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Property | Land Valuations
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THE LATEST LAND VALUATIONS are of little
concern to real estate agents in the shire who
have enjoyed increased demand for property in
The general consensus is that the real estate market
has begun to head into an "upward spiral" as far as
prices are concerned. However, limited availability of
properties for sale has proved a challenge for some
Drysdales Property co-principal Doug Drysdale said
values had tended to "trend upwards in the Moss Vale
residential market" according to sale prices.
"In our view the market peaked in value in 2003 and
reached the bottom about 12 months ago, but since
that time we have seen prices rise again," he said.
"This is partially due to signi cant drops in interest
rates in 2008 and the Government stimulus packages
for rst home buyers last year. "We are now also
starting to see a return to the market by investors. "Our
greatest challenge at the moment is the need for more
properties for sale to meet demand."
Angus Campbell-Jones of Campbell-Jones Property in
Bowral said he considered a drop in residential property
valuations good news as far as council rates and land
taxes were concerned.
He said valuations applied by the valuer general did
not relate to property sale prices in most cases.
"An increase of 5.54 per cent for non urban properties
in the Bowral area is probably fair, but an increase of
more than 28 per cent for business properties is a bit
harsh," Mr Campbell-Jones said.
Century 21 Carlton Real Estate Mittagong principal
Arvo Pikkat said he was not surprised that Mittagong
had fared well with recent valuations.
"These are a re ection of sale prices achieved in the
area and there has been a lot of demand in Mittagong,"
he said. "In fact our sales of the past eight months have
been close to those during the market peak of 2003/04.
"We expect continued high demand this year, but our
supply of stock in the Mittagong area is tight. "Needless
to say sale prices have continued to rise."
Mr Pikkat said several factors made Mittagong
an attractive place to live. "It is the gateway to the
Highlands with easy access for those people who
continue to work in Sydney or Campbelltown,
environmentally it is warmer than other areas of the
shire and the properties are fairly priced," he said.
"People in the market these days are astute buyers
and they recognise a fair price. "There is especially high
demand for properties in the old part of Mittagong
around Lake Alexandra by retirees wanting to live in at
areas with easy access to shops and ser vices." n
But agents buoyed by
> Real estate agent Arvo Pikkat is not surprised
people want to live in Mittagong with areas
around Lake Alexandra especially popular.
> Availability of services are strongly considered
when buying a property with churches and a
community library adding to the appeal of an area.
WORDS+IMAGES JACKIE MEYERS
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