CoreLogic’s Unimproved Land Value Index is a measure of the change in underlying land values for detached housing for various geographic demarcations. Unimproved land value (also referred to as Unimproved Capital Value) is the estimated value of the underlying land which a property is built upon, excluding any improvements on the land such as the dwelling itself and other structures (e.g., swimming pools, carports, etc.). This is distinct from the market value of the property which accounts for both the improvements as well as the unimproved land. Leveraging the same hedonic methodology as the Home Value Index, CoreLogic’s Unimproved Land Value Index is derived from a statistical analysis of observed market transactions of residential houses. The model is optimised to control for the contribution of various attributes to changes in observed market sales prices by factoring only the land area and location attributes to the hedonic model (for further details on the model see ‘Methodology’ tab).
Unimproved Land Values are typically used by local councils and state governments to assess various rates and taxes. While each jurisdiction will assess the Unimproved Land Value of individual properties differently, CoreLogic’s Unimproved Land Value Index serves as an additional point of reference for real estate industry observers to monitor how the overall market is changing over time. As CoreLogic’s indices are a statistical assessment of broader market activity, these indices should not be used as a substitute to formal valuations conducted by a registered valuer, and are best used as a supplementary indicator. As commissioned by the respective local councils, CoreLogic has generated the following Unimproved Land Value indices for public reference.
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In compiling this publication, RP Data Pty Ltd trading as CoreLogic has relied upon information supplied by a number of external sources. CoreLogic does not warrant its accuracy or completeness and to the full extent allowed by law excludes liability in contract, tort or otherwise, for any loss or damage sustained by subscribers, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information in this publication through any cause whatsoever and limits any liability it may have to the amount paid to CoreLogic for the supply of such information.
* Note: Brisbane includes Gold Coast
Based on or contains data provided by the State of Queensland (Department of Natural Resources and Mines) 2017. In consideration of the State permitting use of this data you acknowledge and agree that the State gives no warranty in relation to the data (including accuracy, reliability, completeness, currency or suitability) and accepts no liability (including without limitation, liability in negligence) for any loss, damage or costs (including consequential damage) relating to any use of the data. Data must not be used for direct marketing or be used in breach of the privacy laws.
New South Wales Data
Contains property sales information provided under licence from the Land and Property Information (“LPI”). CoreLogic is authorised as a Property Sales Information provider by the LPI.
The State of Victoria owns the copyright in the Property Sales Data which constitutes the basis of this report and reproduction of that data in any way without the consent of the State of Victoria will constitute a breach of the Copyright Act 1968 (Cth). The State of Victoria does not warrant the accuracy or completeness of the information contained in this report and any person using or relying upon such information does so on the basis that the State of Victoria accepts no responsibility or liability whatsoever for any errors, faults, defects or omissions in the information supplied.
South Australian Data
This information is based on data supplied by the South Australian Government and is published by permission. The South Australian Government does not accept any responsibility for the accuracy or completeness of the published information or suitability for any purpose of the published information or the underlying data.
Western Australian Data
Based on information provided by and with the permission of the Western Australian Land Information Authority (2017) trading as Landgate.