Council has completed its 2010 General Valuation of all rateable property within the Bass Coast Shire. Property values in the Shire increased by an average of 8.12% over the last two years. This is compared to an average increase by 11.62% (2008) and 6.82% (2006).

The property market within the Bass Coast Shire has been much slower over the 2010 Revaluation cycle. It finished with modest overall increases in most classes of residential, rural, commercial and industrial property. This however, has not been uniform between localities or within property types.

What does the 2010 Revaluation reflect for the different localities within Bass Coast?

Phillip Island
Wonthaggi
Cowes - residential
Phillip Island townships
Mainland townships
Rural areas
Commercial / Industrial and Specialist Properties

On Phillip Island the traditional cycle of low enquiry and activity over winter followed by the summer lead in and busy period over the holiday season occurred during 2008. In 2009, Phillip Island experienced the normal quieter winter enquiry but was accompanied by a more pronounced lack of buyer enquiry and buyer activity. This was possibly fuelled by the impact of the global financial crisis. However, as the year progressed and confidence returned, so did sales volumes and activity. 
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In Wonthaggi and the surrounding locality the demand for residential property has been strong thus resulting in significant growth in property values. Wonthaggi, having most major community facilities and a major industrial project under construction, is also experiencing other associated development activity. This is reflected in increases in commercial, industrial and residential development land values in anticipation of future expected growth.
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Cowes – residential market has seen a small general market increase in values of the order of 3.70% over this cycle. This has been more significant in the better located foreshore locations and those properties enjoying a sea view. There are still a lot of older holiday homes in good locations close to facilities which have undergone substantial renovation since the previous valuation and have been resold at increased prices. Most waterfront foreshore abuttal, view and well located beachside properties have continued to show strong demand when available on the market. Values since the 2008 levels have risen modestly in both land and residences in these categories. The market for units and townhouses has been more difficult over the period with most properties sold at or near to the 2008 levels of value and in some instances below. Back to locality list at top of page

Phillip Island townships have shown modest increase in values which are slightly greater than the Cowes residential market. The residential estate of Wimbledon Heights, which is not on the coastline, has shown minor increases in value. Ventnor, which apart from a couple of significant foreshore sales, has remained relatively unchanged although it was starting from a high base point. Smiths Beach estate, Cape Woolamai and Surf Beach also continued to reflect increases in value over the period.
 

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Mainland townships in particular the Westernport townships of Corinella, Coronet Bay, Grantville, Pioneer Bay and Tenby Point have all shown substantial percentage increases in value since 2008. These coastal towns are starting from a lower base value so a modest dollar value amount increase will result in a substantial percentage increase in value. Other mainland coastal townships were varied in their result. San Remo, Inverloch and Cape Paterson reflected continuing strong increases in value while Kilcunda barely maintained the 2008 levels of value. Harmers Haven is reflecting a substantial drop in values since 2008 although previous to this period it had shown substantial increases.

The mainland residential townships of Wonthaggi, South Dudley and Dalyston are reflecting substantial increases in value similar to the mainland coastal townships. Wonthaggi’s township is predominantly underpinned by a permanent population base and is supported by the continuing commercial, industrial and residential development that is occurring.

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Rural areas each contain a diverse mix of property. These include smaller rural residential lots, hobby farms, commercial operating farms and lifestyle properties. On the mainland farm properties have generally reflected a modest increase in value. Those with coastal proximity or views have reflected a more substantial increase in farm value. Property sales along the coastline from Cape Paterson to Inverloch and Pound Creek are indicative of this. The average increase in farms around the Wonthaggi district includes several properties currently zoned ‘Farm’ but whose underlying value has been influenced by the future development possibilities that may be permitted once the Wonthaggi Structure Plan has been approved. The full extent of these property value increases will become more certain as rezoning and development capabilities are confirmed.

The surprising outcome of the rural valuations is the decrease in the average values of farm properties on Phillip Island and along the Anderson Peninsula (San Remo). Previously these have been premium properties and well sought after but current sales indicate that the demand for these lifestyle dominated rural properties has softened and these purchasers are not as active in the market at present.

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Commercial / Industrial and Specialist Properties includes subdivisional land, major properties, communication towers, hotels, motels, caravan parks and tourist orientated properties in addition to the general commercial/industrial. The specialist group of properties has demonstrated a strong increase in value over the revaluation cycle. They are generally in the best locations and are major type tourist orientated properties. There are relatively few in number so a large change in several may have a significant change overall on the group. The commercial and industrial sector throughout the Shire has also continued to show strong increases in value. Light industrial showroom type development is active especially on the outskirts of Wonthaggi and land in this location has shown considerable increases in value since the 2008 valuation.

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The increase in values for these property categories also reflect the limited supply in this geographical location and the substantial project investment occurring at present.