The NSW Valuer General has published land values for the City of Sydney region.
The NSW Valuer General has finalised land values for every parcel of land across New South Wales (NSW). The land values reflect the value of land only, as at 1 July 2024.
Property sales are the most important factor valuers consider when determining land values.
Land values across the City of Sydney have experienced average growth of 6.3% according to new analysis from the NSW Valuer General.
The total land values for the City of Sydney region have experienced an increase from $131.3 billion to $139.5 billion for the 12 months from 1 July 2023.
Sally Dale, Valuer General of NSW said: “Land values across the City of Sydney have seen a moderate increase, however this trend varies across different market segments. “
| Property type | 1 July 2023 land value | 1 July 2024 land value | Percentage change | Property count |
|---|---|---|---|---|
| Residential | $80,342,440,215 | $85,982,014,618 | 7.0% | 24,125 |
| Commercial | $45,924,195,652 | $48,236,094,481 | 5.0% | 3,178 |
| Industrial | $1,551,219,100 | $1,552,959,100 | 0.1% | 79 |
| Rural | N/A | N/A | N/A | N/A |
| Other | $3,475,570,063 | $3,760,749,887 | 8.2% | 746 |
| Total | $131,293,425,030 | $139,531,818,086 | 6.3% | 28,128 |
Residential land values in the City of Sydney experienced an increase of 7.0%.
“The residential value growth has been driven by strong demand and limited rental availability in the inner suburbs,” Ms Dale said.
“However, this upward trend is not uniform across all suburbs, with Gardeners Road in Rosebery showing a slight decrease and non-terraced residential zoned properties in Pyrmont remaining steady during the same period.”
Commercial land values also rose, with an increase of 5.0% overall.
“Although widely reported to be experiencing vacancies, the City of Sydney vacancy rate has stabilised in the last 6 months and remains strong in terms of its performance against the long-term average,” Ms Dale said.
“Tenants are taking the opportunity for a ‘flight to quality’, so the premium and A-grade properties are performing much better than the lower grade buildings and locations.
“We’ve also seen the south of the city benefit from the development of Tech Central and the proposed tech corridor extending from Central Station to the Australian Technology Park (ATP) at Eveleigh – with sales backing these increases.”
Industrial land values in the City of Sydney have remained steady with an increase of less than 1%.
“Industrial land supply remains constrained, with a growth in demand driven by sector wide growth in logistics, e-commerce and data centres as well as improved road networks such as the St Peters Interchange and extension of the M4 motorway,” Ms Dale said.
| Property type | 1 July 2023 land value | 1 July 2024 land value | Percentage change | Property count |
|---|---|---|---|---|
| Residential | $2,109,069,222,194 | $2,265,141,384,122 | 7.4% | 2,263,668 |
| Commercial | $163,616,601,011 | $170,009,079,948 | 3.9% | 61,680 |
| Industrial | $124,356,733,968 | $131,839,822,622 | 6.0% | 38,976 |
| Rural | $304,167,143,457 | $309,121,906,404 | 1.6% | 241,826 |
| Other | $101,900,141,390 | $105,483,479,698 | 3.5% | 98,064 |
| Total | $2,803,109,842,020 | $2,981,595,672,794 | 6.4% | 2,704,214 |
Overall, land values across NSW increased by 6.4%, from $2.8 trillion to $2.98 trillion. The new land values were assessed following analysis of more than 54,000 property sales.
The new land values will be used by Revenue NSW to calculate land tax for the 2025 land tax year for landowners subject to land tax. Registered land tax clients will receive their land tax assessment from Revenue NSW starting January 2025. For more information on land tax, visit revenue.nsw.gov.au.
Land values are provided to local councils at least every 3 years for calculating council rates. To learn how your council rates are calculated, visit the Office of Local Government.
Landholders have 60 days from receiving their notice to object to their land valuation if they believe it is incorrect and can provide sales evidence to support their claim.
The latest land values for all properties in NSW are available on the NSW Valuer General’s website, along with information on trends, medians, and typical land values for each local government area.
For more information on land values and the NSW valuation system, visit Valuer General pages.
