Babcock & Brown Properties Pty Ltd v Valuer-General [2005] NSWLEC 526

Babcock & Brown Properties Pty Ltd v Valuer-General [2005] NSWLEC 526

The applicant established that the Valuer-General's land value was too high. Using comparable sales, excluding GST, adjusting contract prices for special conditions and development consents, allowing for market movement and comparative features, excluding sale R4 from the ultimate determination, weighting the...

Source-derived case information.

Jurisdiction
Australia
Judgment Date
04 October 2005
Procedural Posture
Appeal Under the Valuation of Land Act 1916 in Respect of Land Value / Judgment After Hearing
Outcome
Appeal upheld; land value altered to $19,950,000.
Legal Topics
['land Value' 'comparable Sales' 'development Consent' 'adjustments to Contract Prices' 'movement in the Market' 'weighted Comparable Sales']
['valuation of Land' 'land Tax' 'planning and Development'] ['land Value' 'comparable Sales' 'development Consent' 'adjustments to Contract Prices' 'movement in the Market' 'weighted Comparable Sales']

Source-derived case record

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Procedural Posture

Appeal Under the Valuation of Land Act 1916 in Respect of Land Value / Judgment After Hearing

Legal Issues

  1. 1 ['Whether the land value of lot 61 in DP 737386 at Coonara Avenue, West Pennant Hills as at 1 July 2003 was too high.' 'How comparable sales should be adjusted for special conditions, deferred settlement, movement in the market, development consent, size, location, shape, topography and other features.' 'Whether the value of the existing development consent for the subject land should be included in the land value.' 'What weight should be given to each comparable sale in determining the subject land value.']

Ratio Decidendi

The applicant established that the Valuer-General's land value was too high. Using comparable sales, excluding GST, adjusting contract prices for special conditions and development consents, allowing for market movement and comparative features, excluding sale R4 from the ultimate determination, weighting the remaining sales according to reliability, and adding the agreed depreciated value of the subject land's existing development consent, the Court determined the land value as at 1 July 2003 to be $19,950,000.

Court Disposition

Appeal upheld; land value altered to $19,950,000.

Orders

  • ['The appeal is upheld.' 'The land value of lot 61 in DP 737386 at Coonara Avenue, West Pennant Hills as at 1 July 2003 is altered to $19,950,000.' 'The exhibits may be returned.']