Aireys Leads Surf Coast Property Value Rises

Written by Administrator

Aireys Inlet led residential property valuation rises throughout Surf Coast Shire in the two years to January 2010, according to the figures produced as part of the Council’s biennial revaluation of all rateable properties.

Surf Coast Shire, like all Victorian Councils, is required to revalue all residential, commercial and rural properties every two years under Victorian Government legislation.

Council’s independent contract valuers reported that:

The average value of residential properties throughout the Shire rose 10.6% over the two years
Values across rural properties rose an average 14.4%
Values across commercial and industrial properties throughout the Shire rose an average 10.6%.

There was also a wide variation in average rises across different communities in Surf Coast Shire with residential values increasing strongly particularly in small coastal townships like Eastern View, Moggs Creek, Aireys Inlet and Anglesea while rural valuation increases were particularly high in Barrabool and Gnarwarre.

Surf Coast Shire Mayor, Cr Libby Coker, said the increase reflected strong growth across the Shire and continued growth in a number of coastal townships and rural areas with access to the coast and major arterial roads.

“It’s important to note though that individual property valuations may not necessarily reflect the average figures in communities as there are a number of factors valuers must consider when valuing properties according to guidelines laid down by the State Valuer General.”

Cr Coker said that while the increase in the average value of people’s properties was a positive thing, it was important to understand that this did not translate to a corresponding rise in the rates to be paid by an individual.

“A general revaluation results in the rates for some properties going up while others go down.

“If a property's value increases by less than the average increase across the municipality, the rate increase for that property will be relatively low. If a property's value increases by more than the average increase, the rate increase will be higher. In some cases, the rates may even be less than the previous year.”

“In other words, a general revaluation is carried out every two years to redistribute the rates collected from Council’s rateable properties based on their latest value.”

Cr Coker said the valuation results will not increase Council’s rate revenue, which is determined as part of the budget process.

“Council will determine the percentage increase in total rate revenue required to deliver its budget and this will be distributed among individual properties according to their new values.”

Valuations are determined on the capital improved value of a property, which includes land, buildings and other improvements. Information about each property's value, and the rates and charges to be paid, will be included on the new rate notices to be issued in September.

The notice also explains how to receive more information or to go about questioning the valuation attributed to the property.