Property values rise

Published on 03 June 2019

Property values within the Gannawarra Shire have increased by an average of between 4.84 per cent and 9.81 per cent according to data provided by the State Government.

Council has received a report from the Valuer-General regarding the value of all properties located within the municipality – a process all Councils in Victoria must undertake annually.

The report showed that the value of residential properties increased by an average of 4.95 per cent, with increases also evident on properties classified for commercial/industrial use (4.84 per cent), dryland farming use (9.81 per cent) and irrigation farming use (8.14 per cent).

“The Valuer-General’s report, combined with the Capital Improved Value figure used for each of the five land classifications within the Gannawarra, will be used to determine what each landowner will pay in municipal rates for 2019/2020,” Council’s Director of Corporate Services, Phil Higgins said.

“Council had factored in movements in property valuations between 2018/2019 and 2019/2020 of figures between 4.83 per cent for commercial/industrial properties to 11.85 per cent for farm dryland when determining the Proposed 2019/2020 Budget, which had been absorbed into the average rates increase of 2.5 per cent.”

The release of the annual valuation data coincided with the Essential Services Commission’s report into the Fair Go Rates System for 2016/2017 and 2017/2018.

“Overall, the ESC’s report found that rate capping has reduced rate increase for the average ratepayer and that the sector’s overall revenue remained relatively stable due to population and associated property growth and increases in revenue from other sources,” Mr Higgins said.

“The ESC’s report also found that Gannawarra Shire Council complied with the rate capping requirements, and that our income and expenditure trends have been relatively stable for the two years post rate capping.”