Canterbury land values increased 22% in past three years: NSW Valuer-General

The total land value of the City of Canterbury increased 22% from 2008 to 2011, according the NSW Valuer-General Philip Western.

The land value of the 33,188 properties in the city was found to be $16.093 billion in July 2011, up from $13.104 billion in 2008.

Residential land values in the area showed a strong increase over the three years, Western found.

Year-on-year median residential land prices increased 5% to $403,000 in 2011 from $385,000 in 2010.

Commercial land values generally increased moderately, with larger-than-average increases for commercial land on prime retail strips such as Beamish Street and those with mixed-use development potential.

From 2010 to 2011, commercial land prices increased 4% to $368,000 from $354,000.

Industrial land values in Canterbury remained steady of the three years and had a 0.5% increase from 2010 to 2011.

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

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

Typical residential land values were:

• 481 square metres at Adelaide Street, Belmore valued at $375,000
• 441 square metres at Amy Street, Campsie valued at $430,000
• 563 square metres at Beauchamp Street, Wiley Park valued at $310,000
• 780 square metres at Collingwood Avenue, Earlwood valued at $760,000
• 500 square metres at Karne Street, Roselands valued at $335,000
• 427 square metres at Merrick Avenue, Lakemba valued at $325,000

Typical commercial land values were:

• 233 square metres at Beamish Street, Campsie valued at $1,300,000
• 259 square metres at Burwood Road, Belmore valued at $360,000
• 511 square metres at Clissold Parade, Campsie valued at $580,000
• 304 square metres at Haldon Street, Lakemba valued at $550,000
• 259 square metres at Homer Street, Earlwood valued at $475,000
• 234 square metres at The Boulevarde , Punchbowl valued at $380,000

Typical industrial land values were:

• 6,088 square metres at Garema Circuit, Kingsgrove valued at $2,050,000
• 1,500 square metres at Garema Circuit, Kingsgrove valued at $830,000
• 626 square metres at Leedham Place, Riverwood valued at $455,000