land reclaim by the government
- Thread starter feihong
- Start date
I've never been involved in this, however I would not expect a massive premium. Somewhere beterrn fair market value and a generous valuation, but I dont think massive premium would normally apply.
If you buy today for $X, and the government compulsoraly acquires the property tomorrow one could reasonably say the value was $X.
Interesting topic though, anyone with real life experience?
TB
you get the current englobo rate for your land, sometimes +5% if it's a recent acquisition or change to a structure plan.
if it's been on the title as "road widening" or the like when you bought it, then just basic englobo rate.
if it's been on the title as "road widening" or the like when you bought it, then just basic englobo rate.
was there a condition on the title when you bought?
Most compulsory acquisitions that I have known of have been under selling price - govt stated market value, but its the market value of a compulsory acquisition.
I would not like to be in that situation. It looked like part of my land would go for road widening and the amount that was being offered was pitiful. Luckily the govt have changed their mind and now going for another street.
Chris
I would not like to be in that situation. It looked like part of my land would go for road widening and the amount that was being offered was pitiful. Luckily the govt have changed their mind and now going for another street.
Chris
It's a problem
I'm afraid Chris is right here,
The castle isn't too far from the real world as far as prices go.
My father spent a couple of years running to and fro from the solicitors offices /court
RE: 10 acre lots that was aquired in Emerald Vic for the Cardinia Dam.
Eventually he got a better figure on his and several other property owners land but nowhere near the real value.....After the dam was built it was found they no longer need the property and he was asked to attend the auction should we want it back....the price had risen to over double the original value and was for sale at market price no discount or preferencial treatment for previous land owners.
So basically its in favour only for the local government.
Most compulsory acquisitions that I have known of have been under selling price - govt stated market value, but its the market value of a compulsory acquisition.
I would not like to be in that situation. It looked like part of my land would go for road widening and the amount that was being offered was pitiful. Luckily the govt have changed their mind and now going for another street.
Chris
I'm afraid Chris is right here,
The castle isn't too far from the real world as far as prices go.
My father spent a couple of years running to and fro from the solicitors offices /court
RE: 10 acre lots that was aquired in Emerald Vic for the Cardinia Dam.
Eventually he got a better figure on his and several other property owners land but nowhere near the real value.....After the dam was built it was found they no longer need the property and he was asked to attend the auction should we want it back....the price had risen to over double the original value and was for sale at market price no discount or preferencial treatment for previous land owners.
So basically its in favour only for the local government.
far out.. that's no good
I would hope that a population of 20k is enough to cause a mini riot if this happensit's a 2 way street though.
you are only assesed on the current englobo value for taxes, rates etc.
not REAL market value.
you are only assesed on the current englobo value for taxes, rates etc.
not REAL market value.
