I certainly agree with many that our unimproved land valuations are outrageously over-the-top. So if, like me, you are about to most definitely object, here are some tips…
Our valuations are not just on sales prior to July 2022. There are more considerations involved. Such as access to public transport; public or private transport availability; facilities existing within your zone, such as cycleways and footpaths; functioning stormwater drains; access to hospital and/or medical practitioners.
These inflated valuations are a direct result of the covid pandemic and the mass exodus of people from two major cities, Sydney and Melbourne. As such there were many buying property from websites to escape the many long lockdowns. Now that things have settled down, and given the precarious situation of an impending recession, along with inflated costs of living, the real valuations have significantly dropped. I suggest we desperately need to be proactive in bringing this, along with the lack of maintenance and upgrades to infrastucture, to the [attention of the] NSW Valuer General’s office.
We have only 60 days, from receipt of our valuations, in which to object. Reasons to object: access constraints; environmental issues such as bushfires, flooding, erosion and subsidence, contamination; impacts of easements (such as building setbacks).
Supporting evidence is required. If quoting sales of equivalent properties you need to supply three addresses, their date of sale and price sold, along with written reasons to support the reduction in value.
My recommendation is to request at least a 25 per cent drop. Get a real estate agent to give a true valuation. Also check your zone density as so many areas are now medium density, not low density.
Is your home able to be insured for flood? These are just some of the issues to put forward to have your unimproved valuations reduced.
