It’s official – Camden and Campbelltown had the highest land value increase in western Sydney last year.
The NSW Valuer General Simon Gilkes has released statistics which show the two Macarthur Local Government Areas are experiencing steady growth in residential, commercial, industrial and rural land prices.
Camden had the highest level of growth with 20.9 per cent.
Mr Gilkes said this increase was driven by land releases and the development of new housing estates, the redevelopment of Narellan Town Centre, the South West Rail Link, and the widening of Camden Valley Way and Bringelly Road which reduced traffic congestion.
He said when determining land values, property sales are the most important factor considered.
“We consider a number of different factors when valuing a parcel of land, with a strong focus on property sales in a region,” Mr Gilkes said.
“It is important to note land value relates to the value of the land if it was vacant – it does not include the value of a home or any improvements on the land.”
Homeowners in suburbs including Currans Hill, Elderslie, Gregory Hills, Ellis Lane, Narellan and Leppington will notice a significant rise in the value of their block when the new valuation notices are sent out.
The largest land value increase was a 1.9 hectare site on Cowpasture Road, Leppington.
In July 2016 the land was worth $2,100,000 but by July 2017 it was worth $5,020,000 – a 139.1 per cent increase.
Across western Sydney overall residential values increased by 15.1 per cent.
They increased the most in the Penrith (19.8 per cent) closely followed by Campbelltown (18.8 per cent) and Camden (16.8 per cent).
Mr Gilkes said higher prices for industrial land near Sydney pushed purchasers to suburbs on Sydney’s outskirts which resulted in very strong increases in industrial land values in Campbelltown (44.6 per cent) and Camden (37.8 per cent), where properties were more affordable yet close to good transport and infrastructure.
Industrial estates that experienced land value increases included Camden, Smeaton Grange, Macquarie Fields, Airds and Minto.
A two hectare industrial site on Ben Lomond Rd, Minto was valued at $700,000 in July 2016, but by July 2017 the site was worth $1,350,000 – a 92.9 per cent increase.
This year, land values will not be used for the calculation of council rates.
Councils receive new values for rating every three years and are currently using 1 July 2016 values for rating.
New values for council rating will be made in 2019.
Mr Gilkes encouraged the public to visit the Valuer General’s website for more detail on the 1 July 2017 land values.
“The latest land values for all properties in NSW are now available on our website together with information about trends, medians and typical land values for each local government area,” he said.
For more information on land values visit valuergeneral.nsw.gov.au or call 1800 110 038.