Land values across coastal New South Wales have risen by more than $9 billion according to new analysis.
Land values increased by 6.4% with a combined rise of of 1.6% across all property types in coastal regions in the 12 months to July 2024
The Bega Valley was in the top three shires across the state for industrial land value growth while the Eurobodalla was top three in rural land value increases.
NSW Valuer General, Sally Dale said industrial land values in coastal areas grew 4.7% on average.
“Wollondilly went up 22.8% while the Bega Valley’s industrial land values rose 17%,” Ms Dale said.
Rural land values increased slightly by 1% overall in coastal areas but according to Ms Dale, parts of the South Coast saw far greater growth.
“We saw the biggest increases in Shellharbour with 20.5% growth, due to constrained supply of rural home site blocks, we also saw strong growth in the Eurobodalla which increased by 11.7%.”
A little further north, the biggest decline in rural land values was in the Shoalhaven which fell 6.3%.
Property sales are the most important factor valuers consider when determining land values.
“We’re seeing a cooling down of the coastal region residential market due mainly to interest rate rises, higher inflation and increased construction costs. This trend was generally consistent across all coastal regions,” Ms Dale said.
Overall, land values across NSW increased by 6.4%, from $2.8 trillion to $2.98 trillion. The new land values were assessed following analysis of more than 54,000 property sales.
The new land values will be used by Revenue NSW to calculate land tax for the 2025 land tax year for landowners subject to land tax. Registered land tax clients will receive their land tax assessment from Revenue NSW starting January 2025. For more information on land tax, visit revenue.nsw.gov.au.
Land values are provided to local councils at least every 3 years for calculating council rates. To learn how your council rates are calculated, visit the Office of Local Government.
Landholders have 60 days from receiving their notice to object to their land valuation if they believe it is incorrect and can provide sales evidence to support their claim.
The latest land values for all properties in NSW are available on the NSW Valuer General’s website, along with information on trends, medians, and typical land values for each local government area.
For more information on land values and the NSW valuation system, visit www.nsw.gov.au/valuergeneral.
