Woollahra wears the brunt of the official falls in NSW land values: Valuer-General
Overall NSW land values declined by 0.36% in 2011-12, according to the NSW Valuer-General, compared with a 1.7% increase for the prior annual period.
The total residential land value for NSW decreased overall by 0.24% for the 2011-12 period, compared with an overall 2.1% increase for the prior period. It was the first fall in six years.
Land valuation notices will be mailed to 795,000 ratepayers in 45 local government areas over the next four weeks, commencing January 7, NSW Valuer-General Philip Western said today.
“Some 2.46 million properties were valued as at 1 July 2012 producing a total land value for NSW of around $976 billion,” Western says.
The 45 councils are those that will review their council rates model this year based upon the latest valuations.
“Increases or decreases in land values do not necessarily lead to similar increases or decreases in rates,” Western says.
The largest falls in Sydney residential values were in the pricier municipalities, topped by a 7.3% fall in Woollahra to a $1.27 million median. Values rising strongly in the inner west was a noticeable trend, along with the outer-west mortgage belt heartland.
The NSW Valuer-General has determined that the land tax threshold for the 2013 land tax year is $406,000, so any property, or collection of investment property, with values above $406,000 will be liable for land tax.
After Woollahra's dramatic fall, Randwick's 4.5% drop was next most pronounced to a $716,000 median.
Pittwater shed another 4% to a $620,000 median land value in 2011-12, after a 3.7% decline a year earlier.
Values fell 3.7% in the Canada Bay municipality to a $677,000 median.
Waverley land values fell 3.2% to a $968,000 median.
Mosman land values fell 3% to a $1.28 million median land value.
The largest gain in median residential land values was the Strathfield municipality, which rose 12.3% to a $747,000 median land value, followed by another Sydney inner-west locality, Marrickville, rising 10% to a $441,000 median land value.
Burwood recorded strong growth in values, up 8% to a $555,000 median land value, along with Ashfield, where values rose 4.8% to a $545,000 median land value.
But Leichhardt dipped by 1.5% to a $602,000 median land value after recent strong gains.
The outer-west municipalities of Camden and Campbelltown recorded strong growth. Campbelltown's median land value was up 4.9% to $171,000, and Camden was up 4.8% to $220,000.