New land valuations have been issued to come into effect 30/6/05. We paid $700 for a property valuation in January to help work out what to list the land and buildings portion of our freehold business we are offering for sale. I was disappointed with the valuation of $240,000. At that stage the official land valuation was $46,000. There are two light industrial buildings on site with council approval to extend. The buildings and improvements have cost approximately $146,000. We also consulted a commercial real estate agent and set the price at $300,000 for land & buildings. The new land valuation has come in at $116,000. The site is not limited by the current buildings and has future potential to expand. What is the relationship between official government land valuations and accepted selling prices? Is it double? Should we yank the freehold off the market to re-think this through?
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