Tweed’s property values drop 6%
TWEED land values have dropped by 6% since 2011, according to NSW valuer general Simon Gilkes.
Mr Gilkes said more than 30,000 land value notices had been sent to Tweed landholders.
He said the land values, which don't take into account homes or other improvements, were based on market conditions as of July 1 last year.
"The total land value of the Tweed LGA was approximately $9.5billion as at 1 July 2014," Mr Gilkes said.
"This is an overall decrease from the total land value of approximately $10.21billion determined as at 1 July 2011."
Since the last Notices of Valuation were issued in the Tweed three years ago, almost all land types in the Tweed have decreased in value, with the exception of parts of Banora Point and Tweed Heads South, which have either remained steady or shown a slight increase.
LJ Hooker Coolangatta Tweed real estate agent Don Neale said he was "not surprised at all" by the drop in value.
"There has been a gradual decline in property values since the GFC," Mr Neale said.
Flood-prone riverfront properties in Murwillum-bah, all industrial land, commercial properties, rural residential, hobby farms, remote properties, larger rural properties and those with poor access had also decreased in value, with varying levels of severity.