8 final outcomes of 2016 general valuation abstract...2016/08/22 · council meeting agenda...

Council Meeting Agenda 22/08/16

8 Final outcomes of 2016 General Valuation

Abstract This report provides detailed information in relation to the 2016 general valuation of all rateable property. The Valuation of Land Act 1960 (VLA) requires Council to return a general valuation of all rateable and non-rateable land within the municipality every two years. The level of value date is 1 January 2016 and the new valuation came into effect from 1 July 2016 and will be used for apportioning rates for the 2016-17 and 2017-18 financial years. Part of the contractual and statutory requirements is that all valuations must be submitted to the Valuer-General Victoria (VGV) for analysis and formal acceptance on a progressive basis. The process consists of five stages and each stage was submitted to the VG in accordance with required timelines. The final certification by the VGV, commonly known as "The Generally True and Correct Certificate" under section 7AF of the Valuation of Land Act 1960 (VLA) was issued on 17 July 2016. Council's valuation and rates notices issued late July 2016 were thus based on the valuations certified by the "The Generally True and Correct Certificate".

Officers' recommendation That Council resolve to receive the 1 January 2016 General Valuation effective from 1 July 2016 in accordance with section 7AF of Valuation of Land Act 1960. Document information

City of Boroondara 2016 General Valuation of 29


Responsible director: Marilyn Kearney

Corporate Services ___________________________________________________________________ 1. Purpose

The purpose of this report is to advise Council of the final outcomes of the 2016 general valuation.

2. Policy implications and relevance to council plan

This report is consistent with the Council Plan 2013-17 and in particular strategy 19 "Financial management - We will provide customer -focused financial management processes, budget systems and valuation practices in accordance with professional standards and legislative requirements”.

3. Background

The Valuation of Land Act 1960 (VLA) requires Council to return a general valuation of all rateable and non-rateable land within the municipality every two years. The level of value date is 1 January 2016 and the new valuation came into effect from 1 July 2016 and will be used for apportioning rates for the 2016-17 and 2017-18 financial years. Council’s appointed contract valuer is Matheson Stephen Valuations. Part of the contractual and statutory requirements is that all valuations must be submitted to the Valuer-General Victoria (VGV) for analysis and formal acceptance on a progressive basis. The process consists of 5 stages and each stage was submitted to the VG in accordance with required timelines. The final certification by the VGV, commonly known as "The Generally True and Correct Certificate" under section 7AF of the Valuation of Land Act 1960 (VLA)", was issued 17 July 2016. Section 6 of the VLA requires three (3) valuations be returned for each property: 1. Capital Improved Value (CIV), 2. Site Value (SV), 3. Net Annual Value (NAV). The VLA requires that all properties be valued on the basis of “highest and best use”. This requires all properties to be assessed on the basis of potential use and not necessarily actual use. The concept applies to both site value and capital improved value. Council’s rates are struck on the basis of the CIV valuations whilst the site value is provided to the State Revenue Office (SRO) for the levying of land tax assessments. Council allowed for income of $200K in 2016-17 for the provision of this information to the SRO.

4. Outline of key issues/options

In the two years since the return of the 2014 general valuation, the overall movement in property valuations is as follows: Site Value Capital Improved

Value Net Annual Value

2016 Valuations $80,022,921,850 $105,668,753,088 $5,361,435,6042014 Valuations $58,884,273,900 $82,741,520,500 $4,224,034,615Change $21,138,647,950 $22,927,232,588 $1,237,400,989% Difference 35.90% 27.71% 26.93%



Analysis of the distribution of valuation movements across the municipality has been conducted and, as noted in section 9 below, a number of attachments providing analysis of the revaluation outcomes have been prepared and distributed with this report. As shown in Attachment 7, 36,977 rateable properties will receive rate bills with a movement of between zero and negative twenty per cent compared to the previous year. These rate bills movements result from the distribution of relative valuation increases across suburbs as shown in Attachment 2. Where a suburb’s valuation increases are less than other suburbs, the rate bill will move by a lesser percentage.

5. Consultation/communication

The 2016 general valuation has been monitored by the VG in accordance with Valuation Best Practice 2016 (VBP). As part of the 2016 general valuation, Council's contract valuers, Matheson Stephen Valuations, inspected 50% of the total number of residential assessments, every property that has sold over the past two years, all properties requiring supplementary valuations and 100% of the commercial property assessments. This inspection involved an external inspection of each property to collect or confirm data requiring quantitative assessment (factual data such as land or building area) or qualitative assessment (e.g. grading of building condition or quality of style).

VBP suggests that not less than 33% of the total number of residential assessments be inspected. However, Boroondara's contract requires the contract valuers to inspect 50% of residential assessments to improve data quality and ensure that the total municipality is inspected every four years rather than every six years as suggested by VBP.

VBP and the general inspection regime have been operating successfully since biennial revaluations were introduced in 2000. These inspections do not in themselves impact on the distribution of the rate burden with changes to data elements predominantly being collected through the supplementary valuation process. The 2016-17 valuation and rate notice contained an explanation of the valuation process and also advised the ratepayer of the process to be followed should they wish to query the valuation. Under the VLA ratepayers have up to two months after the valuation and rate notices have been issued to formally object to their valuation.

6. Financial and resource implications

The general valuation will impact the distribution of rating liability across the municipality. It does not provide Council with any additional revenue. The distribution of rates is affected each general valuation by the movement in the various property classes. The important point from an equity consideration is that all properties must be valued at a common date (ie 1 January 2016), so that all are affected by the same market. Large shifts in an individual property’s rate liability only occurs when there are large movements either in the value of a property category (eg residential, office, shops, industrial) or the value of certain locations, which are outside the general movements in value across all categories or locations.



7. Governance issues

Officers involved in the preparation of this report have no conflict of interest. The list of prescribed human rights contained in the Victorian Charter of Human Rights and Responsibilities has been reviewed in accordance with Council’s Human Rights Compatibility Assessment Tool and it is considered that the proposed actions contained in this report represent no breaches of, or infringements upon, those prescribed rights.

8. Social and environmental issues

The return of the 2016 general valuation ensures that rates are distributed in an equitable basis across the municipality.

9. Evaluation and review

The increase in total CIV from 2014 to 2016 is 27.71%. The median residential valuation has increased from $1,030,000 in 2014 to $1,365,000 in 2016 (an increase of 32.52%). The average residential valuation has increased from $1,112,000 in 2014 to $1,429,000 in 2016 (an increase of 28.51%). Boroondara now has 43,779 residential properties valued in excess of $1,000,000. Further general commentary concerning the valuation outcomes and market influences have been provided by the contract valuer and are provided in Attachment 1. Analysis of the general valuation outcomes is detailed in the following attachments: Attachment 2 Movement in valuations from 2014 to 2016 by suburb. Attachment 3 Movement in valuations from 2014 to 2016 by property

type. Attachment 4 Residential CIV 2014 to 2016 analysis of % change. Attachment 5 Commercial CIV 2014 to 2016 analysis of %. change. Attachment 6 Pages 1 to 13 - Modelling - rate % change for residential

properties - by category for each suburb. Attachment 7 Modelling - Impact of proposed rate in dollar for all

property types and suburbs. Attachment 8 Residential property numbers by CIV range.

10. Conclusion

The new valuation came into effect from 1 July 2016 and will be used for apportioning rates to individual properties for the 2016-17 and 2017-18 financial years.

Manager: Chris Hurley, Commercial and Property Services Report officer: John Lorkin, Coordinator Revenue and Property Services


Attachment 1

Liability limited by a scheme approved under Professional Standards Legislation

2 August 2016

The City of Boroondara 2016 General Revaluation is complete and 7A Certification (pursurant to Section 7A

Valuation of Land Act 1960) received from the Valuer-General Victoria dated 29 June 2016. The 2016

General Revaluation was undertaken by Matheson Stephen Valuations. All properties within the City of

Boroondara have been revalued as at 1 January 2016. This report provides an overview of the 2016

General Revaluation.

We provide in summary the findings of the 2016 Revaluation:

2014 2016 % Change

SV $58,884,273,900 $80,022,921,850 35.90%

CIV $82,741,520,500 $105,668,753,088 27.71%

NAV $4,224,034,615 $5,361,435,604 26.93%

We provide further detail with respect to the findings of the 2016 Revaluation as outlined below. For ease of

reading, we have broken the report into two stages: residential and commercial.

Residential Property Market Overview

In order to provide a summary of the 2016 General Revaluation, we consider it appropriate to commence

with a review of the general economy and a broad overview of the Melbourne residential property

market, to recognise the current conditions and how they relate to the value of residential properties within

the City of Boroondara.

The last quarter of 2013 saw renewed confidence in the general property market with sentiment

showing that the previous period of stagnation looked to have an end in sight, with the end of the year

seeing a rise in residential values.

Early 2014 had seen a rise in the value of the Australian Dollar due to strengthening in the domestic

economy, the Reserve Bank of Australia’s shift to a neutral monetary policy stance and the end of The

RBA’s moves to talk down the currency. This saw interest rates remain at all-time lows with consumer

confidence moving back towards the norm. The start of July had seen the Australian Dollar push to an 8

month high above 95 US cents. However, the latter stages of 2014 saw the Australian Dollar take a hit

due to an Australian Dollar considered by many to be overvalued against the US Dollar which has

rallied in recent times. The Australian Dollar currently sits at 75.22 US cents (29 July 2016). 29 July 2016),

Council Meeting Agenda 22/08/16______________________________________________________________________________________

______________________________________________________________________________________

Attachment 1


MSV 2016 Summary of General Revaluation Page 2 of 6

The low interest rate environment enabled the property market across Melbourne and Victoria in 2014

to withstand the impact of moderating consumer confidence and to grow at a consistent rate, albeit

the last quarter saw a more significant increase in some sectors of metropolitan Melbourne. 2015

continued as a bumper year for price growth in the residential sector across most precincts in

Melbourne, Boroondara notwithstanding. The Reserve Bank board today (2 August 2016) announced

their decision to lower the cash rate by 25 basis points to 1.50 per cent in order to support sustainable

economic growth and with the view to returning inflation to target. Press reports have reported that

over the 2013-2015 period, the offshore market, particularly the Asian market has been the pace setter

in terms of development acquisitions, securing more than half of the development investment stock

across Australia. In Melbourne alone, development site transactions reached US$991.2 million. The

Foreign Investment Review boards (FIRB) annual report released on 8 April 2016 indicates 30% growth in

foreign investment in Australian residential and commercial property reaching a total of $96.9 billion

over the year. Statistically, Victoria led the way with approvals recorded at $20.6 billion recorded.

A lack of housing affordability is pricing out many first homebuyers from inner city suburbs, not to

mention the arguably more permissive residential zoning reforms established in 2014.

The graph below depicts median house price and unit prices in Melbourne over the past decade in

seasonally adjusted terms.

Press reports from 2015 indicated the inner and middle-ring suburbs, 5 kilometres to 20 kilometres from

Melbourne CBD outperformed some of the outer city suburbs, in terms of growth over the 2014 period

and are set to continue through 2016. The below figures show the December Quarter 2015 Melbourne

Metropolitan Median Prices and echo this sentiment. The City of Boroondara is classed as part inner-

city, part middle-ring.


______________________________________________________________________________________City of Boroondara 2016 General Valuation of 29


Metro Melbourne Dec-15 Quarter

Annual Change Inner Dec-15 Quarter

Annual Change

House $718,000 8.00% House $1,252,000 17.00% Unit $537,500 5.00% Unit $562,000 2.10%

Middle Dec-15 Quarter Annual Change Outer Dec-15 Quarter

Annual Change

House $837,000 13.20% House $559,000 8.60% Unit $596,500 8.80% Unit $425,000 5.10%

*All quarterly median prices are seasonally adjusted. Annual change is based on rolling annual figures.

2016 General Revaluation - City of Boroondara - Residential

The 2016 General Valuation covers the period 1 January 2014 to 1 January 2016. During this period the

overall Capital Improved Value (CIV) has increased 28.61%, whereas the overall CIV increase for the

previous General Revaluation period was just over 9.7%. The median CIV increased from $1,020,000 to

$1,365,000. Given the substantial increased demand in the market over the past 12-18 months and City

of Boroondara being regarded as one of the most affluent municipalities in Melbourne, the value

increase is supported by the aforementioned REIV figures showing average inner-suburb growth of 17%.

Boroondara has 43,779 residential properties (including residential vacant land) valued above

$1,000,000 - this number is considerably higher than the 35,317 properties in 2014. This represents an

increase of 24%. The number of residential properties valued over $5,000,000 has more than doubled

from 174 to 409. This is thought to exist from high net-worth individuals, both overseas and locally,

looking to buy into Melbourne’s premier suburbs and within well-regarded School’s zones together with

an increase in the development sector. Discussions with local agents reveal that an influx of overseas

migrants looking to enter the property market within the City of Boroondara has significantly increased

prices as they appear to be less price sensitive than local buyers who are then forced to compete and

pay a higher price to purchase property in Boroondara, setting unprecedented price growth and levels

of value achieved

The CIV percentage change by suburb indicates the majority of suburbs increased by circa 30% with

Hawthorn being the only outlier, increasing 18%. This is considered to be due to a combination of low

priced student-accommodation and new apartments seeing little-to-no growth and in some cases,

negative growth.

The largest CIV percentage increases were seen in Ashburton (37.88%), Balwyn North (36.81%) and

Balwyn (32.87%). It is thought Ashburton has seen the largest percentage increase given it is seen by

many as the entry-level suburb into the City of Boroondara. Balwyn and Balwyn North continues to be

a sought-after destination by families’ looking to be situated within the highly-coveted Balwyn High

School Zone, with recent REIV data indicating that homes within the catchment areas for highly

regarded public secondary schools are attracting a premium compared to those outside of the zone .




The development market has also been a key factor in Site Value (SV) increasing overall by 36.35%.

Developers are looking to cash in on the market’s appetite for townhouses and the affluent nature of

the inner-to-middle eastern property market. Boroondara has historically been known for having some

of Melbourne’s most highly-regarded suburbs and this has resulted in a lack of supply of vacant,

developable sites. The last 12-18 months has seen a large increase in buyers purchasing the ‘worst

house in the best street’, demolishing and rebuilding a unit/townhouse development or large multi-

storey single dwelling.

We also make note of the new zoning changes that were implemented in 2014 and after a period of

uncertainty following the initial implementation, have played a role in the increase in the value of

residential land. Residential land zoned General Residential (GRZ) and Residential Growth (RGZ) are

typically located close to main roads and promote a high height limit and development density, which

generally see the market paying higher prices.

The Boroondara residential property market continues to have many favourable characteristics

including a close proximity to the Melbourne CBD, good public transport links, strong demand for

redevelopment home sites compounded by a shortage of available stock and the desire of people to

live in period homes close to some of the best private schools in Melbourne.

Commercial Property Market Commentary

The retail sector has experienced subdued conditions since the recognised conclusion of the Global

Financial Crisis. This has been driven by a historically high household savings ratio, soft consumer

sentiment and the evolution of online retailing.

Over 2014 to 2016 however, conditions have been improving greatly with historically low interest rates

fuelling house price growth, particularly in the Melbourne and Sydney residential property markets

resulting in strengthened household balance sheets and improved consumer confidence. This has

translated in a lift in retail spending over 2014 to 2016 with the strongest performing segment of retail

trade continuing to be food oriented with expenditure at cafes, restaurants and take-away, in part,

driven by the growth in fast casual dining and the popularity of food precincts as retail destinations.

The revitalisation of the Melbourne CBD as the city’s leading retail hub has been led by the opening of

The Emporium and the arrival of international retailers including H & M in the refurbished GPO building

and Zara in the Bourke Street Mall. Additional revitalisation projects are also underway with

refurbishment of Australia on Collins currently taking place. This is driving a city-wide transformation and

attracting new foreign and local retailers to the CBD.




Beller Commercial Retail Research Report indicated 19 out of 28 shopping strips saw a decline in

availability between September 2014 and April 2015. Seven strips saw an increase whilst two were

unchanged. Burke Rd Camberwell had 18 vacancies out of 214 shops after four properties were leased

during this period - reflecting a vacancy rate of 8.41%. Investor depth in the current market and a

limited amount of quality opportunities are currently driving demand for assets in prized shopping strips.

These include Camberwell Junction and Glenferrie Road together with the broader Melbourne

metropolitan area, with agents reporting that most shops are now being sold on yields below 5 per

cent regardless of their locations.

The current relatively healthy retail strip market can also be attributed in part to the increased number

of small retail strips attracting a more ‘non-traditional’ tenant. Where these strips were once dominated

by the traditional butcher, baker and florist, more and more shops are being converted to office

space, and occupied by the likes of health practitioners, financial services and other ‘white collar’

service providers. This has resulted in a relatively low level of vacancy rates and healthy rental levels,

albeit tenancy turnover is not uncommon.

2016 General Revaluation - City of Boroondara - Non-Residential

Non-residential, commercial property values have seen substantial growth during the 2016 General

Revaluation period. Non-residential, commercial property CIV has increased 16.53%, compared with the

previous General Revaluation of 0.48%. As noted above, the low interest rate and low Australian Dollar has

seen local investors competing with offshore investors for quality commercial assets, which Boroondara has

in abundance. This increase in CIV has seen capitalisation rates tighten considerably with rental prices

seeing limited growth over the Revaluation period.

The largest CIV percentage increases were seen in Hawthorn (20.48%), Surrey Hills (18.69%) and Balwyn

North (17.72%). Hawthorn has seen developers and investors seeking to gain entry into the prized Glenferrie

Road/Burwood Road Shopping Strip and the area surrounding Swinburne University.

Suburbs with the lowest CIV percentage increase were Glen Iris (8.58%) and Balwyn (11.56%). Neither

suburb has the same quality of shopping strips such as Burke Road or Glenferrie Road and both offer little

opportunity/reward for developers to construct a mixed-use development. Compared with the likes of

Camberwell Junction, Glenferrie Road and Kew Junction, the shopping strips are not held in the same

regard.

The SV of non-residential, commercial property has seen an increase of 29.86%, with the opportunity for

developers to construct mixed use developments highlighting this increase. Furthermore, throughout the

Revaluation period, it was apparent that sites covered by the Design and Development Overlay 16

(DDO16) - Neighbourhood Centres and Commercial Corridors experienced large value increases with

developers and investors recognising the added height and density prospects of such sites. This increase in

price paid by the market warranted a review of all Neighbourhood Centres and Commercial Corridors

and subsequent value increases.




The past 12-18 months have seen levels of value within the City of Boroondara, like the broader Melbourne

property market in general, increase substantially with increased offshore migration, and increased

competition between first home-buyers and investors purchasing property contributing. Press reports from

early 2016 indicated a levelling out of value with growth not expected to reach the height of 2015.

Kind Regards

MATHESON STEPHEN VALUATIONS,

Briony N. Stephen, A.A.P.I.

Certified Practising Valuer



Attachment 2

2016 Boroondara Revaluation - Valuation Increase by Suburb (all property types)

Post Code SuburbNo.

Properties 2014 SV 2016 SV % Change 2014 CIV 2016 CIV%

Change

3147 Ashburton 3,235 $2,286,839,000 $3,251,173,000 42.17% $2,953,202,000 $4,025,683,000 36.32%

3103 Balwyn 5,949 $4,889,820,500 $7,005,260,600 43.26% $6,926,677,000 $9,124,965,000 31.74%

3104 Balwyn North 7,973 $7,017,264,000 $9,904,922,600 41.15% $8,849,855,000 $12,057,708,000 36.25%

3124 Camberwell 9,797 $8,493,628,900 $11,533,546,300 35.79% $11,705,176,000 $14,986,588,500 28.03%

3126 Canterbury 3,333 $3,827,618,000 $5,068,792,900 32.43% $5,192,438,000 $6,552,569,000 26.19%

3103 Deepdene 963 $984,420,000 $1,364,472,000 38.61% $1,339,430,000 $1,725,519,000 28.82%

3146 Glen Iris 6,243 $5,370,929,000 $7,266,594,000 35.29% $7,123,023,000 $9,239,658,000 29.72%

3122 Hawthorn 12,696 $7,346,019,400 $9,268,289,500 26.17% $11,683,511,000 $13,909,659,588 19.05%

3123 Hawthorn East 7,205 $4,388,445,300 $6,075,613,050 38.45% $6,926,660,500 $8,671,683,500 25.19%

3101 Kew 11,125 $9,155,045,800 $12,256,899,800 33.88% $13,250,844,000 $16,523,631,500 24.70%

3102 Kew East 2,834 $2,195,470,000 $2,918,585,000 32.94% $2,829,508,000 $3,657,604,000 29.27%

3127 Mont Albert 60 $70,620,000 $93,510,000 32.41% $90,230,000 $118,150,000 30.94%

3127 Surrey Hills 3,540 $2,858,154,000 $4,015,263,100 40.48% $3,870,966,000 $5,075,334,000 31.11%

TOTAL 74,953 $58,884,273,900 $80,022,921,850 35.90% $82,741,520,500 $105,668,753,088 27.71%



Attachment 3

2016 Boroondara Revaluation - Valuation Increase by Property Type

Property TypeNo.

Properties 2014 SV 2016 SV%

Change 2014 CIV 2016 CIV%

Change

Residential Vacant Land 811 $1,009,977,000 $1,412,260,000 39.83% $1,011,197,000 $1,412,575,000 39.69%

Houses 41,331 $46,803,168,000 $63,878,006,000 36.48% $59,918,703,000 $79,546,073,588 32.76%

Flats 1,932 $597,677,000 $818,268,000 36.91% $843,221,000 $1,004,212,000 19.09%

Units 24,780 $6,662,606,100 $8,987,353,800 34.89% $14,629,278,000 $16,321,861,000 11.57%

Commercial Vacant Land 39 $83,271,500 $107,104,500 28.62% $87,461,500 $107,104,500 22.46%

Retail 2,764 $1,735,677,900 $2,183,062,800 25.78% $2,809,579,000 $3,246,533,000 15.55%

Industrial 442 $388,876,600 $553,562,000 42.35% $453,389,000 $606,093,500 33.68%

Office 2,133 $886,568,000 $1,143,917,100 29.03% $1,961,303,000 $2,197,620,000 12.05%

Specialised 678 $519,198,800 $711,347,650 37.01% $826,401,000 $994,700,500 20.37%

Cultural & Rec. 43 $197,253,000 $228,040,000 15.61% $200,988,000 $231,980,000 15.42%

TOTAL 74,953 $58,884,273,900 $80,022,921,850 35.90% $82,741,520,500 $105,668,753,088 27.71%



Attachment 4

2016 Boroondara Revaluation - Valuation Changes, all Residential Property Types

% Change CIV

No. Assessments

<-5% 5460% to -5% 2,662>0% to 5% 4,718

>5% to 10% 6,889>10% to 15% 6,163>15% to 20% 5,344>20% to 25% 6,408>25% to 30% 6,597>30% to 35% 9,232>35% to 40% 7,774>40% to 50% 9,256>50% to 60% 2,500>60% to 70% 503

>70% 319

Total 68,911

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

No

. Ass

es.

2014 to 2016 - % Change

Residential CIV 2014 to 2016 - % Change



Attachment 5

2016 Boroondara Revaluation - Valuation Changes, all Commercial Property Types

% Change CIV

No.Assessments

<-5% 1590% to -5% 877>0% to 5% 618>5% to 10% 1,272>10% to 15% 1,057>15% to 20% 557>20% to 25% 395>25% to 30% 266>30% to 35% 188>35% to 40% 168>40% to 50% 150>50% to 60% 123

>60% to 70% 37>70% 132Total 5,999

0100200300400500600700800900

1,0001,1001,2001,3001,4001,500

No

. As

se

s.

2014 to 2016 - % Change

Commercial CIV 2014 to 2016 - % Change



Attachment 6Page 1 of 13

2016 Boroondara Revaluation - Rate Percentage ChangeAll Property Types - Uses Adopted Rate of 0.001354 Cents in Dollar(Does not allow for any differentials or other charges)

Suburb Name: Ashburton

% Change Rates

No.Assessments Houses Flats Units Vacant Land

<-20% 0 0 0 0 0-15% to -20% 373 1 132 239 1-10% to -15% 160 1 94 65 0-5% to -10% 54 3 9 42 00% to -5% 55 17 1 37 0

>0% to 2.49% 47 23 4 20 02.5% 1 0 0 1 0

>2.51% to 5% 117 95 2 19 1>5% to 10% 259 231 3 18 7

>10% to 15% 921 885 10 9 17>15% to 20% 636 623 3 4 6>20% to 25% 245 241 0 3 1>25% to 30% 101 93 2 2 4

>30% 45 39 1 2 3

TOTALS 3,014 2,252 261 461 40

% of Assessments

23%77%

Less than or Equal to 2.5% Greater than 2.51% Increase

% Change Rates No. Assessments690

2,324

0

200

400

600

800

1,000

No

. Ass

ess.

2014 to 2016 - % Change

Ashburton: Residential Properties - Rate % change2014-2016





Suburb Name: Balwyn

% Change Rates

No. Assessments Houses Flats Units

Vacant Land

<-20% 20 1 0 19 0-15% to -20% 411 23 26 362 0-10% to -15% 560 58 9 493 0-5% to -10% 631 133 10 488 00% to -5% 490 209 1 280 0

>0% to 2.49% 271 158 8 105 02.5% 1 0 0 1 0

>2.51% to 5% 320 200 4 114 2>5% to 10% 760 541 5 213 1

>10% to 15% 866 779 4 48 35>15% to 20% 657 606 6 15 30>20% to 25% 347 306 3 16 22>25% to 30% 128 115 0 5 8

>30% 139 114 3 9 13

TOTALS 5,601 3,243 79 2,168 111

% of Assessments43%57%

% Change RatesNo.

AssessmentsLess than or Equal to 2.5% 2,384

Greater than 2.51% Increase 3,217

0

200

400

600

800

1,000

No

. Ass

ess.

2014 to 2016 - % Change

Balwyn: Residential Properties - Rate % change2014-2016





Suburb Name: Balwyn North

% Change Rates

No.Assessments Houses Flats Units

VacantLand

<-20% 4 0 0 4 0-15% to -20% 47 5 0 42 0-10% to -15% 134 40 0 94 0-5% to -10% 254 128 15 111 00% to -5% 720 306 14 397 3

>0% to 2.49% 508 269 15 220 42.5% 0 0 0 0 0

>2.51% to 5% 449 419 3 27 0>5% to 10% 1,319 1,247 12 35 25

>10% to 15% 2,453 2,371 3 16 63>15% to 20% 1,119 1,087 3 9 20>20% to 25% 351 338 2 1 10>25% to 30% 210 194 2 1 13

>30% 104 98 1 0 5

TOTALS 7,672 6,502 70 957 143


% Change RatesNo.

AssessmentsLess than or Equal to 2.5% 1,667Greater than 2.51% Increase 6,005

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

No

. Ass

ess.

2014 to 2016 - % Change

Balwyn North: Residential Properties - Rate % change2014-2016





Suburb Name: Camberwell

% Change Rates


VacantLand

<-20% 111 2 0 109 0-15% to -20% 973 60 11 902 0-10% to -15% 729 158 5 565 1-5% to -10% 1,016 307 21 687 10% to -5% 769 537 9 218 5

>0% to 2.49% 499 424 11 62 22.5% 0 0 0 0 0

>2.51% to 5% 560 480 5 71 4>5% to 10% 1,332 1,194 27 93 18

>10% to 15% 1,081 1,014 9 39 19>15% to 20% 797 727 7 44 19>20% to 25% 461 412 5 21 23>25% to 30% 173 154 5 5 9

>30% 142 131 0 8 3

TOTALS 8,643 5,600 115 2,824 104


% Change RatesNo.



0

200

400

600

800

1,000

1,200

1,400

No

. Ass

ess.

2014 to 2016 - % Change

Camberwell: Residential Properties - Rate % change2014-2016





Suburb Name: Canterbury

% Change Rates


VacantLand

<-20% 7 0 0 7 0-15% to -20% 320 20 4 296 0-10% to -15% 307 57 23 227 0-5% to -10% 311 175 2 132 20% to -5% 469 406 2 57 4

>0% to 2.49% 436 395 4 33 42.5% 2 2 0 0 0

>2.51% to 5% 289 265 0 20 4>5% to 10% 562 498 2 45 17

>10% to 15% 205 187 0 12 6>15% to 20% 116 103 2 5 6>20% to 25% 28 24 1 1 2>25% to 30% 11 8 0 0 3

>30% 10 7 0 3 0

TOTALS 3,073 2,147 40 838 48


% Change RatesNo.



0

200

400

600

No

. Ass

ess.

2014 to 2016 - % Change

Canterbury: Residential Properties - Rate % change2014-2016





Suburb Name: Deepdene

% Change Rates


VacantLand

<-20% 1 1 0 0 0-15% to -20% 27 6 0 21 0-10% to -15% 45 13 0 32 0-5% to -10% 111 30 1 80 00% to -5% 143 60 1 82 0

>0% to 2.49% 88 50 2 36 02.5% 0 0 0 0 0

>2.51% to 5% 106 79 2 24 1>5% to 10% 125 114 1 7 3

>10% to 15% 131 125 3 2 1>15% to 20% 53 46 1 0 6>20% to 25% 20 19 0 0 1>25% to 30% 15 11 0 2 2

>30% 6 6 0 0 0

TOTALS 871 560 11 286 14

% of Assessments48%52%456Greater than 2.51% Increase

415Less than or Equal to 2.5% % Change Rates

No. Assessments

0

20

40

60

80

100

120

140

160

180

200

No

. Ass

ess.

2014 to 2016 - % Change

Deepdene: Residential Properties - Rate % change2014-2016



Attachment 6 Page 7 of 13


Suburb Name: Glen Iris

% Change Rates


VacantLand

<-20% 6 2 0 4 0-15% to -20% 783 7 3 773 0-10% to -15% 310 16 14 280 0-5% to -10% 247 27 7 213 00% to -5% 278 202 3 71 2

>0% to 2.49% 344 315 1 25 32.5% 2 2 0 0 0

>2.51% to 5% 592 555 10 23 4>5% to 10% 2,353 2,290 8 24 31

>10% to 15% 799 770 14 6 9>15% to 20% 267 247 5 3 12>20% to 25% 56 54 0 1 1>25% to 30% 21 19 0 0 2

>30% 16 13 0 3 0

TOTALS 6,074 4,519 65 1,426 64


% Change RatesNo.



0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

No

. Ass

ess.

2014 to 2016 - % Change

Glen Iris: Residential Properties - Rate % change2014-2016





Suburb Name: Hawthorn

% Change Rates


VacantLand

<-20% 283 0 0 283 0-15% to -20% 1,689 21 32 1,635 1-10% to -15% 3,554 209 198 3,141 6-5% to -10% 1,747 609 87 1,049 20% to -5% 2,061 1,497 134 417 13

>0% to 2.49% 816 654 42 115 52.5% 5 4 0 1 0

>2.51% to 5% 546 331 45 169 1>5% to 10% 359 227 14 110 8

>10% to 15% 158 124 4 26 4>15% to 20% 77 49 14 13 1>20% to 25% 31 22 4 4 1>25% to 30% 29 16 6 7 0

>30% 23 19 0 3 1

TOTALS 11,378 3,782 580 6,973 43


% Change RatesNo.



0

400

800

1,200

1,600

2,000

2,400

2,800

3,200

3,600

No

. Ass

ess.

2014 to 2016 - % Change

Hawthorn: Residential Properties - Rate % change2014-2016





Suburb Name: Hawthorn East

% Change Rates


Vacant Land

<-20% 257 1 0 255 1-15% to -20% 1,159 14 29 1,115 1-10% to -15% 953 67 27 858 1-5% to -10% 826 284 22 520 00% to -5% 920 469 103 346 2

>0% to 2.49% 367 288 24 54 12.5% 0 0 0 0 0

>2.51% to 5% 221 206 1 14 0>5% to 10% 727 683 25 19 0

>10% to 15% 496 461 9 4 22>15% to 20% 242 223 5 2 12>20% to 25% 151 138 2 3 8>25% to 30% 77 68 7 0 2

>30% 104 91 4 2 7

TOTALS 6,500 2,993 258 3,192 57


% Change Rates No. AssessmentsLess than or Equal to 2.5% 4,482


0

200

400

600

800

1,000

1,200

No

. Ass

ess.

2014 to 2016 - % Change

Hawthorn East: Residential Properties - Rate % change2014-2016





Suburb Name: Kew

% Change Rates


VacantLand

<-20% 136 0 2 134 0-15% to -20% 2,336 76 118 2,142 0-10% to -15% 1,206 199 52 955 0-5% to -10% 702 283 27 390 20% to -5% 1,307 1,130 8 156 13

>0% to 2.49% 742 656 23 52 112.5% 3 3 0 0 0

>2.51% to 5% 706 645 10 49 2>5% to 10% 1,410 1,306 31 43 30

>10% to 15% 946 875 11 29 31>15% to 20% 439 413 4 7 15>20% to 25% 205 195 0 5 5>25% to 30% 37 30 1 3 3

>30% 27 24 1 0 2

TOTALS 10,202 5,835 288 3,965 114


% Change RatesNo.



0

400

800

1,200

1,600

2,000

2,400

No

. Ass

ess.

2014 to 2016 - % Change

Kew: Residential Properties - Rate % change2014-2016





Suburb Name: Kew East

% Change Rates


VacantLand

<-20% 1 2 0 2 0 0-15% to -20% 2 112 2 15 95 0-10% to -15% 3 237 6 35 196 0-5% to -10% 4 300 28 21 250 10% to -5% 5 234 144 10 76 4

>0% to 2.49% 6 150 123 2 25 02.5% 7 0 0 0 0 0

>2.51% to 5% 8 107 77 5 24 1>5% to 10% 9 975 927 4 28 16

>10% to 15% 10 358 338 7 4 9>15% to 20% 11 89 83 1 4 1>20% to 25% 12 23 23 0 0 0>25% to 30% 13 9 9 0 0 0

>30% 14 5 5 0 0 0TOTALS 2,601 1,765 102 702 32


% Change RatesNo.



0

200

400

600

800

1,000

No

. Ass

ess.

2014 to 2016 - % Change

Kew East: Residential Properties - Rate % change2014-2016





Suburb Name: Mont Albert

% Change Rates


VacantLand

<-20% 0 0 0 0 0-15% to -20% 0 0 0 0 0-10% to -15% 0 0 0 0 0-5% to -10% 5 2 0 3 00% to -5% 4 4 0 0 0

>0% to 2.49% 5 4 0 1 02.5% 0 0 0 0 0

>2.51% to 5% 10 8 0 1 1>5% to 10% 25 25 0 0 0

>10% to 15% 9 8 0 0 1>15% to 20% 1 1 0 0 0>20% to 25% 1 0 0 1 0>25% to 30% 0 0 0 0 0

>30% 0 0 0 0 0

TOTALS 60 52 0 6 2


% Change RatesNo.

AssessmentsLess than or Equal to 2.5% 14

Greater than 2.51% Increase 46

0123456789

101112131415161718192021222324252627282930

No

. Ass

ess.

2014 to 2016 - % Change

Mont Albert: Residential Properties - Rate % change2014-2016





Suburb Name: Surrey Hills

% Change Rates


VacantLand

<-20% 1 0 0 1 0-15% to -20% 87 1 18 68 0-10% to -15% 280 14 7 259 0-5% to -10% 662 41 19 602 00% to -5% 130 81 2 46 1

>0% to 2.49% 92 68 3 21 02.5% 0 0 0 0 0

>2.51% to 5% 127 113 0 14 0>5% to 10% 721 703 6 5 7

>10% to 15% 778 766 5 5 2>15% to 20% 229 204 3 2 20>20% to 25% 58 57 0 0 1>25% to 30% 38 27 0 3 8

>30% 19 19 0 0 0

TOTALS 3,222 2,094 63 1,026 39


% Change RatesNo.



0

200

400

600

800

No

. Ass

ess.

2014 to 2016 - % Change

Surrey Hills: Residential Properties - Rate % change2014-2016



Attachment 7


Suburb Name: All Suburbs

% Change RatesTotal

AssessmentsNo.

ResidentialNo.

Commercial<-20% 1,005 828 177

-15% to -20% 10,060 8,317 1,743-10% to -15% 10,061 8,475 1,586-5% to -10% 7,755 6,866 8890% to -5% 8,096 7,580 516

>0% to 2.49% 4,580 4,365 2152.5% 15 14 1

>2.51% to 5% 4,288 4,150 138>5% to 10% 11,148 10,927 221

>10% to 15% 9,390 9,201 189>15% to 20% 4,792 4,722 70>20% to 25% 2,070 1,977 93>25% to 30% 894 849 45

>30% 799 640 159

TOTALS 74,953 68,911 6,042

No. Assessment

% of Assessment

41,572 55%33,381 45%

Less than or Equal to 2.5% Greater than 2.51% Increase

% Change Rates

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

22,000

24,000

26,000

No

. A

sses

s.

2014-16 - % Change

All Suburbs: Rate 2014 - 2016 - % Change



Attachment 8

2016 Boroondara Revaluation - Residential Property Numbers by CIV Range

No. 2014 No. 2016Change

14-16 No. 2014 No. 2016Change

14-16 No. 2014 No. 2016Change

14-16 No. 2014 No. 2016Change

14-16

$0 to $250,000 3 1 -2 1 0 -1 436 244 -192 986 909 -77

>$250,000 to $500,000 7 6 -1 28 5 -23 904 923 19 9,085 7,230 -1,855

>$500,000 to $750,000 67 8 -59 1,196 123 -1,073 411 391 -20 9,628 9,486 -142

>$750,000 to $1.0m 189 32 -157 6,929 1,307 -5,622 127 221 94 3,541 4,173 632

>$1.0m to $2.5m 519 693 174 30,759 33,566 2,807 53 151 98 1,534 2,965 1,431

>$2.5 to 5.0m 24 63 39 2,247 5,929 3,682 1 2 1 6 17 11

>$5.0m 2 8 6 172 401 229 0 0 0 0 0 0

CIV RANGERESIDENTIAL VACANT LAND HOUSES UNITSFLATS



8 final outcomes of 2016 general valuation abstract...2016/08/22 · council meeting agenda...

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