Byron land values slump to new low
LAND values in the Byron Shire dropped by nearly half a billion dollars in the past year.
The value of all land in the shire has just been released by the NSW valuer general Philip Western and stands at $6.35 billion at July 1, 2009.
This compares with $6.84 billion at July 1, 2008 – a seven per cent drop.
However, land values have gone up overall by 17 per cent since 2006.
All land in the shire is included in the total, from residential and commercial to industrial and rural.
It is believed that coastal properties suffered particularly last year, and some beachfront home-owners claim they are the victims of scaremongering about rising sea levels.
A Belongil Beach property owner, who asked not to be named, said the valuer general’s rating of some beachside blocks had slumped by up to 50 per cent.
This could cause a major redistribution of the rates burden, with some beachfront owners’ rates bills dropping by up to a third, some from a staggering $15,000 a year, he said
But the land value readjustment did not mean gloom for the property market, said Paul Nicholls, sales consultant with Byron Bay Professionals.
Byron Bay had weathered the storm of the past two years very well, he said, and was now moving ahead steadily.
In Lismore, the total land value at July 1, 2009 was about $3.2 billion, $1.32 billion of it residential.