The latest land values have just been published for Western Sydney region and it is no surprise that there has been a dramatic increase in the figures.
NSW Valuer General Dr David Parker released the land values for the region and they reflect the value of land only, as at July 1, 2021.
Dr Parker said property sales were the most important factor valuers considered 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 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.
“The Valuer General NSW department has quality assured the land values for fairness and consistency.”
Western Sydney West region local government areas include Blacktown, Camden, Campbelltown, Fairfield, Liverpool and Penrith.
General overview
The total land value for the Western Sydney West region experienced a strong increase between July 1 2020 and July 1 2021 from $240.6B to $285.1B.
Residential land values experienced a strong increase of 16.3% overall and occurred across the entire region.
The South West is benefiting from current and proposed development, as well as infrastructure projects and improved public and private transport networks around the Western Sydney Airport under construction at Badgerys Creek.
The South West region is a popular lower cost alternative area especially for the first home buyer market segment of the Sydney metropolitan area.
Commercial land values experienced a very strong increase of 30.3% overall. The movement in land values was not consistent across all market segments, however value uplifts in the commercial sector 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.
Industrial land values in the region experienced a strong increase of 23.6% overall. These trends were driven by improved and proposed road transport infrastructure upgrades on the back of a booming industrial market in Sydney and lack of supply of serviced industrial land across Western Sydney not meeting increasing demand.
Liverpool and Penrith local government areas have shown stronger increases due to local industrial estates nearby to the Western Sydney Airport under construction at Badgerys Creek.
Rural land values also experienced very strong increases by 33.1% overall. Many rural zoned areas located nearby or adjacent to existing and major planned rail and road infrastructure, that have mooted or established rezoning potential are additional factors influencing strong increases.
Calculate land tax
Revenue NSW will use the 1 July 2021 land values to calculate land tax for the 2022 land tax year.
Registered land tax clients will then receive a land tax assessment from Revenue NSW.
“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.
Dr Parker encouraged the public to visit: https://www.valuergeneral.nsw.gov.au or call 1800 110 038 for more information on land values and the valuation system.
The public can also find more information on land tax at: https://www.revenue.nsw.gov.au/
