Buoyant property market

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 per cent, according to the 2019/20 General Valuation.

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 with 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 July 1.

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, which is due for completion in 2021/22.

For more information about the Office of the Valuer-General, visit www.dpti.sa.gov.au/land/ovg