The 2020 figures show that overall, land values in the West were on the rise, but to make any real money, you need to be in it for the long haul or have land near the new Aerotropolis.
The Western Sydney local government areas include Blacktown, Camden, Campbelltown, Fairfield, Liverpool and Penrith
NSW Valuer General Dr David Parker recently published land values for the West and generally speaking, they reflect the property market as of July 1 2020.
Dr Parker said property sales were the most important factor valuers considered when determining land values.
“The year 2020 was a difficult year for determining land values in the aftermath of last summer’s horrific bushfires, followed by the impacts of the COVID-19 crisis,” Dr Parker said.
“My office has undertaken separate studies of the impact of both bushfires and COVID-19 on the property market. Our valuers have applied the findings of these studies to affected areas and property types where there are insufficient sales available to determine the land values.”
Valuer General NSW has established a dedicated assistance line for landholders impacted by the 2019-20 bushfires, or who believe their land value has been impacted by COVID-19. Affected landholders are encouraged to call 1800 458 884.
“Land value is the value of the land only and does not include the value of a home or other structure,” Dr Parker said.
“Private contract valuers with expertise in their local areas have prepared the 2020 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.
“Valuer General NSW has quality assured the land values for fairness and consistency.”
Revenue NSW will use the 2020 land values to calculate land tax for the 2021 land tax year. Registered land tax clients will receive a land tax assessment from Revenue NSW from late January 2021.
General overview
The total land value for the Western region increased slightly by 2.6% between July 1 2019 and July 1 2020 from $231B to $237B.
Residential land values increased slightly by 2.7% overall. These slight increases were experienced in Blacktown 3.6%, Fairfield 3.8% and Penrith 4.9% which was driven by demand for these relatively affordable locations with good connectivity to greater Sydney. Camden, Campbelltown and Liverpool remained steady.
Overall, commercial land values in the region remained steady at -1.2%. Slight decreases were recorded in Blacktown -2.7%, Fairfield -2.4% and Liverpool -2.1% due to the impact of the COVID-19 pandemic.
The reduction was moderated by growth areas and the high concentration of Business Development, Enterprise Corridor and Business Park zoned areas which were less impacted by COVID-19.
Industrial land values in the region increased moderately by 6.9% overall. Strong increases were recorded in Camden 15% and Campbelltown 10.8).
These trends were driven by infrastructure improvements given development of the new Western Sydney Airport as well as strong demand for logistics and retail warehousing. Slight increases were experienced in Liverpool 3.7% and Penrith 4.6% given reduced demand in comparison to previous years.
Rural land values remained steady at -1.6% overall and this was consistent across the region with the exception of Camden which experienced a moderate decrease of 7% due to reduced investor demand.
“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.
Visit: www.valuergeneral.nsw.gov.au or call 1800 110 038 for more information on land values and the valuation system.
