Most residents in the area should have received their Notice of Valuation as at 1 July 2022 from the NSW Valuer General recently. The valuation determines your rates for 1 July 2023 and onwards as well as land tax if the property is an investment. Not surprisingly, the valuations are all up on the previous period at 1 July 2021, however, some suburbs are up by an extraordinary amount which was not reflective of the market during that time.
For example:
- Stanwell Park up 80%
- Coalcliff up 55%
- Wombarra up 42%
- Coledale up 41%
These examples are based on a sample of properties in each of the suburbs and your exact property may be up more or less. You can look at your previous valuation online at the Valuer General's website using your property address or title reference.
These increases would be amazing if they were realistic, however, there is no evidence to support them on a mass scale as has been applied by the Valuer General. For example, Stanwell Park's median house price rose 23% in 2021 and 12.7% in 2022, according to Property Data Solutions Pty Ltd 2023 (Pricefinder). And a specific example of a valuation versus a sale is 4 Cassandra Place, Stanwell Park. The recent valuation received as at 1 July 2022 is $1,500,000, however, the property only sold for $1,450,000 in August 2022. Does this mean the owner got the four-bedroom home that was on the land for free!
Since these letters have started arriving many people have been reaching out on social media to vent their anguish. As a result, I have contacted the Valuer General's department to see if there is some way an entire suburb can be reviewed. The simple answer is no and each property owner must submit their own objection and this must be done by 31 March 2023.
The process to follow involves firstly obtaining the Information Kit that pertains to your property. This gives all the information used by the Valuer General in determining your valuation. You can then submit your objection online at the objection portal. When completing your objection will need to provide an alternative valuation and have your reasons ready to put forward. You should also have at least three comparable sales as evidence for your own valuation.
This process is a little complicated so here are some options to get help:
- You can appoint another person to act as your agent in submitting your objection
- You can attend a Service NSW office and staff there will assist with your objection
- Call the Valuer General's customer service line on 1800 110 038
Useful Links
- NSW Valuer General's website
- Land Value Search
- Objections Portal
About the author
Ian Pepper has had a long and distinguished career as a finance and real estate professional. Originally trained as a Chartered Accountant in 1995, Ian worked in Sydney and London. He has an MBA from Macquarie Graduate School of Management and now sells real estate with Ray White Helensburgh. Ian also volunteers with local community groups including school P&Cs, sporting clubs and business chambers.
