Ku-Ring-Gai and Lane Cove show strongest gains as NSW residential land values up 4.4% over the year
The NSW Valuer General has released the latest official land values.
Residential land values increased by 4.4% over the year.
There had been a 14.1 per cent rise in the previous year.
The land values are for the value of the land only, as at 1 July 2018.
One of the biggest increase was in Ku-Ring-Gai local government area where residential land values increased by 22.5% with very strong increases in land values for mixed use properties along the Pacific Highway (45.8%).
Residential land values increased in the Lane Cove local government area by 17.4%, due to demand for housing near public transport, main roads and the business centres of North Sydney, Chatswood and Macquarie Park.
Acting Valuer General Michael Parker said the land values are made by independent contract valuers following the analysis of over 46,000 sales.
Residential land values in the Sydney Central region recorded an increase of 2.1%, the so-called Sydney East region increased by 3.2% and the Sydney West region had a 3.8% increase.
Decreases were recorded in the Georges River suburbs (-3.3%).
Rural NSW land values increased overall by 14.3% due to continued demand and firm commodity prices.
Most locations recorded strong increases despite the continuing dry conditions, the department noted.
The land values reflect the property market at 1 July 2018. Land values do not include the value of a home or other structures.
Mr Parker encouraged the public to visit valuergeneral.nsw.gov.au for more information on land values and the valuation system.
“The latest land values for all properties in NSW are available on our website along withinformation on trends, medians and typical land values for each local government area,” Mr Parker said.
The Sydney East region saw its strongest increases in the local government areas of North Sydney and Mosman, which showed 14.4% and 11.2% increases respectively.
The Blue Mountains local government area had an increase of 16.6%. The Hills Shire (0.7%) and Fairfield (1.5%) local government areas had steady residential land values.