Meriton Property Development Pty Limited v Valuer General [2009] NSWLEC 1240

Meriton Property Development Pty Limited v Valuer General [2009] NSWLEC 1240

The objection was upheld because the respondent's own expert valuation reduced the Valuer General's figure, discharging the applicant's onus, and the Court's comparable sales analysis of 10 Corea Street and 7 Murralin Lane, with adjusted allowances for development approval, access, waterfrontage/views, density, and site constraints, supported a determined value of $11,525,000 as at 1 July 2006.

Jurisdiction
Australia
Judgment Date
11 June 2009
Procedural Posture
Appeal/objection to Valuation of Land Under the Valuation of Land Act 1916 / Ex Tempore Judgment
Outcome
Objection upheld; value determined at $11,525,000 as at 1 July 2006.
Legal Topics
["objection to Valuer General's Valuation" 'comparable Sales Analysis' 'development Approval Premium' 'site Constraints' 'waterfrontage and Views' 'access Adjustments']
['valuation of Land'] ["objection to Valuer General's Valuation" 'comparable Sales Analysis' 'development Approval Premium' 'site Constraints' 'waterfrontage and Views' 'access Adjustments']

Case Brief

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Procedural Posture

Appeal/objection to Valuation of Land Under the Valuation of Land Act 1916 / Ex Tempore Judgment

Legal Issues

  1. 1 ["Whether the Valuer General's valuation of 2 Corea Street, Sylvania at the base date of 1 July 2006 should be upheld or varied." 'What value should be determined for 2 Corea Street, Sylvania as at 1 July 2006.' 'What adjustments should be made to comparable sales, particularly 10 Corea Street and 7 Murralin Lane, for development approval, access, waterfrontage and views, density, and site constraints.']

Ratio Decidendi

The objection was upheld because the respondent's own expert valuation reduced the Valuer General's figure, discharging the applicant's onus, and the Court's comparable sales analysis of 10 Corea Street and 7 Murralin Lane, with adjusted allowances for development approval, access, waterfrontage/views, density, and site constraints, supported a determined value of $11,525,000 as at 1 July 2006.

Court Disposition

Objection upheld; value determined at $11,525,000 as at 1 July 2006.

Orders

  • ['The objection to the valuation of 2 Corea Street Sylvania as at the base date of 1 July 2006 is upheld;' 'Pursuant to s 40(1)(b) of the Valuation of Land Act 1916 the sum of $11,525,000 is determined to be the value of 2 Corea Street, Sylvania as at 1 July 2006;' 'The exhibits are returned.']