BENCHMARK COMPONENT REPORT
DISTRICT:
008 - NEWCASTLE
ZONE:
R3 - Medium Density Residential
COMPONENT:
AEQ - DEVELOPED LARGE RESIDENTIAL SITES R3
BASE DATE:
01/07/2020
PROPERTY ID:
3840773
How is my land valued? Most land is valued using a mass valuation process.
What is a component? Properties that are expected to change in value at the same rate are grouped together. These
properties generally have similar features. The groups are called components.
What is a benchmark? Within each component, one representative property called a primary benchmark is chosen.
Benchmark properties are valued individually each year to measure how much the value of the land
has changed from the previous year.
Each new benchmark value is then compared to the value of the benchmark from the previous year.
This change in value is called the component factor and it is then applied to all properties within the
component.
The Primary Benchmark chosen will have a land value close to the median land value. This ensures
that it represents most properties in the component. The median usually represents the middle land
value, which means that roughly 50% of land values will be higher while the other 50% will be lower.
Often additional benchmark properties are chosen called Reference Benchmarks. These properties
usually have land values higher or lower than the median.
Before undertaking benchmark valuations, valuers will inspect and analyse a large number of sales
in a locality to gain an in depth understanding of what is happening in the real estate market. This
information and the valuer's experience, knowledge and expertise are then used to value the
benchmark properties.
About this report: This report shows information about the component and the sales that were used to value the
benchmarks. The report includes the district, the zone and the valuing year it relates to.
It also provides brief comments about how the sales relate to the benchmarks.
Page 1
10/06/2021 12:39
BENCHMARK COMPONENT REPORT
DISTRICT:
008 - NEWCASTLE
ZONE:
R3 - Medium Density Residential
COMPONENT:
AEQ - DEVELOPED LARGE RESIDENTIAL SITES R3
BASE DATE:
01/07/2020
PROPERTY ID:
3840773
Benchmark Properties
Address: DARBY ST COOKS HILL NSW 2300
Area:
3554 M
Primary/Reference Benchmark: Reference
Description:
Improved with three storey brick and tile unit complex. Slightly irregular shaped level allotment. Tar sealed kerb
and guttered street with dual street frontage to Darby Street and Railway Street. Surrounding development
comprises of medium density housing, business premises and town houses. May be liable to flooding. Located
within a Mine Subsidence District.
Address: BROADMEADOW RD BROADMEADOW NSW 2292
Area:
1949 M
Primary/Reference Benchmark: Reference
Description:
Regular shaped inside allotment, level with tar sealed kerb and guttered road. Improved residential flat buildings.
Surrounding development comprises of mixed residential dwellings. Zoned R3 Medium density residential. May
be liable to flooding.
Address: DARBY ST COOKS HILL NSW 2300
Area:
2751 M
Primary/Reference Benchmark: Primary
Description:
Improved WITH several older style two storey flat buildings. Tar sealed road with kerb and gutter. Fully serviced.
Set to road alignment, near level, irregular in shape with frontage to both Darby and Dawson Streets.
Improvements comprise several housing department units in 4 complexes. Surrounding development comprises
a mixture of residential and commercial development. Zoned R3. Mine subsidence district.
Page 2
10/06/2021 12:39
BENCHMARK COMPONENT REPORT
DISTRICT:
008 - NEWCASTLE
ZONE:
R3 - Medium Density Residential
COMPONENT:
AEQ - DEVELOPED LARGE RESIDENTIAL SITES R3
BASE DATE:
01/07/2020
PROPERTY ID:
3840773
Sales Evidence
Sales Address: 55 THROSBY ST WICKHAM
Analysed Sale ID:
Legal Description: 4/666964 4/666965 3/668145 1/909299 1/982092
206479
Area: 1410 M
Purchase Price: $2,640,000
Contract Date:
05/11/2019
Analysed land value at current base date: $1,720,000
Settlement Date: 18/12/2019
Description/Comments: Improved property. Regular shaped near level inside lot comprising 5 contiguous lots with frontage to
Throsby St. Tar sealed kerb and guttered streets with driveway access established off Throsby St.
Electricity, water, sewer, telephone available. Positioned within the emerging urban renewal precinct
of Wickham with surrounding development mostly comprising of attached older style housing and
warehouse buildings. The recently completed Transport Interchange and light rail system is located
within 350 metres of the subject while the original CBD precinct of Newcastle is positioned
approximately 2.6 kilometres east of the subject. FSR 1.5:1 with building height 10m. No significant
views are afforded. Flood prone land. Within a mine subsidence district. The site is fully improved with
a single level medium clearance circa 1980's concrete tilt slab and ribbed metal warehouse style
building with 2 roller door access points. Also has a retail showroom area, upper level mezzanine for
both storage and also having staff amenities. Overall presents in good condition throughout. Sold
Vacant by Street Property after 2 months on the market and is considered to be representative of the
market. GST included in sale price. No known plans to redevelop the site. Terms and conditions of
sale are considered standard including settlement, with standard inclusions.
Sales Address: 32 SHOAL BAY RD NELSON BAY
Analysed Sale ID:
Legal Description: 198, 199, 200, 201/20294
207256
Area: 2428 M
Purchase Price: $1,700,000
Contract Date:
04/10/2019
Analysed land value at current base date: $1,600,000
Settlement Date: 25/10/2019
Description/Comments: Vacant holding comprising 4 contiguous regular shaped lots sold in-one-line. Tar sealed kerb guttered
road. Electricity, water, sewer, telephone available. Regular shaped, fully cleared holding comprising
4 contiguous regular shaped inside lots which are set to road level before falling gently to the rear with
a gentle cross fall. Frontage to reasonably busy road with easy access available. Directly opposite low
lying national park/reserve. In-fill development holding within a predominantly established area
comprising older residential dwellings with some medium density living while beaches are within
about 350m walk to the north-east. Bushfire prone. only a small portion in the north eastern corner is
flood affected. Vacant land holding sold as a redevelopment site with no significant constraints
apparent. Sold by PRD Nationwide after an extensive marketing campaign of about 8 months
including marketing of the individual lots for $449,000 each (considered above market). Note the
property had a prior consent for a 10 unit development in 2015 and also consent for a dual occupancy
development and torrens title subdivision on at least one of the lots. The development options appear
to be flexible and the sale price may contain a marriage value reflecting possible economies of scale
for the developer. Sale considered to be representative of the market. Terms and conditions of sale
are considered standard including settlement. Sale indicates a site specific grading issue with the
subject having been significantly undervalued - corrected for 2020.
Sales Address: 57 BULLS GARDEN RD WHITEBRIDGE
Analysed Sale ID:
Legal Description: 11, 12/19716
208639
Area: 3825 M
Purchase Price: $1,200,000
Contract Date:
24/12/2019
Analysed land value at current base date: $900,000
Settlement Date: 17/04/2020
Description/Comments: Improved property. Access from tar sealed busy main road with concrete formed kerb and gutter. All
services are available. The property is a rectangular shaped, inside allotment with steeply sloping
topography which falls from the street to the rear boundary. Views over suburb to nearby bush-land.
Surrounding development comprises of predominantly established residential dwellings of varying
age, style and condition and within proximity to schools, shops and services. Environmental Factors:
Within bush-fire zone, Mine subsidence zone, Road widening and may be affected by traffic noise.
Improved with a two storey circa 1960's weatherboard and tile dwelling. The building comprises 3
bedrooms, 2 bathrooms, an attached single garage and double carport. Internally presents in fair
condition. Other improvements include concrete driveway and fencing with basic landscaping and
ancillary improvements. DA Approved March 2016 - Boundary Adjustment, Subdivision (Community
Torrens Title) and construction of 9 Dwelling Houses (demolish existing) in 3 stages. This DA is due
to lapse on 11 March 2021. This sale has been given allowances for the current DA approval.
CoreLogic indicates the property was marketed and sold by Street Property Group following 502 days
on the market. Considered to be a market transaction. Sale/settlement terms considered to be within
standard parameters with standard inclusions.
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10/06/2021 12:39
BENCHMARK COMPONENT REPORT
DISTRICT:
008 - NEWCASTLE
ZONE:
R3 - Medium Density Residential
COMPONENT:
AEQ - DEVELOPED LARGE RESIDENTIAL SITES R3
BASE DATE:
01/07/2020
PROPERTY ID:
3840773
Sales Address: 7 GREENSLOPE ST BAR BEACH
Analysed Sale ID:
Legal Description: 12/35833
210246
Area: 714 M
Purchase Price: $1,410,000
Contract Date:
24/01/2020
Analysed land value at current base date: $1,210,000
Settlement Date: 17/06/2020
Description/Comments: Improved property. Accessed via bitumen sealed road with concrete kerb and guttering. All services
available. Near regular shaped allotment set slightly above road alignment, and with steady cross-fall
to the north-west. Overlooking Nesca Park to the front. Situated within close proximity of parks,
beaches and local shops. Surrounding development predominantly comprises medium density
residential, with a mix of residential dwellings. Situated within a mine subsidence district. Class 5 acid
sulfate soils. Not noted as being flood prone. Improved by a circa 1950's brick single storey dwelling
with tile in fair condition. Sold with DA approval for site demolition, 9 lot strata subdivision and
development of 9 townhouses. Therefore no value attributed to current improvements, but allowance
made for existing DA. Sold by Green St Property and was listed for approximately 214 days. Is
considered to be representative of the market. Sale terms considered to be within standard
parameters with standard inclusions, with pre-agreed extended settlement period.
Sales Address: 10 MARTON ST SHORTLAND
Analysed Sale ID:
Legal Description: 41/554433
212782
Area: 6760 M
Purchase Price: $1,100,000
Contract Date:
06/02/2020
Analysed land value at current base date: $1,050,000
Settlement Date: 11/08/2020
Description/Comments: Improved property although purchased as a redevelopment site but no approval. All services are
available. Irregular shaped near level lot. Access from tar sealed road with concrete kerb and gutter.
The site is predominantly cleared aside from medium vegetation along the north eastern boundary.
Property slightly and gradually falls towards rear. Backs onto a sports ground. Located within close
proximity to all key amenities including schools, shops, transport and recreation areas. Surrounding
development comprises well established, modern low density residential. Urban aspect. No known
environmental issues. Re-development site suitable for low-medium density residential development.
Sold by Love Realty after an unknown marketing period and is considered to be representative of the
market. The dwelling presents in poor external condition however is habitable and can provide a near
term holding income while plans are made for the future redevelopment. Their limited life has been
accounted for within the very low rate applied in terms of added value. A DA was lodged 19/08/2020
for Multi dwelling housing - includes demolition of existing and 1 into 28 lot strata subdivision - Staged
Development. Based upon this yield the sale would reflect $37,500 per unit. Sale highlights a site
specific grading issue with the subject having been undervalued with value accordingly increased in
2020. Terms and conditions of sale slightly vary from standard with a longer settlement period being
slightly advantageous to the purchaser.
Page 4
10/06/2021 12:39
BENCHMARK COMPONENT REPORT
DISTRICT:
008 - NEWCASTLE
ZONE:
R3 - Medium Density Residential
COMPONENT:
AEQ - DEVELOPED LARGE RESIDENTIAL SITES R3
BASE DATE:
01/07/2020
PROPERTY ID:
3840773
Sales to Benchmark Comparison
Benchmark Property Address: BROADMEADOW RD BROADMEADOW NSW 2292
Analysed Sale ID
Comparison
206479
Smaller site in superior location with superior commercial zoning. Overall superior.
207256
Larger site in overall comparable type location. Overall superior.
208639
Larger site in overall comparable type location although inferior physical site attributes. Overall
inferior.
212782
Larger, 6760 m2 block, situated on Marton St in Shortland. Zoned R2 Low Density Residential.
Inferior location. Overall the sale is considered slightly inferior to the benchmark.
212782
Larger, 6760 m2 block, situated on Marton St in Shortland. Zoned R2 Low Density Residential.
Inferior location. Overall the sale is considered slightly inferior to the benchmark.
Benchmark Property Address: DARBY ST COOKS HILL NSW 2300
Analysed Sale ID
Comparison
206479
Smaller site in comparable type location but commercially zoned. Superior on a rate/m2 basis
but inferior overall.
207256
Smaller site in inferior location. Inferior.
210246
Smaller site in comparable location. Superior on a rate/m2 basis but inferior overall.
206479
Smaller site in comparable type location but commercially zoned. Superior on a rate/m2 basis
but inferior overall.
207256
Smaller site in inferior location. Inferior.
210246
Smaller site in comparable location. Superior on a rate/m2 basis but inferior overall.
Page 5
10/06/2021 12:39
BENCHMARK COMPONENT REPORT
DISTRICT:
008 - NEWCASTLE
ZONE:
R3 - Medium Density Residential
COMPONENT:
AEQ - DEVELOPED LARGE RESIDENTIAL SITES R3
BASE DATE:
01/07/2020
PROPERTY ID:
3840773
Valuation of Benchmark Properties
Benchmark Property Address: DARBY ST COOKS HILL NSW 2300
Primary/Reference Reference
Benchmark:
Area:
3554 M
Previous Base Date and Land Value:
01/07/2019 $2,830,000
Current Base Date: and Land Value:
01/07/2020 $2,830,000
Reflected Factor: 1.00
Benchmark Property Address: BROADMEADOW RD BROADMEADOW NSW 2292
Primary/Reference Reference
Benchmark:
Area:
1949 M
Previous Base Date and Land Value:
01/07/2019 $1,050,000
Current Base Date: and Land Value:
01/07/2020 $1,050,000
Reflected Factor: 1.00
Benchmark Property Address: DARBY ST COOKS HILL NSW 2300
Primary/Reference Primary
Benchmark:
Area:
2751 M
Previous Base Date and Land Value:
01/07/2019 $2,200,000
Current Base Date: and Land Value:
01/07/2020 $2,200,000
Reflected Factor: 1.00
Conclusion
Component of about 90 entries comprising properties from across the district with significant variation in value terms. This type
of component has limited suitability to the component methodology of mass valuation with grading relativity on a rate/m2 of land
area of high consideration when applying values. There are typically limited sales with the most comparable sales from across
the region utilised to value the primary benchmark. The valuation of the primary benchmark has determined the component
factor which indicated steady values for the base year. This factor has been applied uniformly across the component.
Previous Component Factor:
1.000
Current Component Factor:
1.000
*** END OF REPORT ***
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