Northern Beaches LGA · 2017. 12. 12. · Northern Beaches contains much natural bush land within a...

Rating and Taxing Contractor: QV

Version: 1

Northern Beaches LGA

Final Report 2017

27s t October 2017

QVA NORTHERN BEACHES FINAL REPORT 2017 Page 2 of 19

1 Executive summary

1.1 General Overview

There was a strong increase in land values in the Northern Beaches Local Government Area between

2016 and 2017. The increase in values was not consistent across all market segments with the

commercial segment showing a slight increase and rural, residential and industrial segments showing

strong increases. The upward trend in land values was mainly driven by strong demand for residential

and rural lifestyle properties.

Zone 2017 LV 2016 LV General LV %

change

Residential $91,170,146,012 $78,038,837,861 $78,038,837,861 16.83

Commercial $3,127,872,801 $3,023,001,779 $3,023,001,779 3.47

Industrial $1,297,457,450 $1,123,208,670 $1,123,208,670 15.51

Rural $2,500,151,160 $2,149,383,430 $2,149,383,430 16.32

Other $4,109,621,345 $3,689,235,110 $3,689,235,110 11.39

LGA $102,205,248,768 $88,023,666,850 $88,023,666,850 16.11

1.2 Residential Overview

There was an overall strong increase in residential land. There was strong demand across the board

for all property types with the strongest demand for properties within close proximity to the coast

and beaches. B4 Mixed Use properties were either steady or had a slight increase. This was due to

these properties generally being located within commercial precincts and moving more in line with

commercial properties.

An exception to this was Cottage Point non waterfront properties which saw a reduction over the

past year. Cottage Point is a small isolated location where the demand is primarily for waterfront

properties.

1.3 Commercial Overview

There was an overall slight increase in commercial values. The commercial markets are generally

tightly held and generally consist of smaller precincts servicing the local populations. This limits the

potential for value increases.

An exception to this are in the Seaforth, Forestville, and Belrose localities where there has been

continued demand for larger sites with development potential for “shop top housing”.

1.4 Industrial Overview

There was an overall strong increase in industrial values. This growth was driven by increased demand

for industrial properties with some properties being purchased for redevelopment or long term

investments.


An exception to this is in the western Brookvale industrial precinct where the steep topography of

many of the sites limits demand and potential for development.

1.5 Rural Overview

There was an overall strong increase in rural values. The rural market is generally residential rural

lifestyle in nature and has been subject to the same increase in demand as residential properties.


Contents

1 Executive summary _________________________________________________________________________________ 2

1.1 General Overview ____________________________________________________________________________ 2

1.2 Residential Overview_________________________________________________________________________ 2

1.3 Commercial Overview _______________________________________________________________________ 2

1.4 Industrial Overview __________________________________________________________________________ 2

1.5 Rural Overview _______________________________________________________________________________ 3

2 Disclaimer ___________________________________________________________________________________________ 5

3 LGA Overview _______________________________________________________________________________________ 6

3.1 Location of the district _______________________________________________________________________ 6

3.2 Principal Suburbs ____________________________________________________________________________ 7

3.3 Main industries ______________________________________________________________________________ 7

3.4 Significant retail centres _____________________________________________________________________ 7

3.5 Type of residential development ____________________________________________________________ 7

4 State and local government legislation for LGA ____________________________________________________ 8

5 Market overview and sales of particular interest __________________________________________________ 12

5.1 Residential __________________________________________________________________________________ 12

5.2 Commercial _________________________________________________________________________________ 13

5.3 Industrial ____________________________________________________________________________________ 14

5.4 Rural Locations within the LGA _____________________________________________________________ 14

6 Significant Issues and Developments______________________________________________________________ 16

6.1 Significant Developments – From Prior to Current Annual Valuation ______________________ 16

7 Significant value changes __________________________________________________________________________ 17

7.1 Significant value changes – from prior to current annual valuation _______________________ 17

8 Overview of the quality assurance process ________________________________________________________ 18

9 Author _____________________________________________________________________________________________ 19


2 Disclaimer

This report has been prepared on behalf of the Valuer General. The purpose of this report is to

provide an overview of the valuation program for the 1 July 2017 valuation in the Local Government

Area of the Northern Beaches.

To make a land valuation, regard must be had to the requirements and assumptions set out in rating

and taxing legislation, such as the Valuation of Land Act 1916 (NSW). Land values are also

determined by the rules set out in the “Rating and Taxing Valuation Procedures Manual”. The manual

permits large numbers of properties to be assessed using mass valuation methodologies.

Although mass valuation methodologies may be less accurate than individually assessed land

valuations, they are routinely used across the globe to deliver land valuations for rating and taxing

purposes that are within an acceptable range of variation. Consequently, land valuations from the

Valuer General may vary from an individually assessed market valuation for a parcel of land. All land

valuations are, however, subject to a risk based verification process which ensures each parcel of land

is individually reviewed periodically.

Whilst the content of this report has been prepared with all due care and skill, the Valuer General

does not warrant that it is complete or free from error.

During the valuation process, information is compiled from third party sources, such as information

relating to town planning, land use, zoning and other market related information. The Valuer General

is not responsible for, and makes no warranty in relation to, the accuracy, currency, reliability or

completeness of that information. Readers are directed to contact the source of the information.

The land values made in accordance with the valuation program have been made for rating and

taxing purposes only, therefore, the land values should not be used for any other purpose. No

reliance should be made on the contents of this report. To the extent permitted by law, the Valuer

General disclaims all liability to any person(s) who relies on, or uses, any information contained in this

report.

More information on the valuation process is available from the Valuer General’s website at

www.valuergeneral.nsw.gov.au/land_values.


3 LGA Overview

3.1 Location of the district

On the 12th of May, 2016, the Minister for Local Government announced the amalgamation of Manly,

Warringah and Pittwater into the new Northern Beaches Council. The Northern Beaches Local

Government Area (LGA) is located to the north of the Sydney CBD encompassing all land between

Seaforth and Manly, north to Palm Beach headland and west into Ku-ring-gai National Park and

Oxford Falls. It lies between 8 and 35 kilometres north from the Sydney GPO. The LGA is

approximately 254 square kilometres in size and is the home to approximately 263,413 residents

(May, 2016).

Warringah is bound by Willoughby to the south-west and Ku-ring-gai and Hornsby Councils to the

west.

Source: Google Maps via. Strongercouncils.nsw.gov.au

The eastern most boundary of the LGA includes approximately 27 kilometres of ocean coastline

comprising in excess of 25 beaches with many more in Pittwater Bay and its western foreshore. The

Northern Beaches contains much natural bush land within a large section of Ku-ring-gai National


Park and is rich in open space, features of cultural and heritage significance, and is the home to

Manly Dam, Scotland Island, lagoons, wetlands and also Stony Range Botanical Gardens.

3.2 Principal Suburbs

Principal suburbs in the Northern Beaches LGA include Allambie Heights, Beacon Hill, Belrose,

Brookvale, Collaroy, Cottage Point, Cromer, Curl Curl, Davidson, Dee Why, Duffys Forest, Forestville,

Frenchs Forest, Harbord, Freshwater, Ingleside, Killarney Heights, Ku-ring-gai Chase, Manly Vale,

Narrabeen, Narraweena, North Balgowlah, North Curl Curl, North Manly, Queenscliff, Oxford Falls,

and Terrey Hills. As well as Palm Beach, Whale Beach, Avalon, Clareville, Bilgola, Bilgola Plateau,

Newport, Mona Vale, Bay View, McCarrs Creek, Church Point, Ingleside, Warriewood, North

Narrabeen, Elanora Heights, Scotland Island and the western foreshore of Pittwater. Manly, Fairlight,

Balgowlah, Balgowlah Heights, Clontarf, and Seaforth are also part of the Northern Beaches LGA.

3.3 Main industries

The majority of industrial development on the Northern Beaches is located in Brookvale, Harbord,

Dee Why and Mona Vale. Smaller pockets are situated in Frenchs Forest, Forestville, Terrey Hills,

North Narrabeen and Warriewood. Industrial sites in Brookvale comprise many smaller lots to the

east and west of Pittwater Road. The Austlink Corporate Park located in Belrose is zoned B7 Business

Park, is also of significance along with business zoned lands in the Manly town centre, Brookvale,

Dee Why town centre, Narrabeen, North Narrabeen and Mona Vale centres. Smaller neighbourhood

shops are also found clustered throughout the Northern Beaches suburbs.

3.4 Significant retail centres

The most significant commercial/retail centre on the Northern Beaches is located in Brookvale, being

Warringah Mall. Warriewood and Forestway shopping centres are also significant retail centres

servicing the area. Manly, Dee Why and Mona Vale also have large central shopping precincts that

provide a variety of food and retail shopping categories.

3.5 Type of residential development

The Northern Beaches comprises predominantly low density residential development and

environmental management residential use properties. However, localities such as Manly, Freshwater,

Narrabeen, Dee Why, Warriewood, Newport and Mona Vale include the integration of medium

density accommodation. The LGA also has some areas of rural lifestyle and large lot residential,

mainly to the north.


4 State and local government legislation for

LGA

On the 12th of May, 2016 the NSW Government proclaimed that a new local government area would

be created by the amalgamation of Manly, Warringah and Pittwater council areas. It came into effect

the same day forming the Northern Beaches Council. Planning controls were not affected in the change.

Warringah

On 9 December 2011 the Warringah Local Environment Plan 2011 (WLEP 2011) came into effect as

per the State Government’s Standard Instrument (Local Environment Plans) Order 2006. This order

standardises Local Environment Plans across the state, as further explained in this report.

The Warringah LEP 2011 uses traditional zonings in order to determine permissible land uses and

development potential of various locations. Floor Space Ratios were initially included in the Draft LEP,

however, these were repealed and there are currently no FSR controls in the Warringah LEP 2011.

During the year council adopted the Northern Beaches Hospital Precinct Structure Plan. While this is

not a rezoning document, it is a guide for the future development for the area. Therefore, while the

Council has adopted the Structure Plan, no rezoning has been completed.

Warringah also has development controls including the Warringah Development Control Plan 2011

that affects the subdivision and erection of dwellings and their setbacks which impacts on land

values. These are identified in the maps provided on the council website which detail important

development controls including Lot Size maps for minimum subdivision parcels, land hazards such as

land-slip as well as Heritage, Building Heights and Additional Permitted Uses.

General Minimum Lot Sizes are covered here (for specific property controls we conduct a “property

enquiry” via the local council website):

ZONE MINIMUM LOT SIZE

Residential

R2 – Low Density Residential 450m2 or 600m2 or 740m2 or

800m2

R3 – Medium Density Residential NA

E3 – Environmental Management 20Ha

E4 – Environmental Living 5,000m2

Business

B1 – Neighbourhood Centre NA

B2 – Local Centre NA

B3 – Commercial Core NA

B4 – Mixed Use NA

B5 – Business Development NA

B7 – Business Park 4,000m2

Industrial IN1 – General Industrial 4,000m2


IN2 – Light Industrial 4,000m2

Rural RU4 – Primary Production Small Lots 2Ha

RX – Rural Exceptions NA

Recreation RE1 – Public Recreation NA

RE2 – Private Recreation NA

Environmental E1 – National Parks and Nature Reserves NA

E2 – Environmental Conservation 20Ha or NA

Special Activities SP1 – Special Activities NA

SP2 - Infrastructure NA

Natural Waterways W1 – Natural Waterways NA

Residential lots in Narrabeen, Wheeler Heights, Collaroy and parts of Collaroy Plateau, Cromer,

Narraweena, parts of Dee Why, North Manly, Allambie, Beacon Hill, Frenchs Forest, Forestville,

Killarney Heights, Belrose and Terrey Hills have a minimum lot size control of 600m2. A small portion

of Collaroy residential is controlled to 800m2 minimum lot sizes. A portion of east Belrose has a

Minimum Lot Size requirement of 740m2. North Curl Curl, Freshwater and parts of Collaroy Plateau

have controls of 450m2 and Brookvale, Frenchs Forest and Terrey Hills Industrial zones have a

minimum lot size control of 4,000m2. Terrey Hills’ rural properties have a general lot size requirement

of 2Ha. The Dee Why Town Centre is undergoing redevelopment in line with a Master Plan and as

such specific sites have very specific controls placed upon them. We referred to this Plan closely

during the revaluation program.

Pittwater

The draft Pittwater LEP 2014 was placed on public display early in 2013. It was adopted by Council

meeting in December 2013 and came into force on June 27, 2014; our values are in accordance with

this.

The LGA land use is controlled by the Pittwater Local Environmental Plan 2014 (the LEP). It contains a

written statement and a series of maps, which applies to land within the LGA. Amendment No. 5 to

the Pittwater LEP 2014 was published 25 September 2015. This relates to changes to englobo

properties development controls as outlined in the “Warriewood Valley Strategic Review Addendum

Report”.

With the LEP setting out general land use definitions and controls, more specific controls relating

differing localities and specific property types are contained within the Pittwater 21 Development

Control Plan (DCP) incorporating Amendments 1 - 15 , 17 & 18 in effect from 26 May 2015. This DCP

affects the subdivision and erection of dwellings and their setbacks which impacts on land values.

These are identified in the maps provided on the council website which detail important development

controls including Lot Size maps for minimum subdivision parcels, land hazards such as land-slip and

flood as well as heritage, building heights, conservation measures and additional permitted uses.

General Minimum Lot Sizes are covered here (for specific property controls we conduct a “property

enquiry” via the local council website):



Residential

R2 – Low Density Residential 550m2 or 700m2

R3 – Medium Density Residential NA

E3 – Environmental Management 5,800m2 or 1.1Ha

E4 – Environmental Living 550m2 or 700m2 or 1Ha

R5 – Large Lot Residential 4000m2

Business

B1 – Neighbourhood Centre NA

B2 – Local Centre NA

B4 – Mixed Use NA

B6 – Enterprise Corridor NA

B7 – Business Park 8,000m2

Industrial IN2 – Light Industrial 1,000m2 or 2,000m2

IN4 – Working Waterfront NA

Rural RU2 – Rural Landscape 1Ha or 2Ha

Recreation RE1 – Public Recreation NA

RE2 – Private Recreation NA

Environmental E1 – National Parks and Nature Reserves NA

E2 – Environmental Conservation NA

Special Activities SP1 – Special Activities 20HA

SP2 - Infrastructure NA

Natural Waterways W2 – Recreational Waterways NA

Residential lots in Bayview, Mona Vale (North), Palm Beach, Whale Beach, Avalon Beach, Clareville,

Bilgola Plateau and Newport have a minimum lot size control of 700m2. North Narrabeen, Elanora

Heights and Warriewood (north of Warriewood Road) have a minimum lot size control of 550m2.

Ingleside has a general lot size requirement of 2Ha, large lot properties in Bayview are controlled to

4,000m2 and Ruskin Rowe at Avalon is controlled to 1Ha. Environment residential properties on

Scotland Island have minimum lot size requirements of 5,800m2 and the Western Foreshore is

generally 1.1Ha. Industrial properties are generally under the control of 1,000m2 for minimum lots.

Manly

Throughout the year we have monitored and considered the affects State and Local Legislation have

had on values and value relationships compared to prior value levels.

We consider that over the year there has been a minimal impact on values and value relationships

compared to prior value levels.

On 5 April 2013 the Manly Local Environment Plan 2013 (MLEP 2013) came into effect as per the

State Governments Standard Instrument (Local Environment Plans) Order 2006. This order

standardises Local Environment Plans across the state, as further explained in this report.


However, in approving the MLEP 2013 the Minister for Planning and Infrastructure deferred certain

land in which will continue to be run under the Manly Local Environment Plan 1988. However, all

deferred properties in the Manly LGA have since been placed under the new MLEP 2013.

The Manly Local Environment Plan 2013 (as amended) is made up of a written instrument and maps,

containing restrictions on development within the Manly Local Government Area. In addition to the

MLEP 2013, the Manly Development Control Plan 2013 has also come in to effect. The DCP supports

the LEP with more detailed planning and design guidelines.

Manly Development Control Plan 2013 (Amendment 8) should be read in conjunction with, and in

addition to Manly Local Environment Plan 2013 that affects the subdivision and erection of dwellings

which impacts on land values. These include:


Residential

R1 – General Residential 250 & 300m2

R2 – Low Density Residential 500 & 750m2

R3 – Medium Density Residential 250m2

Business

B1 – Neighbourhood Centre Council assessment

B2 – Local Centre Council assessment

B6 – Enterprise Corridor Council assessment

Industrial IN2 – Light Industrial Council assessment

Recreation RE1 – Public Recreation Council assessment

RE2 – Private Recreation Council assessment

Environmental

E1 – National Parks and Nature Reserves Council assessment

E2 – Environmental Conservation Council assessment

E3 – Environmental Management 250 & 300m2

E4 – Environmental Living 300, 750, 950, 1150m2

Special Activities

SP1 – Special Activities Council assessment

SP2 - Infrastructure Council assessment

SP3 - Tourist Council assessment

Natural Waterways W1 – Natural Waterways Council assessment

Development on the Northern Beaches is also controlled by State Environmental Planning Policies

(SEPP). These policies can often conflict with local environment plans, however these override the LEP

& DCP.


5 Market overview and sales of particular interest

For the 2017 revaluation of the Northern Beaches LGA, there were of total of 68,331 valuations

completed.

Over the past year there has been continued strong increases in land values, however this varied over

different market sectors. In general, strong increases occurred in the residential, industrial, and rural

markets. We note the rural market on the Northern Beaches primarily consists of rural lifestyle

properties. The commercial market had only a slight increase in values.

Zone 2017 LV 2016 LV General LV %

change

Residential $91,170,146,012 $78,038,837,861 $78,038,837,861 16.83

Commercial $3,127,872,801 $3,023,001,779 $3,023,001,779 3.47

Industrial $1,297,457,450 $1,123,208,670 $1,123,208,670 15.51

Rural $2,500,151,160 $2,149,383,430 $2,149,383,430 16.32

Other $4,109,621,345 $3,689,235,110 $3,689,235,110 11.39

LGA $102,205,248,768 $88,023,666,850 $88,023,666,850 16.11

5.1 Residential

The residential market has continued to see strong growth from last year with a total increase of

16.83%, particularly on the eastern seaboard of the LGA with many localities increasing in excess of

20%. The western localities of the LGA, while still a strong market, having increases of 10-20%.

The B4 Mixed Use zoned properties are generally located within commercial precincts and have

commercial aspects to them, and these have generally moved in line with commercial properties.

A number of non-waterfront properties in Cottage Point have seen weakening. This is an isolated

area where demand is primarily for waterfront properties.

Of particular note is the ongoing redevelopment of the Dee Why town centre; and the mixed

commercial and residential plans by Meriton bounded by Pittwater Road, Howard and Oaks Avenues.

Construction of the development is substantially underway.

Another area of continued interest this year were the suburbs surrounding the new Northern Beaches

Hospital. Particular attention was paid to sales nearby the hospital site where sites have been

purchased for future development.


Sales of Interest:

Address Sale Date Sale Price Comments

102 Iluka Rd, Palm Beach 16/12/2016 $9,200,000 Sale of single residential Pittwater Beachfront property

10 Waratah Rd, Palm Beach 08/12/2016 $6,950,000 Sale of single residential Pittwater Beachfront property

257 Whale Beach Rd, Whale

Beach 04/08/2017 $4,300,000

Sale of single dwelling residential Whale Beach

beachfront property

18 Rock Bath Rd, Palm Beach 28/04/2017 $6,550,000 Sale of single dwelling residential ocean front property,

located southern end of Palm Beach

6 Foamcrest Ave, Newport 25/02/2017 $3,010,000

Medium density residential site, single residential

dwelling to be demolished with DA 313/17 lodged for

construction of a 6 unit residential flat building.

33 Darley St E, Mona Vale 14/10/2016 $3,875,000

Medium density residential site, sold with DA124/13

approved for demolition and construction of a 5 unit

residential flat building with construction underway.

627-635 Pittwater Rd, Dee

Why 15/06/2017 $20,100,000 Sale of a mixed use development site.

116-118 Frenchs Forest Rd

W, Frenchs Forest 8/02/2017 $8,360,000

Sold for the future development of a residential flat

building.

124-126 Frenchs Forest Rd

W, Frenchs Forest

25/11/2016 &

10/01/2017 $7,500,000

Sold for the future development of a residential flat

building.

15 Ryrie Ave, Cromer 17/02/2017 $1,265,000 Sale of a low density residential site, dwelling to be

demolished.

46 Clarke St, Narrabeen 9/06/2017 $1,635,000 Sale of a low density residential site, dwelling to be

demolished.

31 Seaforth Cres, Seaforth 23/11/2016 $2,400,000 Sale of vacant land.

17 Harland Rd, Fairlight 14/10/2016 $1,450,000 Sale of vacant land.

71 Whistler St, Manly 15/03/2017 $2,300,000 Sale of a single dwelling.

5.2 Commercial

Overall there was a slight increase in commercial land values for the Northern Beaches LGA, with an

increase of 3.47% in total. Commercially zoned properties are located throughout the LGA. Many of

these properties serve local populations and are tightly held, limiting development potential of the

sites. However, there has been continued demand for larger sites with “shop top housing”

development potential and increase of 10-15% has occurred in localities such as Seaforth, Forestville,

and Belrose.

The Balgowlah B6 zone properties have also seen increases in larger sites with good development

potential and street exposure with an increase of approximately 11% overall.


Sales of Interest:


376-380 Barrenjoey Rd,

Newport 31/01/2017 $6,200,000

Sale of a strip retail shops located in Newport retail

precinct.

9-15 Lawrence St, Freshwater 11/05/2017 $9,500,000 Sale of a development site zoned B2

39 The Centre 9/11/2016 $3,000,000 Sale of a strip retail shop located in “The Centre”

8 Narabang Way, Belrose 6/02/2017 $3,080,000 A business park vacant land sale.

545 Sydney Rd, Seaforth 31/05/2017 $2,671,500 Sale of a retail shop with level one residential

5.3 Industrial

The majority of industrial land on the Northern Beaches is located in Brookvale, Harbord, Dee Why

and Mona Vale. Smaller pockets are situated in Frenchs Forest, Forestville, Terrey Hills, North

Narrabeen and Warriewood. However, the major industrial precinct is located in Brookvale; both east

and west of Pittwater Road.

Overall there was a strong increase in values for industrial land over the past year increasing 15.51%.

Demand for long term investments and some redevelopments were the primary drivers of the uplift

in values. However, industrial properties west of Pittwater Road in Brookvale were an exception to

this, with values remaining steady from 2016 to 2017. Much of this locality has steep topography

limiting potential for development and demand.

Sales of Interest:


77 Bassett St, Mona Vale 02/12/2016 $17,000,000 Improved large industrial site, purchased for long term

investment/land banking

69 Middleton Rd & 6 Villiers

Pl Cromer 14/09/2016 $5,005,000

Industrial site to be developed in to a self-storage

premise.

380 Pittwater Rd, North

Manly 11/07/2017 $5,200,000 The sale of a two level warehouse and associated offices.

5.4 Rural Locations within the LGA

The rural properties on the Northern Beaches comprise predominantly rural lifestyle properties

located in Duffy’s Forest, Terrey Hills, northern Mona Vale, Ingleside and Warriewood Valley. Sales

evidence across rural areas showed a strong increase in values over the past year of 16.32%.

The suburb of Oxford Falls also has a number of rural lifestyle properties, however this area has

deferred zoning since the gazette of the WLEP 2011 and Council are soon to re-zone the deferred

area. The rezoning document has been approved at the NSW Gateway however is still to be placed

on government gazette.

Value increases of rural properties occurred throughout the LGA.


Sales of Interest:


4A Ingleside Rd, Ingleside 01/09/2016 $2,300,000 Vacant rural lifestyle property.

7 Oxford Falls Rd, Oxford Falls 16/09/2016 $2,150,000 The sale of vacant land with difficult access to the site.

276 Tooronga Rd, Terrey Hills 2/12/2016 $3,500,000 An improved sale of a rural residential property.

400 Wyong Rd, Duffys Forest 17/09/2016 $5,850,000 An improved sale of a rural residential property.


6 Significant Issues and Developments

6.1 Significant Developments – From Prior to Current Annual Valuation

Below is a summary of significant approved development applications and also significant

developments completed throughout the year. Some of these Development Applications are for

developments permissible within the current zoning and therefore no special consideration was

required, others have had special consideration.

• 627-635 Pittwater Road, Dee Why – Construction of a multi-level shop top housing

development comprising ground floor retail and 145 apartments.

• 896 Pittwater Road, Dee Why – the continued development of a mixed use office, retail, and

residential.

• 129-133 Lagoon Street, Narrabeen – demolition of the existing buildings and construction of

a residential flat building.

• 89-90 North Steyne & 90-92 Whistler Street, Manly - demolition of the existing buildings and

construction of a residential flat building

• Northern Beaches Hospital Structure Plan – adopted by Council

• 98 Elimatta Rd, Mona Vale – Torrens title subdivision of one lot into three lots and the

construction of a shared access driveway and on-site detention drainage.

• 36 Crescent Rd, Mona Vale – Proposed subdivision of existing lot into four allotments,

construction of four dwellings and associated swimming pools.

• 6 Mitala St, Newport – Subdivision of three lots into four lots and demolition of all existing

structures on the site with the exception of the boatshed. Construction of four new dwellings

with swimming pools and a new and refurbished boatshed with boat handling platform.

• Ingleside Release area – Planning NSW advises that a draft Land Use and Infrastructure

Strategy for community consultation was recently released and they are now reviewing all

submissions and will release a revised Strategy for further consultation later in 2017. Until

more definite plans are in place it is not anticipated that there will be any significant effect on

land values.


7 Significant value changes

7.1 Significant value changes – from prior to current annual valuation

There have been several significant value changes from the prior to current annual valuation.

Significant value changes have been made to all non-waterfront properties in Cottage Point where

demand is primarily for waterfront properties, and is supported by non-waterfront sales.

A number of properties which have good unobstructed water views on Monash Parade in Dee Why

were increased significantly and are supported by several sales.

Significant increases have occurred for larger properties in Mona Vale which are capable of further

subdivision with increases well supported by analysed sales.

A number of mid-sized R3 properties, capable of development without amalgamation, in the Mona

Vale and Newport areas have seen significant increases and are well supported by analysed sales.

Values were increased to several business zoned properties in Seaforth and Manly Vale. These

properties have good development opportunities for “shop top housing” and recent sales show there

is still demand for these types of properties.


8 Overview of the quality assurance process

Property NSW has been provided with a detailed Valuation Analysis Report, which details the Quality

Assurance Process of QV Australia and outlines that the Verification process and certifies that Land

Values meet all Statistical Measures and Component Data Analysis. In addition, a Quality Statement

and lists of high value and high risk properties is also provided in the Valuation Analysis Report.

Checks have been undertaken to ensure that all properties have been valued, land values are

consistent with each other, land value bases have been correctly determined and all concessions and

allowances have been supplied. Additionally, properties that had land values amended through the

objection or re-ascertainment process were individually examined to reconcile surrounding land

values and ensure accuracy of the grading of surrounding land values. Benchmarks and Reference

Benchmarks are core elements of the quality assurance processes and are identified and individually

valued in accordance with the Rating and Taxing Procedures Manual Version 7.1.1. Worksheets have

been maintained on all properties where calculations are required. We have also ensured that

adjustments and assumptions within the market analysis have been based on market evidence and

have been fully documented and rationalised.


9 Author

Report Prepared by: Report Prepared by:

Nigel Robinson Sam Percy

AAPI CPV AAPI CPV

Contract Manager Senior Valuer

27 October 2017 27 October 2017

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