House Prices

Property valuations way off the money across Tasman

Many Australian property owners face higher land tax bills - and every New South Wales property will have its value re-assessed - after an Ombudsman's report attacked a culture of dodgy valuations and cost cutting which has resulted in 650,000 properties being under-valued.

Thursday, October 13th 2005

Despite widespread criticism that the Valuer General had routinely inflated land values, the report actually found 80 per cent of errors were linked to properties being under-valued.

About 35 per cent of 2.4million valuations investigated contained errors more than 15 per cent outside a proper valuation.

However, the report may trigger a windfall for the cash-strapped State Government, which last year collected more than $A1.3billion in land tax.

The office of the Premier and Treasurer, Morris Iemma, was studying the report last night for budget ramifications.

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[OPINION] Recessionary times

It is not the best out there for many businesses and property sector people. Sales are down across the board, our clients’ confidence is falling, and there is a lot of uncertainty.

Heartland Bank - Online	6.69
SBS FirstHome Combo	6.74
Wairarapa Building Society	6.95
Unity	6.99
Co-operative Bank - First Home Special	7.04
ICBC	7.05
China Construction Bank	7.09
BNZ - Classic	7.24
ASB Bank	7.24
ANZ Special	7.24
TSB Special	7.24

Unity First Home Buyer special	6.45
Heartland Bank - Online	6.45
SBS Bank Special	6.69
TSB Special	6.75
Westpac Special	6.75
China Construction Bank	6.75
ICBC	6.75
AIA - Go Home Loans	6.75
ASB Bank	6.75
Unity	6.79
Co-operative Bank - Owner Occ	6.79

SBS Bank Special	6.19
ASB Bank	6.39
Westpac Special	6.39
AIA - Go Home Loans	6.39
China Construction Bank	6.40
ICBC	6.49
Kiwibank Special	6.55
BNZ - Classic	6.55
Co-operative Bank - Owner Occ	6.55
TSB Special	6.59
SBS Bank	6.79

SBS FirstHome Combo	6.19
AIA - Back My Build	6.19
ANZ Blueprint to Build	7.39
Credit Union Auckland	7.70
ICBC	7.85
Heartland Bank - Online	7.99
Pepper Money Essential	8.29
Co-operative Bank - Owner Occ	8.40
Co-operative Bank - Standard	8.40
First Credit Union Standard	8.50
Kiwibank	8.50