Joye and ors v Valuer-General [2006] NSWLEC 341

Joye and ors v Valuer-General [2006] NSWLEC 341

The applicants discharged the onus of showing that both statutory valuations should be varied. For 37 Ocean Road, the Court accepted the Residex-based time adjustment and confined the comparable sales analysis to the Ocean Road precinct, but preferred the applicants' 15 per cent view adjustment, producing a value of $5,215,000. For 38 Florida Road, the Court accepted a Florida Road basket of comparable sales but corrected the time adjustment, made greater allowances for development constraints and topography, and determined a value of $1,550,000.

Jurisdiction
Australia
Judgment Date
08 June 2006
Procedural Posture
Appeals Pursuant to S 40 of the Valuation of Land Act 1916 Concerning Statutory Valuations / Ex Tempore Judgment After Hearing
Outcome
Both appeals upheld.
Legal Topics
['statutory Land Valuation' 'unimproved Value of Land' 'comparable Sales Methodology' 'time Adjustment' 'development Constraints']
['valuation of Land'] ['statutory Land Valuation' 'unimproved Value of Land' 'comparable Sales Methodology' 'time Adjustment' 'development Constraints']

Case Brief

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Procedural Posture

Appeals Pursuant to S 40 of the Valuation of Land Act 1916 Concerning Statutory Valuations / Ex Tempore Judgment After Hearing

Legal Issues

  1. 1 ['Whether the statutory valuation as at 1 July 2004 for 37 Ocean Road, Palm Beach should be confirmed or varied.' 'Whether the statutory valuation as at 1 July 2004 for 38 Florida Road, Palm Beach should be confirmed or varied.' 'Which sales were appropriate comparable sales for valuing each property.' 'Whether and how time adjustments should be made using the Residex index.' 'What adjustments should be made for views, topography and development constraints.']

Ratio Decidendi

The applicants discharged the onus of showing that both statutory valuations should be varied. For 37 Ocean Road, the Court accepted the Residex-based time adjustment and confined the comparable sales analysis to the Ocean Road precinct, but preferred the applicants' 15 per cent view adjustment, producing a value of $5,215,000. For 38 Florida Road, the Court accepted a Florida Road basket of comparable sales but corrected the time adjustment, made greater allowances for development constraints and topography, and determined a value of $1,550,000.

Court Disposition

Both appeals upheld.

Orders

  • ['In matter 30798 of 2005, the appeal is upheld.' 'Pursuant to s 40(1)(b) of the Valuation of Land Act 1916, the value, as at 1 July, 2004 of 37 Ocean Road, Palm Beach, being Lot D, Deposited Plan 25914, is determined as $5,215,000.' 'In matter 30798 of 2005, the exhibits are returned.' 'In matter 30799 of 2005, the...