The Tribunal affirmed the Valuer-General's site valuation of $189,000 at 1 January 2023, dismissing the applicant's contention that the value was too high. The Tribunal held that the Highest and Best Use of the subject land included its potential use for a dwelling, finding a reasonable expectation that a planning permit would have been granted at the relevant date notwithstanding the lot size falling below the 4-hectare minimum in the Rural Living Zone, because the mandatory requirements of clause 35.03-2 could reasonably be met. The case confirms that the absence of a planning permit at the valuation date is not determinative; the test is whether there was a reasonable prospect of obtaining one, and that prospective purchasers (not only owners) may apply for planning permits, which is relevant to assessing what a hypothetical purchaser would pay.
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