Birregurra leads way in property revaluation process
April 22, 2016
Revaluations across the Colac Otway Shire have revealed a significant improvement in residential property values, with Birregurra leading the change.
Residential and rural lifestyle properties in the Birregurra area have increased in value by an average of 30 per cent, buoyed by the popularity of the town and healthy competition in the real estate marketplace.
Colac residential properties also recorded strong growth, going up in value by an average of $30,000 per property. Coastal properties without ocean views or located back from the Great Ocean Road, but still within walking distance of the beach, also experienced strong growth.
Mayor Frank Buchanan said all Victorian councils were required to complete revaluations every two years, with this valuation set to be used for rating purposes for the 2016-17 and 2017-18 financial years.
"Valuations are linked to the rating process but that aside, we're seeing some positive indications of growth around Colac, Birregurra and the coast.
"Birregurra in particular has experienced significant growth in property values. Birre's proximity to the coast and the duplicated highway, recent connection to sewerage, historic charm and progressive community has helped it surge in popularity.
"The increase along the coast is interesting. While sea view and 'high end' properties have shown little or no movement since 2014, properties without ocean views that are still located close to the beach and shops have shown growth.
"What that tells us is that there's not as much demand for homes with million dollar price tags, but there's a healthy market for those homes that are still affordable due to being a few blocks back."
This was also apparent in the bushfire affected areas of Separation Creek and Wye River where sales evidence prior to the fire showed stronger growth in Separation Creek than Wye River. Since the fire, all properties that had houses destroyed by the fire have been brought back to their vacant land value.
According to Council's valuer, commercial and industrial property values remained 'relatively level', as did the value of rural farm properties.
Cr Buchanan said that overall, the revaluation told a positive story about Colac Otway and its growth potential.
"We've seen modest growth in some categories and significant growth in others, but it all points to healthy competition for properties in our shire."
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