Rural property values surge across region

Richard Bateman And Ian Turner (2)20180208 TBW Newsgroup

Richard Bateman And Ian Turner (2) TBW Newsgroup
STEEP RISE: The annual rates paid to Wattle Range Council by Furner farmer Richard Bateman have risen by 27pc.

STRONG growth has been achieved in the official valuation of local rural properties in the past 12 months with arable land in the Furner district increasing in value by 50pc.

This data has been supplied to Wattle Range Council by the Office of the Valuer-General and was used to set its 2019/20 rates.

Primary production land values increased by an average of 21pc across the council area.

Increases of up to 40pc were achieved for horticulture and irrigation land north and north west of Penola while arable land in this area rose by 20pc.

Properties with black earth and cropping country increased by 20pc and the Glencoe and Kalangadoo areas rose by 30pc.

The report noted grazing land value increases ranged from 10pc on the lighter soils around the Kennion and Symon districts to 40pc around the Wyrie, Woakwine and Redgum Heath country.

“Broadacre increases have been driven by strong sales across the Wattle Range Council and adjoining council regions, on the back of strong market conditions last year where market values moved upwards in the order of 20pc, “stated the Office of the Valuer-General.

“Spring sales have continued the upward movement in values on the back of strong commodity prices, excellent feed and rainfall across the region, resulting in a further 20pc increase on last year’s sale prices.

“Residential property values on average increased by 2pc with the exceptions being, Millicent and Kalangadoo which required increased in the order of 3pc and 5pc respectively.

“Properties west and north west of Foster Street, Beachport increased on average by 7pc.

“The balance of the Beachport township together with other regional townships and settlements across Wattle Range remained unchanged.

“Commercial and Industrial property values on average increased by 0.7pc with many unchanged, Millicent had a small upward adjustment, averaging 2.4pc increase.

“Beachport experienced a 1.1pc increase and Penola was mostly unchanged. ”

Council chief executive Ben Gower said the data from the Office of the Valuer-General. highlights an average primary production property value increase of 21pc for the Wattle Range Council area with the most significant increase being 50pc in Furner.

“The change to the new rating system significantly softened the blow for primary producers with an average increase of only 6pc which is less than one third of the property value increases,” Mr Gower said.

“Rates are a land tax and they are inextricably linked to property valuations which are determined by the Valuer General.

“We are always happy to help explain the changes and resultant impact on individual rate payers and assist them should they wish to request that the Valuer General reassess their latest property valuations”.

Among the Furner landholders to be impacted by the rise in valuations is fourth-generation farmer Richard Bateman.

He is unimpressed with the $5000 rise in his rates bill which equates to a 27pc rise on the 2018/19 levy.