Local land value remains steady
Friday, 8th January, 2016
Broken Hill land values across residential, commercial, industrial and rural zones remained static last financial year, according to latest figures.
The median value of residential land in the Silver City remained steady at $17,800, figures released by the NSW Valuer-General show.
The value of business land also remained unchanged from the previous year, at $31,300, as did industrial ($46,000) and rural ($4000).
The result follows an almost 10 per cent drop in local land values in 2014.
Last year eight regional and rural LGAs in the state experienced negative growth.
Cobar, Muswellbrook and Bogan dropped the most in value with negative growth of 16.4 per cent, 10.4 per cent and 6.4 per cent respectively.
Land values help councils determine rates but the increases or decreases in land values do not necessarily lead to a reflection in rates.
Across the state, the value of land skyrocketed by almost 20 per cent to more than $1.34 trillion, with the biggest increase seen in western Sydney.
The fastest increase was in Blacktown, where the median value of residential land grew by 47 per cent in 2014-15 to $375,000.
Holroyd and Parramatta also posted strong growth rates of 38 and 35.9 per cent respectively, while Fairfield grew by 33.9 per cent and Auburn improved by 30.3 per cent.
Only four other councils cracked the 30 per cent residential land value increase - Canada Bay, The Hills Shire, Randwick and the only local government area outside the Sydney metropolitan basin, Shellharbour.
The increases had been partly fuelled by major improvements to transport infrastructure spending and low interest rates, NSW Valuer-General Simon Gilkes said.
“The market has also been supported by increased land supply through major new land releases and increases to permitted residential densities in many areas,” he said yesterday.
The most valuable land in the state, however, continues to be in Sydney’s eastern and northern suburbs.
Mosman had the highest residential median value at $1.59 million, followed by Woollahra ($1.57 million), Waverley ($1.41 million) and Hunters Hill ($1.36 million). -BDT/AAP