Land values experience 'strong increase'

Land values experience 'strong increase'

Land values are on the rise in south-west Sydney.

The total land value for the Western Sydney region - which covers Fairfield, Liverpool, Blacktown, Camden, Campbelltown and Penrith - increased by 18.5 per cent between July 1, 2020 and July 1, 2021 from $240.6 billion to $285.1 billion.

Revenue NSW will use the land values to calculate land tax for the 2022 land tax year.

The region had the largest increase (30.3 percent) in the state in commercial land values which were driven by the demand for well-located properties in close proximity to infrastructure projects or with development potential. Stronger increases in Fairfield were due in part to demand for higher density properties surrounding commercial precincts.

Current and proposed development, improved public and private transport networks around the Western Sydney Airport and its attraction for the first home buyer market segment helped residential land values increase by 16.3 per cent across the region.

Industrial land values (23.6 per cent) and rural land values (33.1 per cent) also saw increases.

Liverpool and Penrith showed stronger increases in industrial land values due to local industrial estates nearby to the Western Sydney Airport.

Rural zoned areas located nearby or adjacent to existing and major planned rail and road infrastructure, that have mooted or established rezoning potential helped boost the rural land values.

NSW Valuer General Dr David Parker said property sales are the most important factor valuers consider when determining land values.

"Land value is the value of the land only and does not include the value of a home or other structures," Dr Parker said.

"Private contract valuers with expertise in their local areas have prepared the July 1 2021 land values on behalf of the Valuer General, to determine new land values across the region. The valuers consider a range of factors in determining land value, including the features of the land and its legally permitted use.

"Valuer General NSW has quality assured the land values for fairness and consistency."

Overall, land values increased across NSW by 24 per cent from $1.8 trillion to $2.2 trillion in the 12-months to 1 July 1, 2021.

Residential land values across the state increased by 24.8 per cent overall from $1.4 trillion to $1.8 trillion.

Dr Parker encouraged the public to visit or call 1800 110 038 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 with information on trends, medians and typical land values for each local government area," Dr Parker said.

This story Land values experience 'strong increase' first appeared on Fairfield City Champion.