Coffs valued in the billions

WHAT'S Coffs worth?

If you ask a diehard local, they'd probably say Coffs is priceless - but according to the NSW Valuer General, the figure's closer to $6.2 billion.

The latest land values report from the Valuer General shows the total land value of the Coffs Harbour LGA is pegged at $6.2- billion after an extensive analysis of 232 residential and village sales, 25 commercial, 19 industrial and 145 rural sales.

The results show a mixed bag of prices across the Coffs Coast, with residential land in Coffs Harbour going for as little as $148,000 and as high as $1.17 million.

Valuer General Philip Western said the Coffs residential market has largely remained static since 2007, with sustained demand for newer residential subdivision releases at Corindi, Moonee, Sapphire and Boambee.

But rural-residential land has been found to be the strongest performing market in the past 12 months, with prices at Bonville exceeding $500,000 and banana land selling for more than $350,000.

“Sustained demand for a limited supply of available good quality properties resulted in modest value level increases,” Mr Western said. “The commercial market was also static, while the industrial land market remained stable, with little new development and the supply of available property satisfying a limited level of demand.”

The valuations are dated at July 2008 and are based on land and property sales data, and these values are one factor that Coffs Harbour City Council uses to determine landowner rates.

More than 50,000 property owners will receive their valuation notices. For more information call 1800 110 038 or go to www.lands.nsw.gov.au

SUBURB…STREET…VALUE

Coffs Harbour…Murphy Cr…$148,000

Coffs West…Tamora Cl…$165,000

Boambee East…Pepperman Rd…$170,000

Sawtell…18th Ave…$255,000

Korora…Norman Hill Dr…$264,000

Moonee…Wansborough Ave…$224,000

Woolgoolga…Gordon St…$178,000

Sapphire…Hibiscus Ave…$380,000

Jetty…Camperdown St…$1.17m

Park Beach…Ocean Parade…$481,000

Coffs Harbour…McAlpine Way…$247,000

Nana Glen…Orara Way…$291,000

Lowanna… Bushmans Range Rd…$322,000

Bucca…Wears Rd…$440,000

Bonville…North Bonville Rd…$542,000

Coffs Harbour…Bennetts Rd…$369,000

Source: NSW Valuer General



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