Sally Dale NSW Valuer General

Newcastle Herald

NSW Valuer General Sally Dale talks about 2024 property valuations.

Transcript

00:00I'm really pleased to announce that land values have been finalised for every parcel

00:06of land across NSW.

00:08The land values reflect the value of land only as at 1 July 2024.

00:16Statewide land values across NSW have increased a total of 6.4% across all land categories

00:23to reach $2.98 trillion in overall value.

00:28The new land values were assessed following analysis of more than 54,000 property sales.

00:35The new land values will be used by Revenue NSW to calculate land tax for the 2025 land

00:42tax year for landowners who are subject to land tax.

00:47Land values are also provided to local councils at least every three years for calculating

00:52council rates.

00:59Land values across Greater Sydney had a combined increase of 8.5% across all property types

01:07in the 12 months to July this year.

01:10This saw an overall $152 billion increase, with total land values reaching $1.935 trillion.

01:20Greater Sydney continues to experience growth in residential land values, driving growth

01:26across the region.

01:28This is despite a cooling trend generally across NSW compared to previous years.

01:34However, market activity in the residential sector across Greater Sydney has been subdued,

01:41with interest rate rises, higher inflation and increased construction costs limiting

01:46development.

01:49Residential land values across Greater Sydney experienced a combined increase of 9.4%, with

01:55most local government areas increasing.

01:59In the eastern suburbs, ongoing demand and supply constraints saw strong increases in

02:04residential land values for Willara at 20% and Waverley at 16.5%.

02:12In Western Sydney, the biggest increases were in Strathfield with 17.1% due to its central

02:19location to the Sydney and Parramatta CBDs, and access to transport and major retail centres.

02:28Increases were also recorded in Fairfield at 15.3% and Blacktown at 15.1%.

02:36The smallest growth was in the Blue Mountains with 1.1%, Hawkesbury at 3% and Canada Bay

02:443.8%.

02:47Residential land values across the Greater Sydney region experienced a moderate increase

02:52of 4.1%.

02:55Limited supply and demand for well-located commercial properties with development potential

03:00as well as leased properties with secure income streams drove increases.

03:06The biggest increases were in Ryde with 20.5%, Waverley with 17.7% and Liverpool at 12.4%.

03:17The biggest decreases were in North Sydney with a fall of 12.5%, Strathfield also fell

03:245.2% and Canada Bay fell 3.2%.

03:30And the City of Parramatta was down 3.2%.

03:36Industrial land values across the region had a strong increase of 6.1%.

03:41A significant sale in the industrial area of Asquith also supported strong value across

03:47the Hornsby area.

03:49The northern beaches saw strong growth of 20% due to strong demand and limited supply.

03:56Camden had a large increase of 20% and Penrith 15.3%.

04:02Demand is being driven by current and future benefits from construction of Western Sydney

04:07Airport and the Western Sydney Airport Metro line with improved connections, increased

04:13employment and better infrastructure.

04:17Strong population growth through Western Sydney is also contributing to strong demand.

04:22The biggest decreases were in the Blue Mountains with a fall of 3.8% and Hawkesbury with a

04:29fall of 3.8% due to low demand and healthy supply.

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