/images/2014/07/04/yellow-three.jpg" alt="" style="float: left;">There are multiple types of valuation
While we’re focusing on a fairly rigorous in-person valuation, there are a number of different types of valuations. From the DIY desktop valuation (which have <a href="/expert-insights/investing/diy-website-property-valuations-mostly-askew">varying results of accuracy</a>), to the ‘kerbside’ drive by valuation, be aware that not all are created equal.
RP Data lists four different types of valuation that you'll want to understand:
<ul>
<li>Full valuation</li>
<li>Short form or pro forma valuation</li>
<li>Restricted valuation (to include “restricted assessment”, “kerbside” and “drive by” valuations)</li>
<li>Desktop (to include electronic valuer review - EVR)</li>
</ul>
<img src="/images/2014/07/04/yellow-four.jpg" alt="" style="float: left;">Comparables are heavily relied upon
One of the major aspects that valuers look at to come up with a final figure is that of 'comparables'. That is, recent sales in your area that are close to your property in location and type. A valuer will be required to judge whether your property is superior or inferior to these sales, and so adjust their valuation accordingly.
If you want to get an idea of how the valuation may stack up, it'd be worth finding out the latest sales that they will be looking at. This also means that for properties in remote areas, or unique style homes, it will be trickier for the valuer to come up with a figure and, therefore, more subjective and down to interpretation.
<img src="/images/2014/07/04/yellow-five.jpg" alt="" style="float: left;">You can assist the valuer 
As with any property, present it with its best foot forward for the best change of securing a good valuation. While valuers do not want to be harassed, told how to do their jobs or provided information that could sway them against the numbers, you can be helpful and provide information about improvements undertaken since purchase.
Be on site, ready to ask and answer questions, and have all the information about your property on hand.
Despite the reasons to get a valuation, there’s always the other side of the argument. If you’re considering a valuation, you may also want to hear <a href="/expert-insights/investing/property-valuations-a-waste-of-time-and-money-terry-ryder">Terry Ryder’s thoughts on why valuations are a “waste of time and money”</a>. Late last year, Property Observer also covered a heated debate that asked for an ‘overhaul’ of the valuations industry.
Tips for those wanting to get the best from a valuer:
<ul>
<li>Provide them a list of comparable sales (potentially inside the same project, as well as some that are not). While not all valuers will use them, some will. 
</li>
<li>Apply for finance six months before completion, not six days and if you find the valuation comes in low it gives you time to get a third and a fourth. 
</li>
<li>Attain your own valuation, using a valuer that is on your bank's panel of valuers. 
</li>
<li>Ask to see a soft valuation so you can check the comparables used and the comments made. 
</li>
<li>Bear in mind that the valuer often has a different valuation for mortgage purposes as opposed to sale purposes. But mainly: 
</li>
<li>Do your research beforehand.  Go out and look at 100 or even 10 before you make a purchase decision. If you've done your research you should be confident it will value up.</li>
</ul>
Source: CPM Realty
FURTHER USEFUL READING 
<a href="/expert-insights/finance/how-to-get-property-valuations-right-terry-hayes">How to get property valuations right</a>
<a href="/expert-insights/investing/property-valuation-101">Property valuation 101</a>
<a href="/expert-insights/letters-to-the-editor-valuation-experiences">Letters to the editor: Valuation experiences</a>
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jduke-EHk3XBmHkn

How to: Determine market value so you don’t overpay

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GUEST OBSERVATION
This article is a response to Property Observer article “<a href="/expert-insights/how-independent-is-a-property-valuer">How independent are property valuers?</a>” 
Q: How independent is a property valuer?
A: Very.
Propell prides itself not only their level of independence but also their commitment to quality. Propell valuers are all registered with the API and have received certified qualifications, and as rightly pointed out by Edwin Almeida in his Property Observer article 'How independent is a property valuer', valuers undergo years of university-level training to complete the jobs they do.
Propell’s well document quality management process is regularly communicated to clients, and updated to reflect changes in the market and property industry in general.
Time pressures are a reality in any professional services environment, however our valuers continuous commitment to quality is paramount.
Our staff are governed by the Australian and New Zealand valuation and property standards, as set out by the Australian Property Institute and these include strict guidelines in relation to independence, ethics, honesty and professional competency. The maintenance of these standards are not a matter of opinion, they are a professional requirement.
Propell valuers are accredited and experienced in the valuation industry and all work to ensure internal quality assurance and compliance to API standards. As stated by the API: “Following accreditation, CPVs continue to update their knowledge with regular professional development courses within the API. And this means that rather than dealing solely with statistics or relying on ‘gut feeling’, CPVs have a hands-on, professional approach and work with well-established processes and standards to produce valuations that are robust, reliable and independent.”
Our sophisticated valuer support department means our teams of valuers are backed up by a comprehensive and highly effective support model, allowing the maximum amount of time between appointments, always ensuring valuers have adequate time to appropriately assess the property in question and provide an accurate valuation figure.
We encourage owners to prepare information and do their homework when preparing for their property to be valued. The process of valuing a property is not at all simple, and the more information our teams have access to, the better. Our independent and internal research department also equips our teams with the most up-to-date and property intelligence, market information and factors affecting the areas, ensuring valuation figures are not only independent, but are sound, reflect the market but also comply with all standards as set out by the Australia Property Institute.
Bart Mead is CEO of <a href="https://www.propell.com.au/" target="_blank">Propell</a>. 
Mark Nassif is COO of <a href="https://www.propell.com.au/" target="_blank">Propell</a>.
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