Valuation Report For Crown Allotment 110 Anderson Road

You have been employed by the owner of Crown Allotment 110 Anderson Road to value their property for sale purposes. It has remained unsold for 3 years. In your Report you are to outline the highest and best use of the land and you are to make a recommendation to the owner as to how the property may have a better return on their investment. Your recommendation to the owner must outline and address the possible ways the property is to yield/achieve its maximum achievable value and to be sold. As a Valuer you need to investigate if this property can be subdivided and sold off in portions. You must analysis and investigate the potential use for the land. Can this land be divided into various sized parcels that may see a portion/s of the land kept for rental/(agistment) use, a portion sold or how the water may return a separate income on its sale or Lease. You are to draft up a Valuation Report that identifies all of the aspects and considerations for a value or value range to be derived. The report must outline the following:

1. The description of sales data, analysis thereof and adjustments/allowances made.

2. What the property is being used for at the time (Vacant land with a shed).

3. The highest and best use of the property (reference zoning, overlays, soil types, land size).

4. The effect of any Act, Regulation, or Planning Scheme on the use or development of the property.

5. The property size, shape, topography, soil quality and location.

6. The availability of services (town water, sewer, gas, electricity), natural resources, transport and other facilities and amenities to the property.

7. The actual and potential capacity of the land to deliver a monetary return.

8. What are the risks of the property which may influence adversely/positively on the value of the property.

9. The value (range and price point) of the property.

Brief description of the property

The property has a beautiful view and looks entirely like a picture. Moreover, if the purchaser searches for privacy then it will be his perfect destination. The location is very close to the town named Echuca situated at the banks of the River Murray and river Campaspe in Victoria. It is located at a distance of 15 kilometers from the city Echuca, and another benefit is that one can reach Gravel road by travelling only 1 kilometer. The area of the property is near about 33 hectares, and the owner of this property may enjoy a beautiful scenic view of the river  Campaspe as it is situated at the bank of that river. There is no such land there which is owned by the government, so the owner of this concerned property has the right to access the edge of the river. A family owned this property for 30 years. According to Amidu and Gobet (2017), the land moves smoothly from the Eastern direction where there is access to the road to the west direction where there is access to the river  Campaspe. Moreover, the land consists of a small lake near the Campaspe River. The shape of this small lake is snaky which is the main attraction of the wildlife and considered to be a perfect place for someone to make his dream home here.

Title reference	Parcel description	Area (ha)
391 McSwain Road, Echuca	Two adjoined allotments which are rectangular	93.07
Echuca West School Road, Echuca West	Industrial or workshop type site	20
Cantwell Road, Echuca West	Lease property	183.4
Cantwell Road, Echuca West	The rural property which is vacant	32.40

The permission for planning was issued on December in the year of 2014. This plan was again reissued in the year of 2016 in December and the time span was for two years. It is required to start the development within two years. Within these two years if the developers do not get started, then the permit will be expired in December 2018. It was also stated that all the development work must be finished within the year 2020. The location is very close to the town named Echuca situated at the banks of the River Murray and river Campaspe in Victoria. It is located at a distance of 15 kilometers from the city Echuca.

Planning authority is a person or a group of person who takes the responsibility to plan how the property can be remodeled. He has the authority to plan for property owned by someone else. Here in this case if the planning authority decides some changes in the concerned property suppose he wants to divide this land into three or more subcategories, he must trigger a plan which is named as the cultural heritage management plan (Charles, 2017). According to the Aboriginal Heritage act enacted in the year, 2006 when it is needed to plan cultural heritage management plan permission for planning and work authorities and a license must be issued. However, the issuing will not be successful until and unless there is no approval for the activity of a cultural heritage management plan.

Title and Particulars

As the planning scheme stated that the permission of planning scheme is valid till December 2018 and all the modification work must be finished within December 2020. So the highest usage for planning can be extended up to December 2020. There are certain permissions needed for the services and dwelling for the owner.

The location of the property creates a huge positive impact on the buyer. As the property is located at the bank of the river Campaspe, so all the dwelling has easy access to the water of the river. Moreover, there is no crown land so it is an advantageous issue for the people who will buy this land.  In the perspective of Crosby and Henneberry,  (2016),  an extra advantage is the small snake lake near the river which is a main attraction of the wild animals there so people who want to enjoy the beautiful scenic beauty and the vision of the wild animals it will be his or her perfect destination. Planning authority is a person or a group of person who takes the responsibility to plan how the property can be remodeled. Moreover, there will be easy access to the road to the dwelling. The Gravel road is 1km away from the land and also the city Echuca is 15 km away from the land so people can enjoy privacy and also they have easy access to the life of the city people. The area of the property is near about 33 hectares, and the owner of this property may enjoy a beautiful scenic view of the river Campaspe as it is situated at the bank of that river. There is no such land there which is owned by the government, so the owner of this concerned property has the right to access the edge of the river.

Before starting any planning for property or land planning permission must grant by the local government (Cheung and Sahminan, 2017). There are various ki9nds of permission available for planning. As it is a residential property so the permission required for planning will be related to planning permission of the householder. Within these two years if the developers do not get started then, the permit will be expired There is a small snaky lake situated at this place which is the main attraction of wild animals so it must be anyone's dream to build a home in such a nature-friendly atmosphere. 

Planning Scheme

After recognizing which kind of planning permission is required for that concerned land, the planner can apply for planning in online mode. While applying for the planning one needs to submit the entire planning details of the land concerned. These planning details include the location of the land the area of the land as it is stated that the area of this land is 33 hectares and also planning for the site. After submission of all the documents, the planner needs to pay an amount for the planning permission. After the submission of the application, the planning department will go through the application and check whether all the necessary documents have been given or not and if he finds anything missing it is his responsibility to let the planner know about it. Usually, this process takes some time, and after that, the permission is granted. According to Nurick et al. (2015), considering all the aspects of the land the advantages and location, there is no point in rejecting the planning application. After approval of the application, there may be certain conditions involved. For this land, as it’s situated in a location at the bank of the river and it is also very nature sensitive, so there are certain conditions regarding the materials used. The first permission was given in the year 2014 in December Within these two years if the developers do not get started then the permission will be expired

This land is situated very close to the town named Echuca situated at the banks of the River Murray and river Campaspe in Victoria. As a result, it can access the water of the rivers and also have the taste of city life (Crosby and Henneberry, 2016). On the other hand, there is a small snaky lake situated at this place which is the main attraction of wild animals so it must be anyone's dream to build a home in such a nature-friendly atmosphere.

On the other hand, Gravel road is just 1 km away from the land. So people have the facility to travel through water and road. There is no crown land there, so the property owner has the right to access the edges of the river.

Electricity and telephone services are also provided here. Another essential service that must be provided for any dwelling of any land is water supply. (Demiralp et al. 2018) Here in this land, water is supplied by the rural water corporation by the urban water corporation. So the owner does not have to face the risks of unavailability of water. The local power distributor also provides the electric supply, so there is no issue regarding the electricity. The people living there generally sow cloves and native grasses. Also, stables for horses are available there. The owner can take advantage of these facilities. However, they do not have a delivery share to secure the water used for irrigation. There is another fact entitled about the water that can be used for irrigation. The owner of the property can retain 50 mega liters high-reliability water entitlement and on the other hand 100 milliliters low-reliability water entitlement.

Highest and best uses

Another important fact about the usage of the water in the land is that though it is situated at the bank of the river Campaspe so legally it has the ownership of the water of the concerned river but the owner cannot access or use that water on the property or on-site. The location is highly appreciated. The area of the land is near about 33 hectares. The construction materials which are used are of excellent quality. The atmospheric condition increases the market value of the land. The rural water corporation incorporates Goulburn-Murray water, and the urban water corporation implies the cola ban water.  There is also another facility that the property owner can enjoy that is the sewage system. After submission of all the documents, the planner needs to pay an amount for the planning permission. There is a proper sewage system in the land. According to Iroham et al. (2015), all the waste materials of the concerned land can be disposed of via an underground path. So the land can become pollution free. The land also provides a place for recreation which is entirely private (Emerson et al. 2018). People can easily use boar the water and land mode of transportation. So there won't be any problem regarding transportation also.  An extra benefit is that there is no crown land so the owner will have easy access to the bank of the River Campus. So anyone who takes the ownership of the concerned property can enjoy the beauty of nature sitting in the private recreation space. Other facilities that an owner can have by purchasing this land are the water tank, boating facility, hospitals, road services, schools, and quiet location.

The owner of the property will not have a share of water to provide water for irrigation. The land is situated at the bank of the river Campaspe, so according to law, the owner of the property has the ownership of the water of the river  Campaspe. However, he cannot access the water of the river for irrigation in the property. The owner of the property can retain 50 megaliters high-reliability water entitlement and on the other hand 100 milliliters of low-reliability water entitlement (Jefferies, 2016). Considering all the positive and negative aspects of this property the land is highly recommended for sale. Moreover, there are facilities for land transport as well as water transport the property owner can access the utility of the rural water corporation as well as the urban water corporation. The rural water corporation incorporates Goulburn-Murray water, and the urban water corporation implies the cola ban water. While determining the property value of any property, it is an important fact to keep an eye on the drainage system of the property. According to Collier et al. (2017), if the drainage system is not designed correctly, it may reduce the property value. Here as the property is located near the bank of the river, so there is a considerable possibility of a flood if the drainage system is improper. Moreover, the land provides exceptionally fertile soil suitable for growing crops. The location of the land is marvelous high and dry positioned with the availability of 12m x 6m shed which is having a concrete floor and a water tank capable of containing 7000-gallon rainwater.

Overlays

The land is situated at the banks of the River Murray and river Campaspe in Victoria. It is typical for any land which is situated near any river bank that the soil of that land will be fertile enough. Enough rainfall and the water of the river campus make the soil fertile and suitable for growing crops. The type of soil, the availability of water, the system of production. Specifically, the way in which things are managed in a particular property creates a positive impact on the productivity of the concerned property. There won't be any problem regarding transportation also.  An extra benefit is that there is no crown land so the owner will have easy access to the bank of the River Campus. So anyone who takes the ownership of the concerned property can enjoy the beauty of nature sitting in the private recreation space. Other facilities that an owner can have by purchasing this land are the water tank, boating facility, hospitals, road services, schools, and quiet location. Moreover, there is a snaky small lake situated in this land which no doubt makes the soil suitable for growing crops.

To grow plants, water is the essential thing and moreover, the amount of water required for growing crops is not the same for all plants. The plants get water directly from rainfall or the water from a flood which occurs on the River Campus. Being a natural process, there is no proper amount of water given to the plants. Sometimes it gives less water and sometimes due to flooding the plants gets excessive water and as a result gets damaged. Moreover, as there is the adequate amount of rainfall occurs so if someone wants to grow crops on the land then it will be his ideal choice. The local power distributor also provides the electric supply, so there is no issue regarding the electricity. The people living there generally sow cloves and native grasses. Also, stables for horses are available there. According to the Aboriginal Heritage act enacted in the year, 2006 when it is needed to plan cultural heritage management plan permission for planning and work authorities and a license must be issued. The items which are included are the shed of the pump, the main line of irrigation. However, the issuing will not be successful until and unless there is no approval for the activity of a cultural heritage management plan.

Impacts on property

The owner can take advantage of these facilities. For that reason, there is an artificial process called irrigation, which determines the amount of water required for the crops to grow and it also controls the quantity of water produced in the crops. In this land situated at the bank of the river Campus consists of a water tank which is 2m x 6m in an area and contains rainwater (KOYAMA et al. 2018). This rainwater can be used for the irrigation process. The water tank has a concrete base and has the capacity of containing 7000-gallon rainwater which is appropriate for growing crops. Moreover, the property owner has access to 50 mega liters water entitlement which is having a good quality and an entitlement of 100 megaliters of water, which is considered to be low quality in nature (Atkinson, 2018).

Fencing is a boundary made of wood situated around the land to protect it from unwanted access to outcomes. One kind of fencing is the stock fencing which a wire fencing which prevents the entry of the various animals including cattle and pigs that can harm the crops. These risks can be solved by taking any mutual decision, such as doing some renovation on the property so that the property value gets increased. The land is having the proper type of stock fencing assuring the owner that his land is getting proper protection (Li et al. 2015). On the other hand, the owner can give plain wire fencing if stock fencing is not at all required. By the proper irrigation and agriculture, fencing is also an important variable to be used to increase the valuation of any land.

The term productive capability suggests the capacity of the land to be productive. This depends on some factors. The type of soil, the availability of water, the system of production. Specifically, the way in which things are managed in a particular property creates a positive impact on the productivity of the concerned property. As it is stated that the land is situated at the bank of the river of Campus, so the water of the river makes the soil fertile, so there is a massive production of soil in the land (Makris, 2015). As a result of the person who will be willing to buy the land for growing crops, it will be his ideal destination. Moreover, there is a water tank which has a concrete shed and a capacity of containing 1000 gallon rainwater which used explicitly for irrigation. The irrigation process is quite convincing for an owner to buy this land.

Planning permits

The wettest month of the year is in this urban area in May. In this season it faces near about 45.7 mm rain. This rainwater is stored in a water tank which has the capacity of storing near about 1100 gallons of rainwater which is suitable for irrigation (Means, 2017). It is an area which is mainly cold in all season. The hottest month was January, but at that time also the temperature was 23-degree centigrade which is very pleasant and the coldest month is July when the temperature falls about 8-degree centigrade. So the weather is almost pleasant throughout the year, which is no doubt a positive sign for the owner to buy the land (Shehu and Afezolli 2016). Pleasant weather is always suitable for crops to grow. Moreover, as there is the adequate amount of rainfall occurs so if someone wants to grow crops on the land then it will be his ideal choice.

However, on the other hand, there occurs drought also. According to the statistical study starting from November up to April, there is no significant amount of rainfall on this land which creates adverse situations for crops to grow. Moreover, due to this deficient rainfall, the soil loses its fertile nature which is a significant drawback of this land. As every issue has some positive and negative aspects similarly this is a negative aspect of this land. On the other hand, in July, the template falls to about 8-degree centigrade which creates an adverse situation (Su, 2017).

A family owned this property for over 30 years. Now it is left vacant. The permission to purchase was granted on December 2014 and which was renewed on December 2016 and it is valid for December 2018. One kind of fencing is the stock fencing which a wire fencing which prevents the entry of the various animals including cattle and pigs that can harm the crops. According to the Aboriginal Heritage act enacted in the year, 2006 when it is needed to plan cultural heritage management plan permission for planning and work authorities and a license must be issued. These risks can be solved by taking any mutual decision, such as doing some renovation on the property so that the property value gets increased. All the modifications needed to be done within December 2020. The location is highly appreciated. The area of the land is near about 33 hectares. The construction materials which are used are of excellent quality. The atmospheric condition increases the market value of the land. The rural water corporation incorporates Goulburn-Murray water, and the urban water corporation implies the cola ban water. A family has lived in this land for 30 years. So there may be some hidden damage which may cause the purchaser to spend much money while repairing. However, this is not a great issue

The location of the land is perfectly nature-friendly. It is situated at the bank of the River Murray and River Campus in Victoria. It is a common issue that most of the purchaser looking for a place to build a home which will maintain enough privacy (Jones et al.2015). In most of the cases, it has been seen that land where there is privacy there is no attachment to city life. However, this is an exceptional case. As the property is old in nature, so there are various risks are involved with this property. These risks are mainly low depreciation and hidden damages The location of the land is just 15 km away from the town named Echuca. As a result, the purchaser will not get deprived of the facilities of city life also. The facilities include the hospital, school and other city life facilities. Moreover, the land is situated in a place where the gravel road is just 1 km away from the place. So people can easily use boar the water and land mode of transportation. So there won't be any problem regarding transportation also.  An extra benefit is that there is no crown land so the owner will have easy access to the bank of the River Campus (Bateman, et al. 2016).

The risk is a common factor while buying or selling a property; regardless it is new or old. In this report, the land is an old property. The property owner can access the utility of the rural water corporation as well as the urban water corporation. The rural water corporation incorporates Goulburn-Murray water, and the urban water corporation implies the cola ban water. A family has lived in this land for 30 years. So there may be some hidden damage which may cause the purchaser to spend much money while repairing. However, this is not a great issue. The purchaser may consult with the owner and investigate through the matter and make a mutual decision (Nath and Sarker, 2014). The plants get water directly from rainfall or the water from a flood which occurs on the River Campus. Being a natural process, there is no proper amount of water given to the plants. Sometimes it gives less water and sometimes due to flooding the plants gets excessive water and as a result gets damaged.

There is some tax issues involved while purchasing any property. There is a deduction of tasks that allow the purchaser to claim for the depreciation of the concerned property legally, but as the property gets older, the value of depreciation gradually reduces, so the investment for the property gets less valuable for the user. In that case, the purchaser can demand some renovation of the property, so the value of depreciation gets increased to some extent.

The factors which influence the market value of land are

The physical attributes involved in any property are the quality of the concerned location, climatic situation, and the availability of water. The land situated at the bank of the river campus is perfectly nature-friendly. The location is suitable for a purchaser who wants to build their dream home, which is quite natural (Ning and Cao, 2015). Moreover the town Echuca is just 15 km away, so there are all the facilities available in the land. The climatic condition is also very soothing. It is neither too hot nor not too cold. Moreover, there is enough rainfall in the land in May which is suitable for growing crops. The sewage system is incorporated correctly. There is an underground sewage system, and as a result, there are low possibilities of the flood.

Another factor which increases the market value of any property (Bettig, 2018). The economic activity involves the availability of schools, hospitals and other requirements for daily life. The property is suitable for a purchaser who is willing to make his dream home in such a place which is very nature-friendly. Within these two years if the developers do not get started, then the permission will be expired. This can be considered the best use of the property (As the location is just 15 km away from the Echuca town so the property owner will enjoy all the city life facilities.

The Gravel road is just 1 km away from the land. So the road transport is not an issue. On the other hand, it is located on the bank of the river campus. So the boating facility is also available here (Endeshaw 2016). So it is possible for the owner to enjoy both the land and water transport facility. So these benefits play an important role in increasing the market value of the land.

Sales of farmland

391 McSwain Road, Echuca

Sold on July 2018

The area of the land is 93.07 ha. This property has two allotments which adjoin to each other. These allotments are rectangular. The situation of these allotments is at the southeast corner of the two roads named as Mcswain's road and Muller road. There are two certificates which adjoin to each other According to those Lot 1 have near about 41.97 hectares, and lot 2 has 51.10 hectares (Shehu and Afezolli 2016). This property is now owned by no one, and previously some agricultural and farming activities were performed here such as cropping, gazing and harvesting tomato. The property is suitable for a purchaser who is willing to make his dream home in such a place which is very nature-friendly. This can be considered the best use of the property. The climatic condition is also very soothing. It is neither too hot nor not too cold. Two parcels of this land are now zoned as FZ1, and enter the land also contained within the land for overlay which are inundation and overlays which are floodway. This property was sold at a purchase which has a price of $495,000, and this is without GST. The items which are included are the shed of the pump, the main line of irrigation. The price of sales has a reflection of approximately $5318.57/ha or near about $2.150/acre.

Echuca West School Road, Echuca West

Sold May, 2018

The total area of the site was near about 20 hectares. The area of improvements consists of style shed which is industrial and should be substantial. There must be a workshop which has a concrete floor and also provides a supply of electricity (Stárová et al. 2016). Water for irrigation is also available. The price of sales has a reflection on the value of land of $11; 5000.The value of the land reduces because of the deduction of the seed value.

1. Water Sales/Value

• Our research indicates that permanent sales of......110, Anderson road……………Water Entitlements over the past months/years of prices between …$500-$600………… per water entitlement.
• Sales in ……market………….reflecting the top end of this range.
• Parcels in excess of …water……..entitlements tend to be discounted slightly.

For the purpose of these valuations, we have adopted a value of $/share per …gallon………..water entitlement.

According to some recent brochures regarding the land sold near the lady stage road, Echuca the land has an area of 32.40 ha. This was vacant land, and the valuation came out to be $245,000. This land also has an area of 33 ha. This is also a vacant land and also having fertile soil and water available for irrigation with the availability of other city life advantages. So the valuation must be near $245,000-$30,000.

The assessment of the value of any land is a valuable tool. This value is considered after evaluating some other sales examples which have a similar area of the land and which were also left vacant. This value assessment deals with the amount of tax to be paid. This consists of a depreciation value in return. As the property gets old the value of depreciation gets reduced. Renovating can be a remedy to the issue.

• Highest and best use

The permission was taken on December 2014 at it was renewed on December 206. The validity of this renewal is up to two years that it must be sold within December 2018. Moreover, it was also stated that all the modifications must be done within December 2020. The property is suitable for a purchaser who is willing to make his dream home in such a place which is very nature-friendly. This can be considered the best use of the property (Eneve et al.2017).

• Risks involved in the property

As the property is old in nature, so there are various risks are involved with this property. These risks are mainly low depreciation and hidden damages (Wu and Wang 2017). However, these risks can be solved by taking any mutual decision, such as doing some renovation on the property so that the property value gets increased.

• Sale of the property

The property has all the qualities involved within it so that it may get the highest market value and there are no such issues involved which may stop the property from being sold.

• Value Range

The value of the property may range from $245000. This value is considered after evaluating some other sales examples which have a similar area of the land and which were also left vacant. This area of the land is 33 hectares. So considering all the positive and negative issues, the valuation should range from $245000 to $30000.

• Recommended sale of property

Considering all the positive and negative aspects of this property the land is highly recommended for sale. Moreover, there are facilities for land transport as well as water transport. On the other hand, it is situated close to the town Echuca so the property owner can avail all the facilities of city life as well as can enjoy a house situated in such a nature-friendly location.

References

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Books

Bettig, R.V., 2018. Copyrighting culture: The political economy of intellectual property. Abingdon. Routledge.

Endeshaw, A., 2016. Intellectual property in asian emerging economies: Law and policy in the post-TRIPS era. Abingdon, Routledge.

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Website

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