SA property values continue to rise

Friday, 31 May 2019

The Valuer-General has released South Australian property values for 2019/20, showing a buoyant property market across the state.

Capital values* for all South Australian properties increased on average 4.79 per cent last financial year, while site values** rose on average 6.16 cent, according to the 2019/20 General Valuation.

This marks the 19^th annual average increase in both valuation types in the past 20 years.

Rural properties recorded the highest growth across all land use categories, with an average 11.26 per cent capital value increase***. As a result, Non Metro areas posted a higher average capital value rise across all properties than their metropolitan counterparts, with 5.67 per cent compared to 4.52 per cent.

Despite this, Metro properties saw higher average value rises in residential, commercial and industrial properties, with the trend concentrated most in Inner Metro areas.

The new statutory valuation figures will be reflected in the first council rates, Emergency Services Levy or water rates notices received after 1 July.

Property owners who see a significant increase in their property value, outside their area’s average, will be contacted by the Office of the Valuer-General.

Anyone who disagrees with the statutory valuation of their property must submit a written objection to the Office of the Valuer-General within 60 days of receiving their first rates notice for the financial year.

The Valuer-General has been undertaking a comprehensive review of the data forming the basis of the annual General Valuation since 2016/17, in order to improve the accuracy of its valuation assessments.

The review will allow for the identification of any outliers which can then be corrected, and does not equate to a flat change across all properties.

This review is due for completion in 2021/22. The routine General Valuations will continue annually, with the work of the Revaluation Initiative contributing to improved accuracy within those assessments as it progresses.

* Capital value is the value of a parcel of land including structural improvements such as buildings, wells, dams and reservoirs, and planting of trees for commercial purposes.

** Site value is the value of a parcel of land excluding structural improvements, but including improvements such as draining, filling, retaining walls, excavating, grading or levelling of land, removal of rocks, stone, sand or soil, and the clearing of timber, scrub or other vegetation.

*** A breakdown of the valuation increases in the 2019/20 General Valuation is listed below.

*Site Value*
Group	Residential	Commercial	Industrial	Rural	Total
Inner Metro	6.83%	7.56%	6.20%	22.69%	6.80%
Balance Metro	2.98%	3.94%	4.22%	2.94%	3.11%
Non Metro	2.21%	1.24%	4.70%	12.46%	6.88%

Metro	6.01%	7.12%	5.76%	3.95%	5.95%

State	5.62%	6.34%	5.65%	12.04%	6.16%

Capital Value

Group	Residential	Commercial	Industrial	Rural	Total
Inner Metro	4.46%	6.12%	6.20%	10.84%	4.88%
Balance Metro	3.48%	2.30%	3.35%	3.65%	3.41%
Non Metro	3.15%	1.55%	6.13%	11.73%	5.67%

Metro	4.23%	5.58%	5.40%	4.21%	4.52%

State	4.07%	5.03%	5.51%	11.26%	4.79%

Note:

Balance Metro incorporates the local government areas of Onkaparinga, Salisbury, Playford, Gawler and Adelaide Hills
Land uses of Vacant Land, Rural Living and Other are not shown but their values are included in the percentage calculation for the Total column.
There are only a limited number of rural classified properties in Inner Metro, where the 22.69% increase in site value is not indicative of any primary production trend.