Property values in Sunshine have increased by almost 40 per cent in two years, according to Brimbank council’s latest valuations.
The Valuer General will not sign off on the council’s final revaluation report until July, but preliminary data shows that property values across Brimbank have increased, on average, by 14 per cent.
The data also shows Sunshine and surrounding suburbs have the strongest property markets in Brimbank.
Since the 2014 valuation, the value of Sunshine properties has jumped by 38 per cent.
Mixed results across Brimbank
Albion and Sunshine West property values have risen 32 per cent in the same period.
Sunshine North prices jumped by 22 per cent, Albanvale’s by 23 per cent and Keilor North’s by 21 per cent.
Prices in Brooklyn, Calder Park, Keilor East and Keilor North were stagnant.
Commercial and industrial properties in Hillside and Sydenham fell by two and three per cent respectively.
Every two years, the council is required to conduct a valuation of all properties to determine how much each owner will pay in annual council rates.
Because of state legislation introduced last year capping annual council rate rises at 2.5 per cent, Brimbank is restricted to collecting $113.7 million in general rates for the 2016-17 financial year – up from $110.9 million for the previous year.
Brimbank administrator John Watson has stressed that the rate rise cap relates directly to the total revenue the council can collect rather than the amount each property owner pays in annual council rates.
“We have proposed a budget that fits within the 2.5 per cent cap,” he said.
“The cap reflects the gross amount. It is not, as I may suspect some people in the community have in their mind, a cap on their individual rates. We need to reinforce that message.”