The NSW Valuer General has published land values for the Greater 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 Greater Sydney have experienced growth of $152 billion according to new analysis from the NSW Valuer General.
The total land value for Greater Sydney experienced a combined increase of 8.5% across all property types from $1.783 trillion to $1.935 trillion between 1 July 2023 and 1 July 2024.
Sally Dale, Valuer General of NSW said: “Greater Sydney - despite a cooling trend across NSW when compared to previous years - continues to experience growth in residential land values, driving the total growth across the region.”
| Property type | 1 July 2023 land value | 1 July 2024 land value | Percentage change | Property count |
|---|---|---|---|---|
| Residential | $1,488,583,383,720 | $1,628,889,776,172 | 9.4% | 1,116,112 |
| Commercial | $91,213,052,386 | $94,972,081,138 | 4.1% | 25,805 |
| Industrial | $102,072,869,844 | $108,328,397,653 | 6.1% | 16,638 |
| Rural | $48,913,677,273 | $48,163,079,033 | -1.5% | 21,190 |
| Other | $52,307,409,301 | $54,958,592,623 | 5.1% | 39,886 |
| Total | $1,783,090,392,524 | $1,935,311,926,619 | 8.5% | 1,219,631 |
Residential land values across Greater Sydney experienced a combined increase of 9.4%.
“Most local government areas experienced increases to residential land values across Greater Sydney. In the eastern suburbs, ongoing demand versus supply constraints saw strong increases in residential land values for Woollahra (20%) and Waverley (16.5%),” Ms Dale said.
“In Western Sydney, Strathfield (17.1%) experienced the biggest increase, attributed to its central location to the Sydney and Parramatta CBDs, as well as access to transport and major retail centres. Fairfield (15.3%) and Blacktown (15.1%) also saw strong growth.”
However, areas like the Blue Mountains (1.1%), Hawkesbury (3.0%) and Canada Bay (3.8%) saw the least growth in residential values.
“While many areas experienced growth, overall market activity in the residential sector has been subdued. This is due to factors like rising interest rates, higher inflation and increased construction costs, which have impacted development feasibility,” Ms Dale said.
Commercial land values across the region experienced a moderate increase of 4.1%. Ryde (20.5%), Waverley (17.7%) and Liverpool (12.4%) saw the largest increases in commercial land values. North Sydney (-12.5%), Strathfield (-5.2), Canada Bay (-3.2%) and the City of Parramatta (-3.2%) saw the biggest decreases in commercial land values.
“Constrained supply and demand for well-located commercial properties with development potential, improvements to local infrastructure projects, as well as leased properties with secure income streams have driven the increases in Greater Sydney commercial land values,” Ms Dale said.
Industrial land values across the region experienced a strong increase of 6.1%. Hornsby saw very strong growth of 38.5% in industrial land values.
“A significant sale in the established industrial area of Asquith this period also supported strong value movements across the local government area,” Ms Dale said.
The Northern Beaches (20%) also experienced strong growth in industrial land values, attributed to the strong demand and limited supply for industrial land. Camden (20.0%) and Penrith (15.3%) also saw large positive changes in industrial land values.
“Demand is being driven by current and future benefits from construction of the Western Sydney Airport and the Western Sydney Airport Metro Line, with improved connectivity, increased employment opportunities and better infrastructure. Strong population growth across Western Sydney is also contributing to heightened demand for industrial property,” Ms Dale said.
The biggest decreases in industrial land values were seen in the Blue Mountains (-3.8%) and Hawkesbury (-3.8%) due to low demand and healthy supply.
| 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.
| Greater Sydney LGA | Residential % change | Commercial % change | Industrial % change | Rural % change | Other % change | Total % change |
|---|---|---|---|---|---|---|
| BAYSIDE | 8.9% | 8.0% | 9.8% | 7.8% | 7.6% | 8.9% |
| BLACKTOWN | 15.1% | 5.3% | 3.4% | -24.6% | 3.1% | 11.8% |
| BLUE MOUNTAINS | 1.1% | 0.6% | -3.8% | -3.9% | 0.2% | 0.9% |
| BURWOOD | 7.5% | 3.8% | 0.0% | 0.0% | 7.7% | 7.3% |
| CAMDEN | 4.8% | 10.3% | 20.0% | -8.4% | 6.8% | 4.0% |
| CAMPBELLTOWN | 11.8% | 0.3% | 9.7% | 10.0% | 3.1% | 10.8% |
| CANADA BAY | 3.8% | -3.2% | 0.0% | 0.0% | 4.3% | 3.7% |
| CANTERBURY-BANKSTOWN | 9.3% | 0.2% | -1.4% | 7.9% | 4.4% | 7.7% |
| CITY OF PARRAMATTA | 5.4% | -3.2% | 2.5% | 0.0% | 4.5% | 4.6% |
| CUMBERLAND | 7.4% | 1.5% | 3.7% | 0.0% | 4.8% | 6.2% |
| FAIRFIELD | 15.3% | -0.3% | 4.8% | -8.7% | 7.2% | 11.6% |
| GEORGES RIVER | 6.6% | 2.0% | 10.7% | 0.0% | 6.4% | 6.6% |
| HAWKESBURY | 3.0% | 2.9% | -3.8% | 0.3% | 5.1% | 1.4% |
| HORNSBY | 10.3% | 4.9% | 38.5% | 5.8% | 0.4% | 9.9% |
| HUNTERS HILL | 4.5% | 0.0% | 0.0% | 0.0% | 0.0% | 4.3% |
| INNER WEST | 5.6% | -2.0% | 4.2% | 0.0% | 1.6% | 4.9% |
| KU-RING-GAI | 6.0% | -0.8% | 0.0% | 0.0% | 1.2% | 5.8% |
| LANE COVE | 7.9% | 0.8% | 0.0% | 0.0% | 0.8% | 7.3% |
| LIVERPOOL | 9.8% | 12.4% | 4.5% | -6.7% | 4.5% | 8.1% |
| MOSMAN | 9.8% | 6.4% | 0.0% | 0.0% | -1.0% | 9.4% |
| NORTH SYDNEY | 4.9% | -12.5% | -1.7% | 0.0% | -0.1% | 3.3% |
| NORTHERN BEACHES | 12.1% | 4.8% | 20.0% | 11.4% | 7.7% | 11.8% |
| PENRITH | 10.6% | 10.9% | 15.3% | 3.5% | 11.8% | 10.7% |
| RANDWICK | 12.5% | 9.4% | 7.6% | 14.2% | 10.4% | 12.2% |
| RYDE | 5.9% | 20.5% | -0.7% | 0.0% | 1.6% | 6.5% |
| STRATHFIELD | 17.1% | -5.2% | 0.1% | 0.0% | 2.2% | 14.0% |
| SUTHERLAND | 7.7% | 2.7% | 10.8% | 0.0% | 5.9% | 7.3% |
| THE HILLS SHIRE | 7.1% | 6.9% | 3.7% | 0.4% | 2.1% | 6.3% |
| WAVERLEY | 16.5% | 17.7% | 0.0% | 0.0% | 12.2% | 16.5% |
| WILLOUGHBY | 8.3% | 0.7% | 0.0% | 0.0% | 0.0% | 7.2% |
| WOOLLAHRA | 20.0% | 2.6% | 0.0% | 0.0% | 17.0% | 19.4% |
