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SA property values record modest rise
28 May 2020
The Valuer-General has released South Australian property values for 2020/21, showing modest rises in the property market across the state.
Capital values* for all South Australian residential properties increased on average 1.68 per cent last financial year, while site residential values** rose on average 0.93 cent, according to the 2020/21 General Valuation.
This marks the 20th annual average increase in both valuation types in the past 21 years.
Rural properties recorded the highest growth across all land use categories, with an average 8.09 per cent capital value increase*** for regional rural properties. Regional residential properties also recorded a higher average capital value increase compared with metro residential properties, of 2.55 per cent compared with 1.35 per cent respectively.
It is important to note that these values are current as at 1 January 2020 and do not reflect the current property market as a result of COVID-19. The Valuer-General has established processes to aid in enquiries to her office regarding the circumstances of COVID-19 and has commenced discussion with association groups to collect data to inform value decisions as a result of COVID-19 for the 1 January 2021 valuations.
The new statutory valuation figures will be reflected in the first council rates, Emergency Services Levy or water rates notices received after 1 July.
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. Supporting information, such as tenancy information, submitted with the objection will aid the Valuer-General in reviewing valuations.
In addition, the Valuer-General has been undertaking the Revaluation Initiative, 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 first cycle of the Revaluation Initiative was completed for the 2019/20 financial year.
However, the second cycle has been deferred to 2021/22 as a result of bushfires and COVID-19. For information about this deferral please refer to this update.
For more information about the Office of the Valuer-General and the Revaluation Initiative, visit www.dpti.sa.gov.au/land/ovg
* 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 average valuation movements by major land use classification in the 2020/21 General Valuation is listed below.