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REGIONAL PROPERTY UPDATE Featured
04 March 2020 Posted by 

REGIONAL PROPERTY UPDATE

Residential slumps, commercial rises
DALLAS SHERRINGHAM
RESIDENTIAL land values have slumped in Western Sydney in the past year, but the good news for business is the increase in commercial and industrial land values.

If you bought a factory or shops a year ago, its land value will have increased by 10% during the first 12 months. The bad news is, it means you will be probably paying more rates.

Acting NSW Valuer General Paul Chudleigh has published land values for Sydney West region. The land values reflect the property market at July 12019.

Mr Chudleigh said property sales were the most important factor considered by valuers when determining land values.
“It is important to note that land value is the value of the land only and does not include the value of a home or other structures.”

The movement of residential land values varied across the region, decreasing overall by 5.1%. The strongest decrease was experienced in Campbelltown (-8.4%). A slight decrease was experienced in Penrith (-4.2%) and Liverpool (-1.7%).

Overall, commercial land values increased strongly by 10%. Blacktown LGA experienced the strongest growth at 20.6% attributed to expanding residential population growth in the area during recent years.

Industrial land values in the region increased strongly by 10.6% overall. The Liverpool local government area experienced the strongest increase at 16.8%.

Good access to the M5 and M7 motorway network, including good connections from the Moorebank Logistics Park to Port Botany were attributing factors.

The movement of rural land values varied across the region, recording a slight overall increase of 3.4%. Most land values remained steady, however, strong increases were recorded in Fairfield (14.35%) and Liverpool (9%).

Attributing influences were improved road networks, rail infrastructure to the South West Region and Western Sydney Airport, due for completion in 2026.

The land values have been prepared by private contract valuers with expertise in their local areas working on behalf of the Valuer General, to determine new land values across the region.

Property NSW, part of the Department of Planning, Industry and Environment, has quality assured the land values for accuracy and consistency.

Mr Chudleigh said councils receive new land values for rating at least every three years and all councils have been issued with the 2019 land values.

“Land values are one factor used by councils to calculate rates,” Mr Chudleigh said.

“Changes in land value don’t always mean a change in council rates. Each council develops a revenue policy to use when calculating rates to fund services for the community. Councils make their draft policy available for public comment.”

Landholders will receive a Notice of Valuation showing their land value before it is used by council for rating. This gives landholders time to consider their land value.

Revenue NSW will use the 2019 land values to calculate land tax for the 2020 land tax year. Registered land tax clients will receive a land tax assessment from Revenue NSW from late January. The public can find more information on land tax at

www.revenue.nsw.gov.au

Mr Chudleigh encouraged the public to visit valuergeneral.nsw.gov.au or call Property NSW on 1800 110 038 if they want 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,” he said.



editor

Publisher and editor, Michael Walls.
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Western Sydney Business Access (WSBA) covers the business and community issues of the Greater Western Sydney region of Australia. WSBA is the popular media source for connecting with the pulse of the region and tapping into it's vast opportunities and networks.