We recently sat down with Angeline Mann, Commercial Director at Herron Todd White, to discuss changes and challenges in the property market ahead of her upcoming presentation at the 2nd Annual Property Taxation and Advisory Conference which will focus on practical advice and tips to the NSW Property Market and the Land Tax Objection.
Can you tell us a little bit about yourself (experience, your firm, expertise, etc)?
I have been a valuer for almost 20 years. I started my career in residential valuations which is a fast paced environment that really allows valuers to build their skill set and strengthens their ability to determine market value. I then went into commercial valuations about 13 years ago. I have been the Commercial Director for the Sydney business for 4 years. My role means I complete a variety of valuations but I am also responsible for the day to day running of the business and the strategic direction and business growth. I have a fantastic team of valuers who cover all of Sydney for all different types of assets. As the largest independent valuation firm in Australia we are certainly very busy.
What’s one of the main changes do you see about the current NSW property market comparing to what it appeared a year ago and what’s the key contributing factor for this change?
It is no secret that the residential market has hit the bottom in the last 12 months. The optimism has certainly left much of the market commentary. This time last year we had started to see the prices fall, particularly in Sydney but they had not hit bottom yet. There were a few issues that all came to pass at the same time. Lenders tightened the availability of finance, there was a lot of supply in some areas, media coverage of building issues gained momentum as well as a decline in overseas investors mainly due to a softening rental market.
What are some of the big trends and developments you see ahead in NSW real estate industry?
It is still a really exciting time for NSW and Sydney. We have many infrastructure projects due for completion that will no doubt impact markets in certain areas.
It is also very interesting to see the growth of Western Sydney and how the markets are responding.
Why do you think it’s important for advisers to know more about land tax objection and what do you think is the main challenge when dealing with the objection?
Land tax can make up a large portion of the outgoings for a property and therefore impact the market value of the property.
It is important to understanding the function of the Valuer General and the logistical process of how land value is rated.
In the current market conditions we have witnessed a softening values for residential development land and residential generally which means that there could be a decline in underlying land value.
I think most land holders will welcome the possibility of reducing their land tax obligations or other outgoings. However with land value reviews it is important to leave emotional arguments to the side and to put forward a strong, site specific contention supported by sales evidence opposed to general statistical changes.
Your topic will be focusing on ‘NSW Property Market and Land Tax Objection’. What do you see are some of the key takeaways and benefits for practitioners and their practice from attending your session?
Being on top of what is happening in the market – it is ever changing, there is lot of different things happening that are influencing the markets. I imagine that practitioners will benefit form being up to date and being able to guide their clients in the right direction.
I also have some interesting facts to share about buying off the plan and the trends that we see as valuers.
Angeline Mann has been a valuer since 2002 having worked in real estate sales and management prior to obtaining her qualifications. She joined Herron Todd White in 2011. Angeline has extensive knowledge and experience in valuing a wide variety of commercial, industrial, retail and residential development sites in the Sydney metropolitan area. She has experience dealing with a range of clients including banks, mortgage providers, law firms and government bodies. Angeline has experience with rental assessments for high profile clients, specialised properties and feasibility analysis of development sites. In her current role as Commercial Director, Angeline is part of the Sydney Executive team and is responsible for the strategy and workflow processes of the Commercial division. You may connect with Angeline on LinkedIn .