SOUTH-WEST Victoria’s total property value is almost $32 billion, but regional areas have taken a hit in the recent economic slowdown in the past two years.
Southern Grampians Shire was the worst affected with a minus 1.8 per cent change between 2010 and 2012, according to the latest Victoria’s Valuer-General report using biennial revaluation data as at January 1.
Corangamite had a 0.7 per cent fall and Glenelg a 0.5 per cent fall.
However, longer-term comparisons with 2008 were brighter with all municipalities in the region recording positive growth, although Corangamite’s three per cent rise was among the lowest in the state.
The region’s total capital improved value is $31.8 billion with Moyne’s $6.2 billion, pipping Warrnambool’s $5.82bn.
A total of 2.7 million residential, industrial, commercial and rural properties across the state were revalued by councils showing a statewide total worth of $1.39 trillion — up 6.3 per cent.
Warrnambool was the south-west’s star performer with 13.5 per cent growth for 2008-12 and 3.8 per cent for 2010-12.
Moyne Shire had an 8.2 per cent rise for 2008-12, falling to 1.6 per cent in the past two years.
Colac Otway retained positive territory with 9.4 per cent for 2008-12 and 2.9 per cent for 2010-12, Glenelg Shire values grew 6.7 per cent from 2008-12 and Southern Grampians had a 5.8 per cent rise in 2008-12.
Total capital improved valuations for each municipality are: Warrnambool $5.82bn, Moyne $6.2bn, Colac Otway $5.366bn, Corangamite $5bn, Glenelg $4.88bn, Southern Grampians $3.9bn.
pcollins@standard.fairfax.com.au
