Comprehensive Valuation Report: Rural Property, Anderson Road, Echuca

This property report provides a comprehensive valuation analysis of a rural property located near Echuca, Victoria. The report begins with a brief description of the property, highlighting its scenic view, privacy, and proximity to the Campaspe River. It details the title and site particulars, planning scheme including zoning and overlays, available services such as road access and water supply, and irrigation water entitlements. The land description covers soil types, irrigation development, fencing, and productive capability, while the description of improvements outlines onsite structures. General comments address location influences, risks, market influences, sales evidence, and water sales value. The valuation analysis includes calculations and assessments, leading to a property recommendation. The report emphasizes the property's advantages, such as its location, natural beauty, and access to essential services, while also considering potential limitations related to water usage and planning permissions. Desklib offers a range of resources for students.

PROPERTY REPORT
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Table of Contents
1.0 Brief description of the property................................................................................................4
2.0 Title and Particulars...................................................................................................................4
3.0 Planning Scheme.......................................................................................................................5
3.1 Zoning....................................................................................................................................5
3.2 Overlays.................................................................................................................................5
4.0 Services......................................................................................................................................7
5.0 Irrigation water entitlement/Drainage........................................................................................8
6.0 Land Description.......................................................................................................................9
6.1 Soil Types..............................................................................................................................9
6.2 Irrigation and other development...........................................................................................9
6.3 Fencing.................................................................................................................................10
6.4 Productive Capability...........................................................................................................10
7.0 Description of Improvements..................................................................................................11
8.0 general comments....................................................................................................................11
8.1 Location Influences..............................................................................................................11
8.2 Risk......................................................................................................................................12
8.3 Market Influences................................................................................................................12
8.4 Sales Evidence.....................................................................................................................13
8.5 Water sales Value.................................................................................................................14
9.0 Valuation analysis....................................................................................................................14
9.1 valuation calculation............................................................................................................14
9.2 Valuation assessment...........................................................................................................15
10.0 Property Recommendation....................................................................................................15
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1.0 Brief description of the property
The property has a beautiful view and looks entirely like a picture. Moreover, if the purchaser
searches for privacy then it will be his perfect destination. The location is very close to the town
named Echuca situated at the banks of the River Murray and river Campaspe in Victoria. It is
located at a distance of 15 kilometers from the city Echuca, and another benefit is that one can
reach Gravel road by travelling only 1 kilometer. The area of the property is near about 33
hectares, and the owner of this property may enjoy a beautiful scenic view of the river
Campaspe as it is situated at the bank of that river. There is no such land there which is owned
by the government, so the owner of this concerned property has the right to access the edge of
the river. A family owned this property for 30 years. According to Amidu and Gobet (2017), the
land moves smoothly from the Eastern direction where there is access to the road to the west
direction where there is access to the river Campaspe. Moreover, the land consists of a small
lake near the Campaspe River. The shape of this small lake is snaky which is the main attraction
of the wildlife and considered to be a perfect place for someone to make his dream home here.
2.0 Title and Particulars
Title reference Parcel description Area
(ha)
391 McSwain Road, Echuca Two adjoined allotments which are
rectangular
93.07
Echuca West School Road, Echuca
West
Industrial or workshop type site 20
Cantwell Road, Echuca West Lease property 183.4
Cantwell Road, Echuca West The rural property which is vacant 32.40
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3.0 Planning Scheme
3.1 Zoning
Planning scheme
The permission for planning was issued on December in the year of 2014. This plan was again
reissued in the year of 2016 in December and the time span was for two years. It is required to
start the development within two years. Within these two years if the developers do not get
started, then the permit will be expired in December 2018. It was also stated that all the
development work must be finished within the year 2020. The location is very close to the town
named Echuca situated at the banks of the River Murray and river Campaspe in Victoria. It is
located at a distance of 15 kilometers from the city Echuca.
Planning authority
Planning authority is a person or a group of person who takes the responsibility to plan how the
property can be remodeled. He has the authority to plan for property owned by someone else.
Here in this case if the planning authority decides some changes in the concerned property
suppose he wants to divide this land into three or more subcategories, he must trigger a plan
which is named as the cultural heritage management plan (Charles, 2017). According to the
Aboriginal Heritage act enacted in the year, 2006 when it is needed to plan cultural heritage
management plan permission for planning and work authorities and a license must be issued.
However, the issuing will not be successful until and unless there is no approval for the activity
of a cultural heritage management plan.
Highest and best uses
As the planning scheme stated that the permission of planning scheme is valid till December
2018 and all the modification work must be finished within December 2020. So the highest
usage for planning can be extended up to December 2020. There are certain permissions needed
for the services and dwelling for the owner.
3.2 Overlays
Impacts on property
The location of the property creates a huge positive impact on the buyer. As the property is
located at the bank of the river Campaspe, so all the dwelling has easy access to the water of the
river. Moreover, there is no crown land so it is an advantageous issue for the people who will
buy this land. In the perspective of Crosby and Henneberry, (2016), an extra advantage is the
small snake lake near the river which is a main attraction of the wild animals there so people who
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want to enjoy the beautiful scenic beauty and the vision of the wild animals it will be his or her
perfect destination. Planning authority is a person or a group of person who takes the
responsibility to plan how the property can be remodeled. Moreover, there will be easy access to
the road to the dwelling. The Gravel road is 1km away from the land and also the city Echuca is
15 km away from the land so people can enjoy privacy and also they have easy access to the life
of the city people. The area of the property is near about 33 hectares, and the owner of this
property may enjoy a beautiful scenic view of the river Campaspe as it is situated at the bank of
that river. There is no such land there which is owned by the government, so the owner of this
concerned property has the right to access the edge of the river.
Planning permits
Before starting any planning for property or land planning permission must grant by the local
government (Cheung and Sahminan, 2017). There are various ki9nds of permission available for
planning. As it is a residential property so the permission required for planning will be related to
planning permission of the householder. Within these two years if the developers do not get
started then, the permit will be expired There is a small snaky lake situated at this place which is
the main attraction of wild animals so it must be anyone's dream to build a home in such a
nature-friendly atmosphere.
After recognizing which kind of planning permission is required for that concerned land, the
planner can apply for planning in online mode. While applying for the planning one needs to
submit the entire planning details of the land concerned. These planning details include the
location of the land the area of the land as it is stated that the area of this land is 33 hectares and
also planning for the site. After submission of all the documents, the planner needs to pay an
amount for the planning permission. After the submission of the application, the planning
department will go through the application and check whether all the necessary documents have
been given or not and if he finds anything missing it is his responsibility to let the planner know
about it. Usually, this process takes some time, and after that, the permission is granted.
According to Nurick et al. (2015), considering all the aspects of the land the advantages and
location, there is no point in rejecting the planning application. After approval of the application,
there may be certain conditions involved. For this land, as it’s situated in a location at the bank of
the river and it is also very nature sensitive, so there are certain conditions regarding the
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materials used. The first permission was given in the year 2014 in December Within these two
years if the developers do not get started then the permission will be expired
4.0 Services
This land is situated very close to the town named Echuca situated at the banks of the River
Murray and river Campaspe in Victoria. As a result, it can access the water of the rivers and also
have the taste of city life (Crosby and Henneberry, 2016). On the other hand, there is a small
snaky lake situated at this place which is the main attraction of wild animals so it must be
anyone's dream to build a home in such a nature-friendly atmosphere.
Accessible by road
On the other hand, Gravel road is just 1 km away from the land. So people have the facility to
travel through water and road. There is no crown land there, so the property owner has the right
to access the edges of the river.
Electricity and telephone services are also provided here. Another essential service that must be
provided for any dwelling of any land is water supply. (Demiralp et al. 2018) Here in this land,
water is supplied by the rural water corporation by the urban water corporation. So the owner
does not have to face the risks of unavailability of water. The local power distributor also
provides the electric supply, so there is no issue regarding the electricity. The people living there
generally sow cloves and native grasses. Also, stables for horses are available there. The owner
can take advantage of these facilities. However, they do not have a delivery share to secure the
water used for irrigation. There is another fact entitled about the water that can be used for
irrigation. The owner of the property can retain 50 mega liters high-reliability water entitlement
and on the other hand 100 milliliters low-reliability water entitlement.
Another important fact about the usage of the water in the land is that though it is situated at the
bank of the river Campaspe so legally it has the ownership of the water of the concerned river
but the owner cannot access or use that water on the property or on-site. The location is highly
appreciated. The area of the land is near about 33 hectares. The construction materials which are
used are of excellent quality. The atmospheric condition increases the market value of the land.
The rural water corporation incorporates Goulburn-Murray water, and the urban water
corporation implies the cola ban water. There is also another facility that the property owner can
enjoy that is the sewage system. After submission of all the documents, the planner needs to pay
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an amount for the planning permission. There is a proper sewage system in the land. According
to Iroham et al. (2015), all the waste materials of the concerned land can be disposed of via an
underground path. So the land can become pollution free. The land also provides a place for
recreation which is entirely private (Emerson et al. 2018). People can easily use boar the water
and land mode of transportation. So there won't be any problem regarding transportation also.
An extra benefit is that there is no crown land so the owner will have easy access to the bank of
the River Campus. So anyone who takes the ownership of the concerned property can enjoy the
beauty of nature sitting in the private recreation space. Other facilities that an owner can have by
purchasing this land are the water tank, boating facility, hospitals, road services, schools, and
quiet location.
5.0 Irrigation water entitlement/Drainage
The owner of the property will not have a share of water to provide water for irrigation. The land
is situated at the bank of the river Campaspe, so according to law, the owner of the property has
the ownership of the water of the river Campaspe. However, he cannot access the water of the
river for irrigation in the property. The owner of the property can retain 50 megaliters high-
reliability water entitlement and on the other hand 100 milliliters of low-reliability water
entitlement (Jefferies, 2016). Considering all the positive and negative aspects of this property
the land is highly recommended for sale. Moreover, there are facilities for land transport as well
as water transport the property owner can access the utility of the rural water corporation as well
as the urban water corporation. The rural water corporation incorporates Goulburn-Murray
water, and the urban water corporation implies the cola ban water. While determining the
property value of any property, it is an important fact to keep an eye on the drainage system of
the property. According to Collier et al. (2017), if the drainage system is not designed correctly,
it may reduce the property value. Here as the property is located near the bank of the river, so
there is a considerable possibility of a flood if the drainage system is improper. Moreover, the
land provides exceptionally fertile soil suitable for growing crops. The location of the land is
marvelous high and dry positioned with the availability of 12m x 6m shed which is having a
concrete floor and a water tank capable of containing 7000-gallon rainwater.
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6.0 Land Description
6.1 Soil Types
The land is situated at the banks of the River Murray and river Campaspe in Victoria. It is typical
for any land which is situated near any river bank that the soil of that land will be fertile enough.
Enough rainfall and the water of the river campus make the soil fertile and suitable for growing
crops. The type of soil, the availability of water, the system of production. Specifically, the way
in which things are managed in a particular property creates a positive impact on the productivity
of the concerned property. There won't be any problem regarding transportation also. An extra
benefit is that there is no crown land so the owner will have easy access to the bank of the River
Campus. So anyone who takes the ownership of the concerned property can enjoy the beauty of
nature sitting in the private recreation space. Other facilities that an owner can have by
purchasing this land are the water tank, boating facility, hospitals, road services, schools, and
quiet location. Moreover, there is a snaky small lake situated in this land which no doubt makes
the soil suitable for growing crops.
6.2 Irrigation and other development
To grow plants, water is the essential thing and moreover, the amount of water required for
growing crops is not the same for all plants. The plants get water directly from rainfall or the
water from a flood which occurs on the River Campus. Being a natural process, there is no
proper amount of water given to the plants. Sometimes it gives less water and sometimes due to
flooding the plants gets excessive water and as a result gets damaged. Moreover, as there is the
adequate amount of rainfall occurs so if someone wants to grow crops on the land then it will be
his ideal choice. The local power distributor also provides the electric supply, so there is no issue
regarding the electricity. The people living there generally sow cloves and native grasses. Also,
stables for horses are available there. According to the Aboriginal Heritage act enacted in the
year, 2006 when it is needed to plan cultural heritage management plan permission for planning
and work authorities and a license must be issued. The items which are included are the shed of
the pump, the main line of irrigation. However, the issuing will not be successful until and unless
there is no approval for the activity of a cultural heritage management plan.
The owner can take advantage of these facilities. For that reason, there is an artificial process
called irrigation, which determines the amount of water required for the crops to grow and it also
controls the quantity of water produced in the crops. In this land situated at the bank of the river
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Campus consists of a water tank which is 2m x 6m in an area and contains rainwater (KOYAMA
et al. 2018). This rainwater can be used for the irrigation process. The water tank has a concrete
base and has the capacity of containing 7000-gallon rainwater which is appropriate for growing
crops. Moreover, the property owner has access to 50 mega liters water entitlement which is
having a good quality and an entitlement of 100 megaliters of water, which is considered to be
low quality in nature (Atkinson, 2018).
6.3 Fencing
Fencing is a boundary made of wood situated around the land to protect it from unwanted access
to outcomes. One kind of fencing is the stock fencing which a wire fencing which prevents the
entry of the various animals including cattle and pigs that can harm the crops. These risks can be
solved by taking any mutual decision, such as doing some renovation on the property so that the
property value gets increased. The land is having the proper type of stock fencing assuring the
owner that his land is getting proper protection (Li et al. 2015). On the other hand, the owner can
give plain wire fencing if stock fencing is not at all required. By the proper irrigation and
agriculture, fencing is also an important variable to be used to increase the valuation of any land.
6.4 Productive Capability
The term productive capability suggests the capacity of the land to be productive. This depends
on some factors. The type of soil, the availability of water, the system of production.
Specifically, the way in which things are managed in a particular property creates a positive
impact on the productivity of the concerned property. As it is stated that the land is situated at the
bank of the river of Campus, so the water of the river makes the soil fertile, so there is a massive
production of soil in the land (Makris, 2015). As a result of the person who will be willing to buy
the land for growing crops, it will be his ideal destination. Moreover, there is a water tank which
has a concrete shed and a capacity of containing 1000 gallon rainwater which used explicitly for
irrigation. The irrigation process is quite convincing for an owner to buy this land.
The wettest month of the year is in this urban area in May. In this season it faces near about 45.7
mm rain. This rainwater is stored in a water tank which has the capacity of storing near about
1100 gallons of rainwater which is suitable for irrigation (Means, 2017). It is an area which is
mainly cold in all season. The hottest month was January, but at that time also the temperature
was 23-degree centigrade which is very pleasant and the coldest month is July when the
temperature falls about 8-degree centigrade. So the weather is almost pleasant throughout the
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year, which is no doubt a positive sign for the owner to buy the land (Shehu and Afezolli 2016).
Pleasant weather is always suitable for crops to grow. Moreover, as there is the adequate amount
of rainfall occurs so if someone wants to grow crops on the land then it will be his ideal choice.
However, on the other hand, there occurs drought also. According to the statistical study starting
from November up to April, there is no significant amount of rainfall on this land which creates
adverse situations for crops to grow. Moreover, due to this deficient rainfall, the soil loses its
fertile nature which is a significant drawback of this land. As every issue has some positive and
negative aspects similarly this is a negative aspect of this land. On the other hand, in July, the
template falls to about 8-degree centigrade which creates an adverse situation (Su, 2017).
7.0 Description of Improvements
A family owned this property for over 30 years. Now it is left vacant. The permission to
purchase was granted on December 2014 and which was renewed on December 2016 and it is
valid for December 2018. One kind of fencing is the stock fencing which a wire fencing which
prevents the entry of the various animals including cattle and pigs that can harm the crops.
According to the Aboriginal Heritage act enacted in the year, 2006 when it is needed to plan
cultural heritage management plan permission for planning and work authorities and a license
must be issued. These risks can be solved by taking any mutual decision, such as doing some
renovation on the property so that the property value gets increased. All the modifications
needed to be done within December 2020. The location is highly appreciated. The area of the
land is near about 33 hectares. The construction materials which are used are of excellent quality.
The atmospheric condition increases the market value of the land. The rural water corporation
incorporates Goulburn-Murray water, and the urban water corporation implies the cola ban
water. A family has lived in this land for 30 years. So there may be some hidden damage which
may cause the purchaser to spend much money while repairing. However, this is not a great issue
8.0 general comments
8.1 Location Influences
The location of the land is perfectly nature-friendly. It is situated at the bank of the River Murray
and River Campus in Victoria. It is a common issue that most of the purchaser looking for a
place to build a home which will maintain enough privacy (Jones et al.2015). In most of the
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cases, it has been seen that land where there is privacy there is no attachment to city life.
However, this is an exceptional case. As the property is old in nature, so there are various risks
are involved with this property. These risks are mainly low depreciation and hidden damages
The location of the land is just 15 km away from the town named Echuca. As a result, the
purchaser will not get deprived of the facilities of city life also. The facilities include the
hospital, school and other city life facilities. Moreover, the land is situated in a place where the
gravel road is just 1 km away from the place. So people can easily use boar the water and land
mode of transportation. So there won't be any problem regarding transportation also. An extra
benefit is that there is no crown land so the owner will have easy access to the bank of the River
Campus (Bateman, et al. 2016).
8.2 Risk
Damages which are hidden
The risk is a common factor while buying or selling a property; regardless it is new or old. In this
report, the land is an old property. The property owner can access the utility of the rural water
corporation as well as the urban water corporation. The rural water corporation incorporates
Goulburn-Murray water, and the urban water corporation implies the cola ban water. A family
has lived in this land for 30 years. So there may be some hidden damage which may cause the
purchaser to spend much money while repairing. However, this is not a great issue. The
purchaser may consult with the owner and investigate through the matter and make a mutual
decision (Nath and Sarker, 2014). The plants get water directly from rainfall or the water from a
flood which occurs on the River Campus. Being a natural process, there is no proper amount of
water given to the plants. Sometimes it gives less water and sometimes due to flooding the plants
gets excessive water and as a result gets damaged.
Depreciation which is low
There is some tax issues involved while purchasing any property. There is a deduction of tasks
that allow the purchaser to claim for the depreciation of the concerned property legally, but as
the property gets older, the value of depreciation gradually reduces, so the investment for the
property gets less valuable for the user. In that case, the purchaser can demand some renovation
of the property, so the value of depreciation gets increased to some extent.
8.3 Market Influences
The factors which influence the market value of land are
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Attributes which are physical
The physical attributes involved in any property are the quality of the concerned location,
climatic situation, and the availability of water. The land situated at the bank of the river campus
is perfectly nature-friendly. The location is suitable for a purchaser who wants to build their
dream home, which is quite natural (Ning and Cao, 2015). Moreover the town Echuca is just 15
km away, so there are all the facilities available in the land. The climatic condition is also very
soothing. It is neither too hot nor not too cold. Moreover, there is enough rainfall in the land in
May which is suitable for growing crops. The sewage system is incorporated correctly. There is
an underground sewage system, and as a result, there are low possibilities of the flood.
Economic activity
Another factor which increases the market value of any property (Bettig, 2018). The economic
activity involves the availability of schools, hospitals and other requirements for daily life. The
property is suitable for a purchaser who is willing to make his dream home in such a place which
is very nature-friendly. Within these two years if the developers do not get started, then the
permission will be expired. This can be considered the best use of the property (As the location is
just 15 km away from the Echuca town so the property owner will enjoy all the city life facilities.
Linkage of Transport
The Gravel road is just 1 km away from the land. So the road transport is not an issue. On the
other hand, it is located on the bank of the river campus. So the boating facility is also available
here (Endeshaw 2016). So it is possible for the owner to enjoy both the land and water transport
facility. So these benefits play an important role in increasing the market value of the land.
8.4 Sales Evidence
Sales of farmland
391 McSwain Road, Echuca
Sold on July 2018
The area of the land is 93.07 ha. This property has two allotments which adjoin to each other.
These allotments are rectangular. The situation of these allotments is at the southeast corner of
the two roads named as Mcswain's road and Muller road. There are two certificates which adjoin
to each other According to those Lot 1 have near about 41.97 hectares, and lot 2 has 51.10
hectares (Shehu and Afezolli 2016). This property is now owned by no one, and previously some
agricultural and farming activities were performed here such as cropping, gazing and harvesting
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