Tratta One Pty Ltd v Valuer General [2008] NSWLEC 1186

Tratta One Pty Ltd v Valuer General [2008] NSWLEC 1186

The Court found that comparable sales before and after the Base Date could be considered because market conditions were agreed to be unchanged. The sales analysis showed significant differences between F2 and F3 land values, and the sale of 728 Pittwater Rd Brookvale, zoned F2, was the critical sale. After allowing 10% because the purchaser was an adjoining owner and then deducting 5% to reflect the superior frontage and flexibility of 728 Pittwater Rd compared with the subject property, the indicated land value for the subject property was $1,441 per square metre, resulting in a land value of $810,850.

Jurisdiction
Australia
Judgment Date
21 May 2008
Procedural Posture
Appeal Against the Revised Land Value Assessed Under Section 6 A(1) of the Valuation of Land Act 1916 / Judgment
Outcome
Appeal upheld; land value reduced; no order as to costs.
Legal Topics
['land Value Assessment' 'comparable Sales Evidence' 'highest and Best Use' 'zoning Under Warringah Local Environmental Plan 2000']
['valuation of Land' 'property Law' 'planning and Environment'] ['land Value Assessment' 'comparable Sales Evidence' 'highest and Best Use' 'zoning Under Warringah Local Environmental Plan 2000']

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Procedural Posture

Appeal Against the Revised Land Value Assessed Under Section 6 A(1) of the Valuation of Land Act 1916 / Judgment

Legal Issues

  1. 1 ['What was the proper land value of 541 Pittwater Road Brookvale as at the Base Date of 1 July 2006.' 'Whether comparable sales before and after the Base Date could be considered.' 'Whether land zoned Locality F2 Brookvale Service Centre should be valued differently from land zoned F3 Brookvale Industrial.' 'What adjustment should be made when comparing the subject property with the sale of 728 Pittwater Rd Brookvale.']

Ratio Decidendi

The Court found that comparable sales before and after the Base Date could be considered because market conditions were agreed to be unchanged. The sales analysis showed significant differences between F2 and F3 land values, and the sale of 728 Pittwater Rd Brookvale, zoned F2, was the critical sale. After allowing 10% because the purchaser was an adjoining owner and then deducting 5% to reflect the superior frontage and flexibility of 728 Pittwater Rd compared with the subject property, the indicated land value for the subject property was $1,441 per square metre, resulting in a land value of $810,850.

Court Disposition

Appeal upheld; land value reduced; no order as to costs.

Orders

  • ['The Appeal is upheld.' 'The Land Value, as at the Base Date of 1 July 2006, is reduced to $810,850.' 'No Order is made as to costs.']