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Byron Shire
February 9, 2023

Land values are up

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Iron Gates development in Evans Head land owners go into administration – again

The Iron Gates development, that is on flood- and fire-prone land near Evans Head, has been fought by the community for over 30 years. The current company that owns the site, Goldcoral Pty Ltd whose director is Graeme Ingles, has now been placed into administration.

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Iron Gates development in Evans Head land owners go into administration – again

The Iron Gates development, that is on flood- and fire-prone land near Evans Head, has been fought by the community for over 30 years. The current company that owns the site, Goldcoral Pty Ltd whose director is Graeme Ingles, has now been placed into administration.

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We’ve had the rain bomb, is a fire bomb next?

We had the Black Summer fires and then the floods and NSW Farmers says time is running out to prevent more mass bushfires at the end of this year.

Large parts of the North Coast may have gone under during the 2022 floods, but they appear to have done little to dampen land values for much of the region.

In somewhat surprising figures that could herald land tax and Council rate increases over the next 12 months, the NSW Valuer General said that the total land value for the region increased by 35.9 per cent in the 12 months to July last year.

Land value is the value of the land only and does not include the value of a home or other structure.

The significant increase was driven, according to the Valuer General, by residential values, which climbed by 36.8 per cent over the period.

‘Demand for rural villages, hinterland and beachside locations continue as sea- and tree-changers relocate to work remotely,’ the Valuer General said.

‘This trend was particularly evident in Coffs Harbour (46.7 per cent), Port Macquarie (38 per cent) and Clarence Valley (46.5 per cent).’

Byron up by 18.2 per cent

The Byron Shire experienced a smaller than average increase of 18.2 per cent, according to the report.

There were significant decreases in flood-affected Ocean Shores and South Golden Beach, but these were offset by increases in Brunswick Heads, Suffolk Park and elevated parts of Byron Bay.

Lismore saw increased demand (31.5 per cent) in flood-free areas such as Goonellabah, Lismore Heights and Richmond Hill, while flood-affected locations such as north south and central Lismore fell.

Commercial land values also increased 24.1 per cent across the north coast.

The Ballina Shire saw a moderate increase of 14.9 per cent in the value of commercial land, with the flood-impacted CBD experiencing moderate to slight increases.

Lennox Head and Wollongbar both increased strongly owing to tight supply.

An increase in Byron’s commercial land values reflected continued strength in the Byron tourism sector and investor demand, but Lismore’s had decreased 23.9 per cent following the floods.

Rural land values increased 37.4 per cent across the region.

Byron Shire’s rural land  recorded a 26.1 per cent increase, with values remaining steady in flood-impacted localities including Main Arm and Mullumbimby.

There was a strong demand for rural homes and hobby farms in areas like Myocum and Bangalow.

Land values are one factor used by councils to calculate rates.

Revenue NSW also uses them to calculate land tax for the 2023 land tax year. From this month on, landholders will receive a notice of valuation showing their land value before it is used by Council for rating. The latest land values for all properties are also available on the Valuer General NSW website, along with information on trends, medians and typical land values for each LGA.


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2 COMMENTS

  1. That is all fine, however, as stated in the Valuer General explanations it says “land value is the market value of your land only as if it was sold on 1 July in the valuing year.” Around this time values in Byron Shire had started dropping quite significantly, and are now around 15-20 percent lower. Hence, the values are no longer correct and owners of rental and other properties are likely going to be paying much more for their rates as well as higher land taxes than they should have to pay going forward.

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