In 2023–24, we found that the value of property across Boroondara has increased by 1.80%. This includes a 1.61% increase in value for residential properties and a 4.67% increase in value for non-residential properties compared to the last financial year.
We also found out there will be an increase in the rate in the dollar paid by ratepayers. This will be an increase from 0.12653020 cents in the dollar to 0.12864561 cents in the dollar.
A property in Boroondara at the median residential valuation in 2022 was valued at $1,500,000 with a general rate of $1,897.96. The new median valuation for 2023, according to the Valuer General of Victoria, is $1,600,000 and now attracts a general rate of $2,058.33. This is an increase in 2023–24 of $160.38 per year or $3.08 per week.
It’s important to note that when a revaluation is carried out, the total rate revenue that we receive doesn’t change. We don’t make any extra revenue.
A revaluation can change how the rates between properties are allocated. If the value of a property is higher than the average value for other properties, that property receives a higher rate increase compared to the general rate increase for other properties.
However, if the value of a property changes to become less than average, that property receives a lower rate increase compared to the general rate increase for other properties.
The following tables summarise the valuation changes between the 2022 and 2023 general revaluations for all property types including analysis by suburb.
All property types
| Property type | Number of properties | 2022 CIV | 2023 CIV | CIV % change |
|---|---|---|---|---|
| Residential Vacant Land | 887 | $1,988,880,000 | $1,949,910,000 | –1.96% |
| Houses | 41,211 | $99,785,620,000 | $101,256,975,000 | 1.47% |
| Flats | 1,747 | $1,052,720,000 | $1,064,860,000 | 1.15% |
| Units | 30,400 | $23,957,770,500 | $24,551,645,000 | 2.48% |
| Specialty (Retirement) | 18 | $131,550,000 | $142,550,000 | 8.36% |
| Non-residential – rateable | 5,776 | $8,092,285,000 | $8,470,177,500 | 4.67% |
| Total | 80,039 | $135,008,825,500 | $137,436,117,500 | 1.80% |
Analysis by suburbs – all property types
| Property type | Number of properties | 2022 CIV | 2023 CIV | CIV % change |
|---|---|---|---|---|
| Ashburton | 3,336 | $5,140,655,000 | $5,244,795,000 | 2.03% |
| Balwyn | 6,456 | $11,131,722,500 | $11,501,437,500 | 3.32% |
| Balwyn North | 8,350 | $15,586,440,000 | $15,578,795,000 | – 0.05% |
| Camberwell | 10,392 | $18,832,760,000 | $19,439,510,000 | 3.22% |
| Canterbury | 3,414 | $8,204,790,000 | $8,464,205,000 | 3.16% |
| Deepdene | 1,002 | $2,160,205,000 | $2,234,525,000 | 3.44% |
| Glen Iris | 6,546 | $11,674,400,000 | $12,066,215,000 | 3.36% |
| Hawthorn | 13,583 | $18,190,365,000 | $18,318,422,500 | 0.70% |
| Hawthorn East | 8,598 | $11,641,180,500 | $11,860,795,000 | 1.89% |
| Kew | 11,601 | $21,480,592,500 | $21,472,447,500 | – 0.04% |
| Kew East | 2,925 | $4,519,860,000 | $4,631,010,000 | 2.46% |
| Mont Albert | 59 | $135,225,000 | $139,025,000 | 2.81% |
| Surrey Hills | 3,777 | $6,310,630,000 | $6,484,935,000 | 2.76% |
| Total | 80,039 | $135,008,825,500 | $137,436,117,500 | 1.80% |