When determining land value, land valuers research the property market and examine trends and sales information for each land use category, ie commercial, industrial residential and rural.
Valuers take into account the land’s present use and zoning as well as the physical attributes and constraints on use of the land.
The physical attributes that are taken into account for the valuation are:
- Shape, topography, size, views, aspect and elevation
- Air, light, noise, vibration
- Erosion, flooding, permanent damage (natural events)
- Weeds and pests
- Carrying capacity
- Country classification
- Accessibility
- Access to water and essential services
- Mining operations
Constraints on the use of the land can be some of the following:
- Height or development restrictions (local or state government planning)
- Encumbrances, easements, covenants or caveats
- Transmission lines
- Heritage listing
- Contaminated land registration
- Town planning restrictions
- Vegetation protection orders
- Remnant vegetation
- Location of sewerage or storm water mains/inspection caps
- Reduced carrying capacity (rural land)
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