NSW LAND VALUATIONS

The SSAA was invited by the NSW Valuer General to participate in an Industry Survey of land valuations in NSW as at 1 July 2020.

The Valuer General was aware that some sectors of the property market had been more heavily impacted by COVID-19 than other sectors and was seeking the views of industry bodies such as the SSAA regarding the nature of such impacts.

The NSW Valuer General’s survey findings together with the analysis of transactions in the market will inform the Valuer General on the value of such sectors from July 2020. This includes recent sales and sales that were not completed or were put on hold due to COVID-19.

The Association in collaboration with Urbis, David Blackwell and some major industry representatives compiled a thorough submission on issues put forward by the Valuer General. The SSAA’s submission emphasised that demand from self storage customers has been significantly impacted by COVID-19 with most operators reporting a more difficult trading environment.

The results of our submission will be considered when the 2020 Land Valuations are prepared, but at this stage the full impact and the Valuer General’s final position is not finalised. The Valuer General’s assessment will apply as at 1 July 2020 and Valuation Notices will be issued in 2021. The SSAA recommends that property

The SSAA’s submission emphasised that demand from self storage customers has been significantly impacted by COVID-19 with most operators reporting a more difficult trading environment.

owners in the self storage industry take particular notice of this year’s Valuation Notices. In NSW, Land Valuation assessments issued by the Valuer General will be applied in Land Tax calculations and in the determination of Council Rates.

Owners should be aware that the NSW Valuation of Land Act provides for a right of objection and appeal. Appeals must be based on specific valuation evidence. Owners should consider obtaining professional valuation advice if they are considering an appeal. l