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Final Report Base Date 1 July 2015

Gloucester Local Government Area of 14

EXECUTIVE SUMMARY

Gloucester Local Government Area

� Number of Properties 3,259

� Total Land Value @ 1 July 2015 $694,841,810

� Previous local government Base Date 1 July 2014

� Total Land Value @ 1 July 2014 $720,453,890

� Percentage change 3.555% decrease Summary of valuation changes: Residential Value levels for residential land in Gloucester have generally remained stable. In some sections, however, values have declined by up to 7%. Large lot residential areas close to Gloucester have generally remained stable, however, rural residential lots south of Gloucester have declined by up to 11%. Business Value levels for business zoned land in Gloucester have remained stable, with the exception of fringe business land, which has declined by up to 5%. Industrial Value levels for industrial zoned land in Gloucester have remained stable. Rural Land Values for rural properties have generally remained stable, although some grazing properties have declined in value by up to 9%. Demand continues to remain strong for superior, well-located grazing or lifestyle properties.



Land value comparisons – Gloucester Local Government Area

Residential

Locality Area 2013 2014 2015

Rye Crescent, Gloucester Carter Crescent, Gloucester

736 m2 813 m2

$70,000 $75,000

$65,000 $80,000

$65,000 $78,000

Business


Church Street, Gloucester King Street, Gloucester

316.9 m2

796.7 m2

$135,000 $135,000

$135,000 $135,000

$135,000 $135,000

Industrial


Kendall Street, Gloucester

2,751 m2

$80,000

$75,000

$75,000

Rural


Collaroy Avenue, Barrington Barrington West Road, Barrington Gloucester Tops Road, Forbesdale.

1.717 ha 73.64 ha

32.37 ha

$190,000 $753,000 $260,000

$195,000 $753,000 $260,000

$195,000 $684,000 $260,000



Overview of Gloucester Local Government Area The Gloucester Local Government Area covers an area 2,918 square kilometres and adjoins the local government areas of Great Lakes, Dungog, Scone, Walcha and Greater Taree. Gloucester Shire is located in the northern extremities of the Hunter Region and is bounded by the hinterland of the Mid North Coast of New South Wales. The shire is predominantly rural with an economic base of traditional industries such as timber, dairying and beef cattle production. Tourism and agribusiness sectors are growing rapidly, and adding impetus to the Shire. The town of Gloucester is the major commercial and urban centre in the area, and is located 310 north of Sydney, 125 kilometres north of Newcastle, and 78 kilometres west of Taree. The town lies within a fertile valley, flanked on the western side by the Bucketts Range and on the east by the Mograni Range. A number of important river systems dissect the region from west to east, rising in the Barrington Tops world heritage listed wilderness area and flowing into the Manning River. The three principal rivers are:

• the Barrington River • the Gloucester River • the Avon River.

The town of Gloucester is located 100 metres above sea level, and enjoys an average annual rainfall of 985 millimetres. Annexure 1: Map of Gloucester Local Government Area



A summary of the major land uses follows:

Residential The major town in the Gloucester Shire is Gloucester, which has the main retail shopping centre and commercial industries for the district. There are five villages, being Barrington, Bundook, Copeland, Craven and Stratford.

The large majority of residential accommodation comprises privately owned single dwelling houses that vary in quality, style and construction materials.

Business The town of Gloucester comprises the main administrative and retail centre for the Gloucester Local Government Area.

Industrial

The main industrial area is located at Gloucester.

Rural

Significant rural land uses comprise rural home sites, rural hobby farms, dairying and cattle grazing. Rural tourist industries and timber production continue to grow.

Number of Valuations Gloucester Local Government Area contains 3,259 valuation entries as at 1 July 2015 comprising:

B2 Local Centre 118 entries B4 Mixed Use 24 entries E3 Environmental Protection 171 entries IN1 General Industrial 120 entries R2 Low Density Residential 1,080 entries R3 Medium Density Residential 52 entries R5 Large Lot Resident 334 entries RE1 Public Recreation 20 entries RE2 Private Recreation 3 entries RU1 Primary Production 1,208 entries RU5 Village 110 entries SP1 Special Activities 2 entries SP2 Infrastructure 17 entries Total 3,259 entries



Environmental Planning

Gloucester Local Environmental Plan 2010 was published in the New South Wales Government Gazette on 11 June 2010.

The aims of Gloucester Local Environmental Plan 2010 are:

(1) This Plan aims to make local environmental planning provisions for land in Gloucester in accordance with the relevant standard environmental planning instrument under section 33A of the Act.

(2) The particular aims of this Plan are as follows:

(a) to manage the resources of Gloucester,

(b) to protect rural lands, natural resources and assets of heritage significance,

(c) to manage development to benefit the community,

(d) to embrace and promote the principles of ecologically sustainable development, conservation of biological diversity and sustainable water management, and to recognise the cumulative impacts of climate change,

(e) to protect, enhance and provide for biological diversity, including native threatened species, populations and ecological communities, by long term management and by identifying and protecting habitat corridors and links throughout Gloucester,

(f) to encourage a mix of housing to meet the needs of the community,

(g) to provide a secure future for agriculture.

Development Control Plans

The main Development Control Plan in Gloucester is DCP 2010, which commenced on 17 November 2010.

The DCP contains more detailed provisions than contained in the relevant environmental planning instruments, and includes the following sections:

1. Multi Residential Development Guidelines; 2. Industrial Development Guidelines; 3. Tourist Development Guidelines; 4. Subdivision of Land Development Guidelines; 5. Community Land Subdivision Guidelines; 6. Building Line Setback Guidelines; 7. Gloucester Local Centre Guidelines 8. General Car Parking Guidelines; 9. Setback Distance to Residential Development; 10. Floodplain Management Guidelines.



Rural Fire Service - Planning for Bushfire Protection 2006.

On 1st August 2002 legislation was introduced to provide greater life and property protection in bushfire prone areas, with all development in the LGA obliged to comply with the new standards.

The legislation required

� All bushfire prone land to be mapped by Council in conjunction with the RFS; � New development to comply with “Planning for Bushfire Protection 2006” guidelines; � certain vulnerable developments obtain approval from the RFS as well as

Council.

Factors Affecting Land Values

The main factors impacting upon demand for residential and rural residential properties in the Gloucester Local Government Area remains the prevailing economic conditions, particularly the threat of the Australian economy being adversely impacted upon by recessionary trends being experienced in overseas countries. These factors have exacerbated the threat of rising interest rates and rising unemployment levels, leading to lower levels of consumer confidence and significant reduction in demand. However, the expansion of coal mining in the Gloucester area, as well as exploration for natural gas purposes, has lead to increased demand for land and housing in and around Gloucester.

There is significant public concern within the Gloucester Valley regarding the potential impacts of coal seam gas mining.

The main concerns are: (i) Potential impact on groundwater in the Gloucester Valley and

Manning Valley; (ii) Potential increase in the number of coal seam gas wells above the

110 already approved; (iii) Potential proliferation of coal seam gas wells may lead to

agricultural areas being transformed to industrial areas; (iv) Land holder property rights.

In addition, Gloucester Resources has submitted an application to the Department of Planning, seeking approval for a new coal mine near Gloucester. Details are:

• Project Life – up to 21 years; • Construction Period – 9 to 12 months; • Run-of-mine coal production – up to 2.5 million tonnes per annum; • Capital Investment - $150 million.



Added value of Improvements

Paired Sales Approach

In determining the added value of improvements for residential properties, a Paired Sales approach as set out in Clause 4.2.4 of the Procedures Manual for Contract Valuers Version 6.4 has been adopted. This approach has been utilised as it is considered that vacant land sales exist in sufficient quantity to negate any possibility of a scarcity factor. In this method, the value of land as demonstrated by vacant land sales is taken from the sale price of improved properties to determine the added value of improvements.

Schedule of Added Value of Improvements

CCoonnssttrruuccttiioonn CCoonnddiittiioonn RRaattee ppeerr mm22 High Quality Architect Design New $1,500 - $2,000 Good $1,000 - $1,600 Fair $750 - $1,100

Brick veneer New $1,200 - $1,400 Good $950 - $1,200 Fair $600 - $950 Poor $450 - $650

Hardiplank New $950 - $1,300 Good $750 - $950 Fair $600 - $800 Poor $450 - $650

Weatherboard / New $950 - $1,200 Fibrous Cement Good $750 - $950 Fair $600 - $800 Poor $450 - $650

The added value of improvements in this type of analysis is inclusive of elements such as developers’ profit and risk, building/structural improvements, internal inclusions, ground improvements (such as paths, driveways and landscaping) and professional fees, holding charges etc, where applicable.

Additional base data for sales analysis is sourced from trade publications such as Rawlinsons Construction Handbook 2015, as well as advertised print material and actual construction and development costs obtained through industry contacts. These are considered to represent the upper extent of the added value of improvements range.

Value judgements based on the experience and local knowledge of the Valuer have been made to account for any variations in the age, size, condition, design, functional and economic obsolescence etc, of existing improvements.

Annexure 2: Paired Sales – Gloucester 2015.



Component Methodology The Gloucester Local Government Area is presently divided into a total of 28 components of which 8 are residential, 2 are for commercial/business land uses, one (1) is for industrial land uses, 13 cover rural zones including village areas. There are 2 open space components and 2 special use components. The majority of these components are classified by locality with some rural lands componentised according to locality and property size. From the analysed sales, we have assessed the market value of benchmark properties within each component at the Base Date of 1st July 2015. The primary benchmark property is typically a representative property for the component that is of Median Land value. Following the application of the component factor, verification of the resultant preliminary value levels has been undertaken, with particular attention being paid to properties situated at component boundaries. Identified anomalies in value levels or component classification were corrected by a combination of individual verification and/or re-componentisation of entries as required.

Statistical checks were undertaken progressively on each component to verify the integrity of both the component and the selected benchmark properties as required by Clause 6.2.1 of Procedures Manual Version 6.4.

Development Applications Regular checks of Gloucester Shire Council business papers have been made throughout the program to identify significant development approvals. This has been particularly useful in identifying approvals for rural dwelling houses and rural subdivisions.

With respect to development consents for demolition and redevelopment, there are no such approvals within Gloucester Local Government Area for the past twelve (12) months.



Overview of the market for each class of land

Residential Value levels for residential land in Gloucester have generally remained stable. In some sections, however, values have declined by up to 7%. Large lot residential areas close to Gloucester have generally remained stable, however, rural residential lots south of Gloucester have declined by up to 11%. Business Value levels for business zoned land in Gloucester have remained stable, with the exception of fringe business land, which has declined by up to 5%. Industrial Value levels for industrial zoned land in Gloucester have remained stable. Rural Land Values for rural properties have generally remained stable, although some grazing properties have declined in value by up to 9%. Demand continues to remain strong for superior, well-located grazing or lifestyle properties.

Objections and Re-Ascertainments Values ascribed to all properties which were amended following an objection or re-ascertainment to the 2014 land valuation have been checked as part of the 2015 program with surrounding land values having also been checked, gradings assessed and handcrafting undertaken where required. In most cases the surrounding grading was considered reasonable with land values generally amended for reasons specific to that property. In a few instances the objection process has identified grading anomalies that have been addressed in the 2015 program. In addition all sales analysed in the 2015 program have been checked against the proposed 2015 land value. In most instances surrounding grading was considered reasonable.



The Final Values were delivered on 3 September 2015. At that date:

• There were sixteen (16) objections to the Base Date 1 July 2014 Land Value.

• Of the sixteen (16) objections to the Base Date 1 July 2014 Land Values, twelve (12) were allowed.

• The allowed objections and re-ascertainments to the Base Date 1 July 2014 Land Value were reviewed individually to identify whether the factors which led to the amendment in value were unique to the subject property and whether the decision impacted upon the value levels of other properties.

• There were no significant issues identified.

• There were twelve (12) allowed objections to the Base Date 1 July 2014 Land Value out of a total of 3,259 entries. The allowed objections and re-ascertainments to the Base Date 1 July 2014 Land Value were not isolated to specific locations.

• Of the twelve (12) allowed objections, each property had been verified at an earlier Base Date. There were no specific issues identified.

Annexure 3: Gloucester Objections 2015.

Individual Verification

The 2015 Component Review and Land Value Verification program has concentrated on the districts to be issued for Local Government Rating purposes in 2015. The Base Date 1 July 2015 Land Values in the Port Macquarie – Hastings Local Government Area will be issued for rating purposes.

With respect to the Gloucester Local Government Area, all benchmark properties, analysed sales and Risk Rating Category 1 properties have been verified.

Since 1 March 2013, a total of 2,793 properties have been individually verified. This represents 85.70% of the total number of entries, being 3, 259.

Annexure 4: Verification of Land Values Summary – 1 March 2013 to 15 October 2015.

Off Site Allowances

Actual subdivision development costs, where available, are sourced from property developers, industry contacts and local Council data bases and are used as a basis to determine both allowances as appropriate.

There has been little subdivision activity in the Gloucester Local Government Area. In 2015 the average allowance for rural residential lots is approximately $40,000 - $45,000.



Quality Assurance

The following quality control checks have been carried out for this district.

• All properties have been valued;

• The Land Values are consistent with each other;

• The Land Value Basis has been correctly determined and recorded for

each Land Value;

• All statutory concession valuations and allowances have been supplied, including:

� Allowances for development on and off the land;

� Subdividers Allowances;

� Heritage Values;

� Land Rating Factors;

� Apportionment of Values;

� Mixed Development and Mixes Use Apportionment Factors;

� Coal Allowances;

� Unutilised Value Allowances.

• Land Values for those properties that have considerably higher values in relation to the average for a land use have been reviewed and are correct;

• Land Values that result in substantial changes in valuation parities or unusually large value variations from the last valuations issued for either land tax or council rating have been checked and are correct;

• A broad range of market evidence has been analysed and provided in the market report as required by the Contract;

• Adjustments and assumptions within the market analysis have been based on market evidence and have been fully documented and rationalised;

• Analysed sale properties where the sales ratio does not lie within the range 0.85 to 1.00 have been reviewed and an explanation provided as to why the current land value has been adopted;

• A zone/component code integrity check has been made; • The current and proposed planning controls that affect the valuations

have been taken into account; • Where the Land Value of a property has been amended on objection

or reascertainment, the alignment of values with surrounding properties, or properties of a similar property type, have been checked;

• Statistical checks and Component Data Tables have been prepared, reviewed and anomalies or results outside the specified parameters have been rationalised and reported;

• Land Values have been compared to adjusted land values for analysed sales and anomalies have been addressed;

• Land Values have been compared to all sale prices and anomalies have been addressed;

• Worksheets have been maintained on all properties where calculations are required.



Key Personnel All Land Values within the Gloucester Local Government Area for Base Date 1 July 2015 have been determined by Key Personnel, being Jim Tyrpenou, Gabe Longa, Adrian Axisa and Philip Davies.

Conflict of Interest The Key Personnel responsible for the determination of the Land Values within the Gloucester Local Government Area for Base Date 1 July 2015 have not been involved in valuing land in areas in which they hold real estate interests.

Statistical Reports All statistical reports were included in the Valuation Analysis Report previously submitted.

Jim Tyrpenou A.A.P.I. (Certified Practising Valuer) Registered Valuer No. 2444 12 November 2015.



Disclaimer

Purpose of this Report The purpose of this report is to describe the process and considerations for the 1 July 2015 general valuation of Gloucester Local Government Area. The report has been produced on behalf of the Valuer-General. The land values have been specifically made for rating and taxing purposes. Land values produced as part of this process should not be used for any other purpose without the specific agreement of the Valuer-General. Land values must have regard to specific requirements and assumptions in rating and taxing legislation. Consequently these valuations may vary from market levels. The land values have been determined using a methodology prescribed by the Rating and Taxing Valuation Procedures Manual. The Manual allows mass valuation methodologies, that involve assessing large numbers of properties as a group, to be utilised where appropriate. Mass valuation methodologies are, by their nature, likely to be less accurate than individually assessed valuations, however, are utilised worldwide for rating and taxing purposes to deliver valuations within an acceptable market range. Town planning, land use and other market information contained in this report have been compiled based on enquiries undertaken during the valuation process. Third parties should make their own inquiries into these details and should not rely on the contents of this report. The Valuer-General disclaims any liability to any person who acts or omits to act on the basis of the information contained in this report. More information on the valuation process is available from the Department of Lands website at www.lands.nsw.gov.au.

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Disclaimer:This advice and/or information is given for private use only. This map was produced by the Geographical Information Services of Gloucester Shire Councilusing information available as at 21st July 2008 to Gloucester Shire Council and may be subject to change without notice. Gloucester Shire Council accepts no responsibility either in contract or tort (and particularly in negligence) for any errors,emissions or inaccuracies whatsoever contained within or arising from this map.

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Barrington Tops

ANNEXURE 1: Gloucester Shire LGA

Property Gloucester

PID

Address

Sale Price

Contract date

Land area

Comments

m2 $/m2 Amount

Main APPROX AREA/RATE 180 $950 $171,000

Garage APPROX AREA/RATE 20 $500 $10,000

Fencing & landscaping 1 $15,000 $15,000

Added value $196,000

Deduced Land Value $79,000

Vacant Sale

PID

Address

Sale Price

Contract Date

Land Area

Comments

994.5 m2

$72,000

Irregular shaped vacant land in cul-de-sac position amongst new homes.

Market sale through Gloucester First National Real Estate Gloucester.

PAIRED SALES APPROACH

2640491

10 Rye Cr, Gloucester

$275,000

8/05/2015

783.2 m2

Largely original circa mid 1980's brick and tile home, land has gentle to

moderate slope to the rear. Market sale through Webb Bros. Real Estate

Gloucester.

5 Tonks Pl, Wauchope

3183464

15/07/2015

ANNEXURE 2: GLOUCESTER PAIRED SALES 2015

Property Gloucester

PID

Address

Sale Price

Contract date

Land area

Comments

m2 $/m2 Amount

Main APPROX AREA/RATE 140 $1,000 $140,000

Carport APPROX AREA/RATE 40 $100 $4,000




Vacant Sale

PID

Address

Sale Price

Contract Date

Land Area

Comments Irregular shaped vacant land in cul-de-sac position amongst new homes.


Circa 1930's timber and iron cottage having fair to good presentation. Market

sale through Gloucester First National Real Estate Gloucester.

3183464


$72,000

15/07/2015

994.5 m2


2640129

71 King St, Gloucester

$237,500

6/05/2015

950 m2


Property Gloucester

PID

Address

Sale Price

Contract date

Land area

Comments

m2 $/m2 Amount

Main APPROX AREA/RATE 250 $850 $212,500

Garage APPROX AREA/RATE 20 $200 $4,000


Shed 45 $300 $13,500



Vacant Sale

PID

Address

Sale Price

Contract Date

Land Area

Comments Irregular shaped vacant land in cul-de-sac position amongst new homes.


Extensively renovated and extended vynal clad old dwelling. Gently to

moderately sloping block close to the Gloucester town centre. Market sale

through First National Real Estate Gloucester.

3183464


$72,000

15/07/2015

994.5 m2


2639975

16 Hay St, Gloucester

$320,000

25/11/2014

860 m2


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ANNEXURE 3: GLOUCESTER OBJECTIONS 2015

1:12 PM15-Oct-2015RMSV049S.QRPReport: Date/Time:

JIMUser:StateValSystem:

First State Property Valuers

Verification by Risk Rating Category SummaryTaree Contract Area

Verified Between 1/03/2013 and 15/10/2015

Using Current Risk Ratings

013 - Great LakesDistrict Percentage ofNumber ofTotal NumberRisk

RatingRisk Rating Category of Properties Properties Verified Category Verified

100.00%111Shopping centre

0.00%001Contaminated land

100.00%331Englobo parcel

100.00%111Mine

100.00%1681681High Value property

100.00%2722721Benchmark property

100.00%14141Objection

100.00%5125121Analysed Sale

100.00%2592592Commercial zoned lands

100.00%2162162Industrial zoned lands

100.00%2882882Rural zoned lands where predominant use is primaryproduction

100.00%57572Heritage listing 14G and Sec 125

100.00%1,1441,1442Land Value Basis other than 6A(1)

100.00%71712Allowance or Concession

50.54%10,37520,5293Residential, Village and rural residential lands with 6A(1)Basis

44.06%631433Open Space, Special Use , Reservation zoned lands

162 - Greater TareeDistrict Percentage ofNumber ofTotal NumberRisk





0.00%001Mine







100.00%5325322Rural zoned lands where predominant use is primary

production


100.00%8248242Land Value Basis other than 6A(1)


45.39%8,99219,8123Residential, Village and rural residential lands with 6A(1)

Basis


This report is Confidential Information for the use of the Valuer-General and the First State Prop

erty Valuers only. Disclosure or misuse of this information may lead to legal action.

1

ANNEXURE 4: TAREE CONTRACT VERIFICATION SUMMARY 2015

jim.tyrpenou

Highlight


Verification by Risk Rating Category Summary

241 - GloucesterDistrict Percentage ofNumber ofTotal NumberRisk





100.00%111Mine



100.00%881Objection










656 - Port Macquarie - HastingsDistrict Percentage ofNumber ofTotal NumberRisk





0.00%001Mine



100.00%441Objection












2



Verification by Risk Rating Category Summary

Totals for Taree Contract AreaPercentage ofNumber ofTotal NumberRisk





100.00%221Mine




100.00%1,9401,9401Analysed Sale

100.00%1,5011,5012Commercial zoned lands

100.00%1,1191,1192Industrial zoned lands

100.00%1,4411,4412Rural zoned lands where predominant use is primaryproduction


100.00%2,6622,6622Land Value Basis other than 6A(1)




*** End Of Report ***



3


gloucester final report 2015...demand continues to remain strong for superior, well-located grazing...

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