Up & away
New South Wales saw another massive +14.6 per cent increase in total land values in the 2017 financial year, to more than $1.7 trillion.
This year's figures are not used directly for the calculation of rates, which are only updated every three years.
The NSW Valuer General Report showed that once again residential land values in Sydney have been tearing along, with the state's residential land values rising by +14.1 per cent to $1.4 trillion in the financial year to 30 June, while rural land prices also increased on improved crop yields.
Total land values have now recorded double-digit gains in financial years 2014, 2015, 2016, and 2017 respectively, including a thumping +20.7 per cent increase in FY2015.
Rezoning drives uplifts
Some LGAs have been amalgamated, so in certain cases the FY2017 figures are not included in the graphic below, but broadly the story was essentially more of the same.
In blue chip Mosman the median land value ripped $315,000 or +17.1 per cent higher to $2,155,000, an all-comers record for Australia.
The story wasn't much difference in the eastern suburbs jewel of Woollahra, where the median land value rose by $290,000 or +11.9 per cent to $2,030,000.
Strathfield was yet again a strong performer with the median land value rising by $240,000 or +16.1 per cent to $1,730,000.
Indeed, over the past five financial years the greatest increases in median land value have been recorded in Hunters Hill ($994,000), and Strathfield ($963,000).
Interestingly the strongest performing LGAs in FY2017 included Ku-ring-gai, where the median land value was up by +22 per cent, and Camden where land values increased by +21 per cent, with zoning changes the key driver in both cases.
The smallest land price gains in dollar terms over the past five years were recorded in Penrith ($152,000) and the Blue Mountains ($64,000), although in the case of Penrith that still equates to a +69 per cent increase from a low base.
According to the Valuer General's report the new land values are reflective of the property market as at 1 July 2017 and were based upon analysis of over
52,000 property sales, with volumes considerably higher than across all recent years.
Note that the Sydney property market cooled significantly in the second half of the year, and this is not captured in data for the 2017 financial year.
Note that the Sydney property market cooled significantly in the second half of the year, and this is not captured in data for the 2017 financial year.
