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Superannuation scheme needs changing
The value of the average home in Greater Bendigo is now $285,000 according to the City of Greater Bendigo’s 2012 revaluation figures.
The City of Greater Bendigo is required by law to undertake a revaluation of all properties every two years and the latest figures reveal that the municipality has grown from 50,723 rateable properties in 2010 to a total of 52,393 properties with a rateable capital improved value (CIV) of $16.1 billion in 2012.
Greater Bendigo Director of Organisation Support Marg Allan said the results of the revaluation reflect Greater Bendigo’s continued growth.
“Overall the 43,078 residential rated properties have increased in value by an average of 13.3% since 2010. The average home is now valued at $285,000 which an increase of about $35,000 on the 2010 average home value.
“Residential lots and residential subdivision land has increased by approximately 21 to 22% and the average vacant residential house block has increased from approximately $100,500 to $122,000.
“Residential property which had low increases in the 2010 revaluation have shown much higher increases this time especially in Strathdale, Kennington, Flora Hill and Eaglehawk areas,” said Ms Allan.
She said property around Lake Eppalock has increased significantly with vacant land increasing by 100% in some instances while rural lifestyle properties have shown an average increase of 11.7% however this increase varies significantly depending on the location.
“Values of business property in the CBD have remained about the same with a low average increase of 2.1% while industrial property has increased by 13.1%,” Ms Allan said.
She said an increase in property values did not automatically translate into a corresponding increase in any rates due.
“Final rates are determined by a simple process. Firstly Council determines how much money it needs from rates over the coming year and this figure is divided by the total dollar value of all rateable properties to establish the rate in the dollar.
“The rate in the dollar is then multiplied by the valuation of each property to establish each individual rate bill. A municipal charge, garbage and recycling charge is then added to the general rate. There is no financial windfall for Council as when valuations indicate that the total value of the rateable properties has gone up, the rate in the dollar is adjusted downwards,” said Ms Allan.
Additional general information regarding valuations is available on the City of Greater Bendigo website under valuations. Further general information about the overall revaluation can be obtained by contacting Wayne Forbes Manager Valuations on 5434 6000.
RESIDENTIAL VALUE CHANGE BY LOCATION
Location
Average 2010
Average 2012
% Change
Strathdale Residential
$ 300,339
$ 360,643
20.1%
Eaglehawk Residential
$ 212,667
$ 247,941
19.7%
Kennington Residential
$ 250,386
$ 297,204
18.7%
California-Long Gully
$ 180,142
$ 211,098
17.2%
Bendigo East
16.6%
Flora Hill Residential
$ 221,360
$ 256,420
15.8%
Maiden Gully Residential
$ 346,450
$ 399,152
15.2%
Bendigo North
$ 199,360
$ 229,668
White Hills Residential
$ 225,024
$ 253,629
12.7%
Strathfieldsaye Rural Res
$ 382,261
$ 429,531
12.4%
Bendigo Central
$ 292,369
$ 326,074
11.5%
Kangaroo Flat Residential
$ 219,240
$ 242,547
10.6%
Epsom Residential
$ 286,724
$ 316,734
10.5%
Epsom Rural Res
$ 309,461
$ 338,850
9.5%
Huntly Residential
$ 283,637
$ 310,503
Strathfieldsaye Residential
$ 340,484
$ 370,499
8.8%
Golden Square Residential
$ 221,773
$ 236,735
6.7%
Spring Gully Residential
$ 270,575
$ 288,342
6.6%
Lake Eppalock Rural Res
$ 222,324
$ 260,039
17.0%
Lockwood Rural Res
$ 326,115
$ 374,040
14.7%
Maiden Gully Rural Res
$ 308,144
$ 352,900
14.5%
Junortoun Rural Res
$ 385,502
$ 438,335
13.7%
Axedale Rural Res
$ 324,623
$ 368,915
13.6%
Marong Rural Res
$ 262,630
$ 292,853
Eppalock Rural Res
$ 312,627
$ 347,826
11.3%
Huntly Rural Res
$ 315,320
$ 346,852
10.0%
Mandurang Rural Res
$ 423,310
$ 463,994
9.6%
Knowsley Rural Res
$ 233,154
$ 250,056
7.2%
Heathcote Rural res
$ 237,771
$ 267,732
12.6%
Goornong Rural Res
$ 237,932
$ 249,696
4.9%
Neilborough Rural Res
$ 199,158
$ 203,989
2.4%
Heathcote Residential
$ 194,289
$ 227,614
Marong Town Ship
$ 254,507
$ 295,707
16.2%
Axedale Town Ship
$ 197,764
$ 227,428
15.0%
Goornong Town Ship
$ 186,942
$ 209,818
12.2%
Elmore Town Ship
$ 166,332
$ 184,196
10.7%
Overall Average
$ 252,644
$ 285,963
13.2%
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Updated: 12:42 PM, 17 May 2012