Victoria Becomes Trillion Dollar State
The Capital Improved Value (CIV) of private property in the state as at 1 January 2008 is now $1.103 trillion, up from $869.5 billion in 2006, $771.9 billion in 2004 and $557.1 billion in 2002, or about half of what it’s worth today.
CIV refers to the total market value of land plus the improved value of the property including the house, other buildings and landscaping.
For the fourth consecutive revaluation period, Boroondara recorded the highest Capital Improved Value of Victoria’s 79 municipalities.
Boroondara has a CIV of $63.8 billion, up 49.1 per cent since 2006.
It is followed by the municipality of Melbourne, which includes Docklands, and is now worth about $53.8 billion. Stonnington ($48 billion), Mornington Peninsula ($44 billion) and Monash ($39.7 billion) are the next most expensive municipalities, measured by CIV.
The latest figures on the value of private property are the result of Valuer-General Victoria’s Best Practice Program. A total of 2.5 million properties were revalued under the program, with this valuation forming an important part of upcoming rates notices.
