THE demand for residential properties in Strathdale, Kennington, Flora Hill and Eaglehawk has risen significantly according to revaluation results released by council today.
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The latest figures show the Bendigo municipality has grown from 50,723 rateable properties in 2010 to 52,393 properties, with a rateable capital improved value of $16.1 billion in 2012.
The value of the average home in Greater Bendigo is now $285,000, up from around $252,000 in 2010.
City of Greater Bendigo director of organisation support Marg Allan said the figures reflected a continued growth pattern for the Bendigo region.
“Residential property which had low increases in the 2010 revaluation have shown much higher increases this time especially in Strathdale, Kennington, Flora Hill and Eaglehawk areas,” she said.
“Overall the 43,078 residential rated properties have increased in value by an average of 13.3 per cent since 2010.
"The average home is now valued at $285,000 which an increase of about $35,000 on the 2010 average home value.
“Residential lots and residential subdivision land has increased by approximately 21 to 22 per cent and the average vacant residential house block has increased from approximately $100,500 to $122,000.
“Values of business property in the CBD have remained about the same with a low average increase of 2.1 per cent while industrial property has increased by 13.1 per cent."
City of Greater Bendigo mayor Alec Sandner reassured ratepayers that an increase in property values did not automatically mean an increase in rates.
"I can quite categorically say confidently that just because the value of a property has gone up by 20 per cent that does not mean the rates on that property are going to go up 20 per cent," he said.
"There is a relationship between the valuation of a property and rates payable but it's not a direct relationship like that."
Ms Allan said determining the final rates was a simple process.
“Firstly council determines how much money it needs from rates over the coming year and this figure is divided by the total dollar value of all rateable properties to establish the rate in the dollar," she said.
“The rate in the dollar is then multiplied by the valuation of each property to establish each individual rate bill.
"A municipal charge, garbage and recycling charge is then added to the general rate. There is no financial windfall for council as when valuations indicate that the total value of the rateable properties has gone up, the rate in the dollar is adjusted downwards.”