Leichhardt land values up 30% in three years

The total land value of Leichhardt municipality increased 30% from 2008 to 2011, according to NSW Valuer-General Philip Western.

He found the total land value increased from $10.891 billion in 2008 to $14.177 billion in July 2011.

Residential land values generally increased strongly, while properties on main roads had just moderate increases in value and waterfront property generally remained steady or had slight decreases in value.

From 2010 to 2011, the median residential land price in Leichhardt increased 8.5% from $563,000 to $611,000.

Western found commercial land values in most main centres in Leichhardt had moderate to strong increases, with the exception of commercial land on Parramatta Road and Marion Street, which generally showed just a slight increase.

Year-on-year, the median commercial land price in Leichhardt increased 5% from $572,000 in 2010 to $603,000 in 2011.

Small industrial sites and industrial land on Parramatta Road had slight increases in value over the three years, while the value of medium-sized industrial sites and industrial sites larger than 4,000 square metres remained steady.

From 2010 to 2011, the median industrial land price increased 7% from $486,000 to $520,000.

Landowners and rate-paying lessees received a notice of valuation last month.

The valuations are used to determine rates and land taxes on investment properties.

Typical residential land values were:

• 793 square metres at Allen Street, Leichhardt valued at $1,800,000
• 196 square metres at Annesley Street, Leichhardt valued at $546,000
• 209 square metres at Llewellyn Street, Balmain valued at $721,000
• 271 square metres at Louisa Road, Birchgrove valued at $2,510,000
• 210 square metres at Marion Street, Leichhardt valued at $430,000
• 183 square metres at Norman Street, Rozelle valued at $615,000
• 183 square metres at Young Street, Annandale valued at $565,000

Typical commercial land values were:

• 164 square metres at Darling Street, Balmain valued at $900,000
• 190 square metres at Darling Street, Rozelle valued at $719,000
• 247 square metres at Marion Street, Leichhardt valued at $525,000
• 164 square metres at Norton Street, Leichhardt valued at $667,000
• 158 square metres at Parramatta Road, Leichhardt valued at $299,000

Typical industrial land values were:

• 7,143 square metres at Allen Street, Leichhardt valued at $3,750,000
• 414 square metres at Moore Street, Leichhardt valued at $520,000
• 669 square metres at Parramatta Road, Leichhardt valued at $859,000
• 1,745 square metres at George Street, Leichhardt valued at $1,520,000