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BENCHMARK COMPONENT REPORT
DISTRICT:
042 - COWRA
ZONE:
R5 - Large Lot Residential
COMPONENT:
LLV - LARGE LOT RESIDENTIAL VILLAGE LOCATIONS
BASE DATE:
01/07/2020
PROPERTY ID:
4151874
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.
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BENCHMARK COMPONENT REPORT
DISTRICT:
042 - COWRA
ZONE:
R5 - Large Lot Residential
COMPONENT:
LLV - LARGE LOT RESIDENTIAL VILLAGE LOCATIONS
BASE DATE:
01/07/2020
PROPERTY ID:
4151874
Benchmark Properties
Address: GEORGE RUSSELL DR CANOWINDRA NSW 2804
Area:
1.619 H
Primary/Reference Benchmark: Primary
Description:
The subject is regular shaped residential property situated on the southern side of George Russell Drive, 
approximately 2.5km south-east of the Canowindra CBD.
Address: WARRANGONG CCT WATTAMONDARA NSW 2794
Area:
3.043 H
Primary/Reference Benchmark: Reference
Description:
The subject is a large, irregular shaped residential holding situated on the north-eastern corner of Warrangong 
Road and Warrangong Circuit, approximately 16km south-west of Cowra in the village of Wattamondara. The 
eastern boundary of the property fronts the Olympic Highway.
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BENCHMARK COMPONENT REPORT
DISTRICT:
042 - COWRA
ZONE:
R5 - Large Lot Residential
COMPONENT:
LLV - LARGE LOT RESIDENTIAL VILLAGE LOCATIONS
BASE DATE:
01/07/2020
PROPERTY ID:
4151874
Sales Evidence
Sales Address: 2321 GEORGE RUSSELL DR CANOWINDRA
Analysed Sale ID:
Legal Description: 6/878292
042200132
Area: 5.058 H
Purchase Price:  $450,000
Contract Date:
28/11/2019
Analysed land value at current base date:   $144,195
Settlement Date: 05/12/2019
Description/Comments: The subject sale comprises an improved lifestyle property situated on an average size irregular shape
inside allotment. Contour is gently undulating. The property is located on the southern side of George
Russell Dr approximately 4km south east of the Canowindra CBD.   Canowindra is a historic township
with a population of 2,381 (Census 2011) located near Cowra in the Central West region of NSW in
the Cabonne Shire. It is located on the Belubula River, approximately 59 kilometres from the city of
Orange and 317 kilometres west of the capital city of Sydney. Canowindra is popularly known as the
Balloon Capital of Australia with the event the Canowindra Challenge occurring annually which
involves a week long event of hot air ballooning competitions.    The property sold at auction through
Cowra Real Estate.    Sale is considered to be a reliable indicator of market value.   The subject
property being an improved sale was analysed utilising the added value information which was
deduced from the Added Value Study undertaken in the LGA, using the Paired Sales Approach.
Refer to the June and November Progress Report for a copy of the Added Value of Residential
Improvements schedule for the Contract area.
Sales Address: 138 CULTOWA LANE CANOWINDRA
Analysed Sale ID:
Legal Description: 10/1035388
042200136
Area: 4.2 H
Purchase Price:  $134,000
Contract Date:
04/02/2020
Analysed land value at current base date:   $84,420
Settlement Date: 21/02/2020
Description/Comments: The subject sale comprises a vacant lifestyle property situated on an average size regular shape
inside allotment. Contour is gently undulating. The property is located on the western side of Cultowa
Lane approximately 18km south west of the Canowindra CBD.   Canowindra is a historic township
with a population of 2,381 (Census 2011) located near Cowra in the Central West region of NSW in
the Cabonne Shire. It is located on the Belubula River, approximately 59 kilometres from the city of
Orange and 317 kilometres west of the capital city of Sydney. Canowindra is popularly known as the
Balloon Capital of Australia with the event the Canowindra Challenge occurring annually which
involves a week long event of hot air ballooning competitions.    The property sold by private treaty
through Raine & Horne Cowra. The original asking price was $139,000 and it was on the market for
approx 3 weeks. The property previously sold for $130,000 on 08/08/2019.    Sale is considered to be
a reliable indicator of market value.
Sales Address: 100 NOONBINNA RD COWRA
Analysed Sale ID:
Legal Description: 250/752947
042200199
Area: 2.02 H
Purchase Price:  $340,000
Contract Date:
20/09/2019
Analysed land value at current base date:   $102,685
Settlement Date: 01/11/2019
Description/Comments: The subject sale comprises a property improved with a dwelling situated on an average size regular
shape inside allotment. Contour is generally level. The property is located on the western side of
Noonbinna Rd approximately 8.8km south west of the Cowra CBD.   Cowra is a town in the Central
West region of New South Wales in the Cowra Shire. It is located on the Mid-Western Highway,
approximately 317 kilometres west of Sydney on the banks of the Lachlan River at an altitude of 310
metres above sea level. At the 2011 census Cowra had a population of 9,730 people.   The property
sold privately. The property previously sold for $320,000 on 12/04/2017.   The subject property being
an improved sale was analysed utilising the added value information which was deduced from the
Added Value Study undertaken in the LGA, using the Paired Sales Approach.  Refer to the June and
November Progress Report for a copy of the Added Value of Residential Improvements schedule for
the Contract area.
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BENCHMARK COMPONENT REPORT
DISTRICT:
042 - COWRA
ZONE:
R5 - Large Lot Residential
COMPONENT:
LLV - LARGE LOT RESIDENTIAL VILLAGE LOCATIONS
BASE DATE:
01/07/2020
PROPERTY ID:
4151874
Sales Address: 639 MORONGLA RD COWRA
Analysed Sale ID:
Legal Description: 1, 2, 3, 4, 5, 6, 7, 8/5863 38/657762
042200224
Area: 15.03 H
Purchase Price:  $900,000
Contract Date:
17/01/2020
Analysed land value at current base date:   $217,225
Settlement Date: 04/03/2020
Description/Comments: The subject sale comprises an improved hobby farm property improved with a dwelling situated on an
average size regular shape corner allotment. Contour is generally level. The property is located on the
south western corner of Morongla Rd and Lachlan Valley Way approximately 15.7km south of the
Cowra CBD.   Cowra is a town in the Central West region of New South Wales in the Cowra Shire. It
is located on the Mid-Western Highway, approximately 317 kilometres west of Sydney on the banks of
the Lachlan River at an altitude of 310 metres above sea level. At the 2011 census Cowra had a
population of 9,730 people.   The property sold by private treaty through Raine & Horne Cowra. The
original asking price was $970,000 and it was on the market for approx 3 months.    Sale is
considered to be a reliable indicator of market value.   The subject property being an improved sale
was analysed utilising the added value information which was deduced from the Added Value Study
undertaken in the LGA, using the Paired Sales Approach.  Refer to the June and November Progress
Report for a copy of the Added Value of Residential Improvements schedule for the Contract area.
Sales Address: 366 PRIDE OF OAK ROAD CANOWINDRA
Analysed Sale ID:
Legal Description: 23/1042701
042200233
Area: 9.26 H
Purchase Price:  $482,000
Contract Date:
20/12/2019
Analysed land value at current base date:   $83,450
Settlement Date: 20/12/2019
Description/Comments: The subject sale comprises an improved hobby farm property improved with a dwelling situated on an
average size irregular shape inside allotment. Contour is gently to moderately undulating. The
property is located on the south eastern side of Pride Of Oak Road approximately 16km north east of
the Canowindra CBD.   Canowindra is a historic township with a population of 2,381 (Census 2011)
located near Cowra in the Central West region of NSW in the Cabonne Shire. It is located on the
Belubula River, approximately 59 kilometres from the city of Orange and 317 kilometres west of the
capital city of Sydney. Canowindra is popularly known as the Balloon Capital of Australia with the
event the Canowindra Challenge occurring annually which involves a week long event of hot air
ballooning competitions.    The property sold by private treaty through Raine & Horne.    The subject
property being an improved sale was analysed utilising the added value information which was
deduced from the Added Value Study undertaken in the LGA, using the Paired Sales Approach.
Refer to the June and November Progress Report for a copy of the Added Value of Residential
Improvements schedule for the Contract area.
Sales Address: 14 CAMPBELL ST WATTAMONDARA
Analysed Sale ID:
Legal Description: 116/1179274
042200236
Area: 2023 M
Purchase Price:  $130,000
Contract Date:
29/04/2020
Analysed land value at current base date:   $45,670
Settlement Date: 03/06/2020
Description/Comments: The subject sale comprises an improved residential property improved with a dwelling situated on an
average size regular shape inside allotment. Contour is generally level. The property is located on the
western side of Campbell St in Wattamondara,  approximately 16.5km south west of the Cowra CBD.
 Wattamondara is a small rural village just off the Olympic Highway in central New South Wales,
located approximately 15kms south of Cowra and 240kms east of Sydney. At the 2011 Census the
village had a population of 267 people.   The property sold by private treaty through Raine & Horne
Real Estate Cowra. The original asking price was $135,000 and it was on the market for
approximately two months.    The property previously sold for $95,000 on 18/02/2019. The increase in
sales prices is consistent with land value increases in Wattamondara over this period.   Sale is
considered to be a reliable indicator of market value.   The subject property being an improved sale
was analysed utilising the added value information which was deduced from the Added Value Study
undertaken in the LGA, using the Paired Sales Approach.  Refer to the June and November Progress
Report for a copy of the Added Value of Residential Improvements schedule for the Contract area.
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BENCHMARK COMPONENT REPORT
DISTRICT:
042 - COWRA
ZONE:
R5 - Large Lot Residential
COMPONENT:
LLV - LARGE LOT RESIDENTIAL VILLAGE LOCATIONS
BASE DATE:
01/07/2020
PROPERTY ID:
4151874
Sales Address: 50 A REG HAILSTONE WAY WOODSTOCK
Analysed Sale ID:
Legal Description: 1/1108918
042200258
Area: 1.373 H
Purchase Price:  $295,400
Contract Date:
26/05/2020
Analysed land value at current base date:   $68,567
Settlement Date: 20/08/2020
Description/Comments: The subject sale comprises an improved residential property improved with a dwelling situated on a
large size irregular shape corner allotment. The property is benefited by being located on the village
fringe. Contour is generally level. The property is located on the south western side of Reg Hailstone
Way in Woodstock, approximately 700m south of the Woodstock CBD.   Woodstock is a village in the
central west of New South Wales, located approximately twenty kilometres east of Cowra and 289km
west of Sydney.  It includes a restored railway station, hotel, memorial hall and general store. At the
2011 Census, Woodstock had a population of 812.   The property sold by private treaty through
Property Now. The original asking price was $280,000 to $300,000 and it was on the market for 70
days.    Sale is considered to be a reliable indicator of market value.  Analysis of sale indicates Rural
Residential @ $49939.55/Ha.   The subject property being an improved sale was analysed utilising
the added value information which was deduced from the Added Value Study undertaken in the LGA,
using the Paired Sales Approach.  Refer to the June and November Progress Report for a copy of the
Added Value of Residential Improvements schedule for the Contract area.
Sales Address: 1 WAUGOOLA ST WOODSTOCK
Analysed Sale ID:
Legal Description: 189, 190/750388
042200273
Area: 2.691 H
Purchase Price:  $440,000
Contract Date:
29/06/2020
Analysed land value at current base date:   $95,130
Settlement Date: 11/09/2020
Description/Comments: The subject sale comprises an improved residential property improved with a dwelling situated on a
large size irregular shape corner allotment.The property is benefited by by its recently renovated
interior.Contour is generally level. The property is located on the eastern side of Waugoola St in
Woodstock village, .   Woodstock is a village in the central west of New South Wales, located
approximately twenty kilometres east of Cowra and 289km west of Sydney.  It includes a restored
railway station, hotel, memorial hall and general store. At the 2011 Census, Woodstock had a
population of 812.   The property sold by private treaty through Ray White Emms Mooney. The
original asking price was $450,000 and it was on the market for 20 days. The property previously sold
for $312,000 on 22/10/2018.    Sale is considered to be a reliable indicator of market value.  Analysis
of sale indicates Rural Residential @$35351.17/Ha.   The subject property being an improved sale
was analysed utilising the added value information which was deduced from the Added Value Study
undertaken in the LGA, using the Paired Sales Approach.  Refer to the June and November Progress
Report for a copy of the Added Value of Residential Improvements schedule for the Contract area.
Sales Address: 30 GOODACRE DR WOODSTOCK
Analysed Sale ID:
Legal Description: 254/750388
042200282
Area: 4.578 H
Purchase Price:  $445,000
Contract Date:
11/08/2020
Analysed land value at current base date:   $131,196
Settlement Date: 22/09/2020
Description/Comments: The subject sale comprises an improved hobby farm property improved with a dwelling situated on an
average size regular shape corner allotment. Contour is generally level. The property is located on the
south western side of Goodacre Dr approximately 1.7km south west of the Woodstock CBD.
Woodstock is a village in the central west of New South Wales, located approximately twenty
kilometres east of Cowra and 289km west of Sydney.  It includes a restored railway station, hotel,
memorial hall and general store. At the 2011 Census, Woodstock had a population of 812.   The
property sold by private treaty through James P Keady. The original asking price was $460,000 and it
was on the market for approx 2 months.    Sale is considered to be a reliable indicator of market
value.   The subject property being an improved sale was analysed utilising the added value
information which was deduced from the Added Value Study undertaken in the LGA, using the Paired
Sales Approach.  Refer to the June and November Progress Report for a copy of the Added Value of
Residential Improvements schedule for the Contract area.
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BENCHMARK COMPONENT REPORT
DISTRICT:
042 - COWRA
ZONE:
R5 - Large Lot Residential
COMPONENT:
LLV - LARGE LOT RESIDENTIAL VILLAGE LOCATIONS
BASE DATE:
01/07/2020
PROPERTY ID:
4151874
Sales to Benchmark Comparison
Benchmark Property Address: GEORGE RUSSELL DR CANOWINDRA NSW 2804
Analysed Sale ID
Comparison
042200132
A larger sized rural holding in a generally comparable location.  Overall, superior to the subject.
042200136
A larger sized rural holding located further from town.  Overall, inferior to the subject.
042200233
A larger sized rural holding located further from town.  Overall, inferior to the subject.
Benchmark Property Address: WARRANGONG CCT WATTAMONDARA NSW 2794
Analysed Sale ID
Comparison
042200199
A smaller sized holding in an inferior location.  Overall, inferior to the subject.
042200224
A larger sized holding in a nearby, but inferior location.  Overall, superior to the subject.
042200236
A smaller sized land parcel in a comparable location.  Overall, inferior to the subject.
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BENCHMARK COMPONENT REPORT
DISTRICT:
042 - COWRA
ZONE:
R5 - Large Lot Residential
COMPONENT:
LLV - LARGE LOT RESIDENTIAL VILLAGE LOCATIONS
BASE DATE:
01/07/2020
PROPERTY ID:
4151874
Valuation of Benchmark Properties
Benchmark Property Address: GEORGE RUSSELL DR CANOWINDRA NSW 2804
Primary/Reference  Primary
Benchmark:
Area:
1.619 H
Previous Base Date and Land Value:
01/07/2019   $98,000
Current Base Date: and Land Value:
01/07/2020   $98,900
Reflected Factor:  1.01
Benchmark Property Address: WARRANGONG CCT WATTAMONDARA NSW 2794
Primary/Reference  Reference
Benchmark:
Area:
3.043 H
Previous Base Date and Land Value:
01/07/2019   $131,000
Current Base Date: and Land Value:
01/07/2020   $132,000
Reflected Factor:  1.01
Conclusion
The Large Lot Residential - Village Locations component for the Cowra villages has a total of 65 properties and consists of
predominantly large lot residential properties on the fringe of the villages throughout the LGA.  These properties are considered
to exhibit similar attributes and are affected by similar market conditions and therefore move generally at the same market rate
(or factor).   The large lot residential market in the Cowra LGA villages is driven almost solely by the owner occupier sector,
especially for the larger sized holdings.   The residential market segment in the Cowra village has experienced a slight upward
value movement, as a flow on effect from the increased demand for residential properties within the larger town of Cowra and
the broader Central West NSW market as a whole. The median value of residential properties in Cowra has increased 6% to
$289,500 from June 2019 to June 2020 and vacancy rates for the July period in the Central West remain low at 1.1%, which
identifies the strength in the market for residential investors.  The village residential market and the village large lot residential
market are closely aligned, and follow similar market trends.     The Primary Benchmark has been valued with regard to the
sales provided which have been analysed to the 1 July 2020 Base Date. Detailed comparison comments in relation to the sales
utilised have been provided.    The movement in value of the primary benchmark indicates a factor of 1.01 and this factor has
been applied to the component as a whole. The factors indicated by the Reference Benchmarks support this applied factor and
confirm the reliability of the component methodology in determining values within the component.    Individual verification was
undertaken within the component where values were checked to ensure alignment with available market evidence in the
locality.
Previous Component Factor:
   1.000
Current Component Factor:
   1.010
*** END OF REPORT ***
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