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Wellington’s popularity reflected in rising property valuesThe results of Wellington Shire Council’s latest comprehensive valuation of properties are good news for many householders across the shire – highlighting significant increases in the capital value of their properties. By Wellington Shire Council - 1st June 2004 - Back to News The State Government requires properties to be revalued every two years. The findings of Wellington’s revaluation, just completed, reflect the boom in the Victorian property market over the last couple of years and the shire’s growing appeal as a preferred lifestyle location.
All 28,900 properties in Wellington have been assessed for their Capital Improved Value (CIV). Initial results show that in the period since the exercise was last conducted in 2002 there has been an overall increase of over 40% in the CIV across the shire for all property types (urban and coastal residential, rural, farming, commercial and recreational).
While the figures have still to be finalised, it is clear that some parts of Wellington have experienced bigger value rises than others – such as coastal areas in comparison with inland towns and farms.
Said Wellington’s Chief Executive Officer Lyndon Webb: "There’s no doubt that the increase in property values will be good news for many householders across the shire. However, because the council is required to use the value of land as the basis for allocating council rates, we’re also mindful that these rises will affect rate levels and we’re in the process of assessing the likely impact. All we can say for certain at the moment is that some property owners will see their rates increase, while others will be paying less.
"The State Government requires us to conduct periodic revaluations of properties and to carry any impact through to rate levels. We’re looking to reduce the rate in the dollar by over 25% to help offset the increase in property values and the extra rate burden this would otherwise bring to some households."
Source: www.gippsland.com Published by: news@gippsland.com
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