Latest NSW land valuations show that property markets are stabilising.
Land values across New South Wales have reached a record $2.98 trillion, marking a 6.4% increase from $2.78 trillion in 2023.
The NSW Valuer General has finalised land values for every parcel of land across the state, reflecting the value of land only as of 1 July 2024.
Residential land values are driving the growth in value, with an average increase of nearly 8% compared to the 12 months to 1 July 2023.
Property sales are the most important factor valuers consider when determining land values. The new land values were assessed based on an analysis of almost 54,000 property sales.
Sally Dale, Valuer General of NSW said: “While continued strong demand for property and constrained supply, it’s no surprise that land values across NSW have increased by an average of 6.4% across varying property types.”
“NSW’s combined land value has reached a record $2.98 trillion in value backed by continued demand, underpinned by increased property sale prices and driven mostly by the state’s residential markets - a testament to the resilience of the property sector in NSW despite difficult financial lending markets.”
“We’re seeing really strong increases in western residential markets such as Cobar, Gilgandra and Bogan - with a likely cause trend of people moving west continuing,” Ms Dale said.
Analysis shows the strongest growth in Cobar, Gilgandra and Bogan, where land values have increased by more than 30%, underpinned by recent elevated sales in the respective areas.
Commercial and rural land values have seen smaller increases at 3.9% and 1.6% respectively statewide, despite isolated significant sales being experienced in nuanced regional markets such as Cobar, where the predominate commercial sector is underpinned by two engine industries, being mining and agriculture.
“While commercial and rural markets have continued to grow, with some significant increases in value experienced again in more regional markets, overall the increase in value has remained marginal for the 12 months to 1 July 2024,” Ms Dale said.
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.
