common law land means any ground, soil or earth whatsoever, whether
dry or under water and excludes all buildings on the land and also
everything attached to the land whether above or below the surface.
The sale of land includes all improvements on the land, and all
fixtures attaching to the land. At common law trees pass on sale. A
vendor has to expressly exclude a crop or harvest from the sale of
rural land, covenants, and easements.
has been maintained that the ownership of land includes from the
centre of the earth to the heavens but land can be less than this - Comm
for Rail Wynyard Holdings v VG (1973) Privy Council. Within limits
each landowner is entitled to such subsoil and air
space as is necessary for reasonable enjoyment of the land. All land
is ultimately owned by the crown and most crown grants have reserved
certain rights. For example, most minerals are reserved to the crown
and "royal" minerals have always been so reserved.
is usually valued as a lump sum for houses after analyzing sales with
the direct comparison method
or the summation method.
and industrial land is usually valued on a $x/m2 basis as
the size of development allowed is usually a direct ratio of land
area (eg gross allowable floor area).
land fronting a strip shopping area is best valued on a $x/m frontage
basis as the front land is worth more than the rear land.