Land values in Sutherland Shire have increased moderately in the last year, while there has been strong growth in the Georges River and Bayside council areas.
Across all three areas, large increases were recorded for land suitable for mixed use development combining commercial and residential (apartments).
In the shire, the value of properties suitable for dual occupancy development also rose more than for other home sites.
Land values for the Sydney East region, which includes 13 council areas, were issued by NSW Valuer General, Simon Gilkes.
They reflect the property market at July 1, 2017, and will result in higher land tax for many.
Mr Gilkes said land was independently valued and quality assured through a range of system checks, audits and comparison against international standards.
“When determining land values, property sales are the most important factor considered,” he said.
“It is important to note land value relates to the value of the land if it was vacant. It does not include the value of a home or any improvements on the land.”
In the shire, overall land values grew 9.6 per cent, compared with 14.5 per cent in Georges River and 12.7 per cent in Bayside council area.
Residential land values rose 9.44 per cent in the shire, 14.64 per cent in Georges River and 13.1 per cent in Bayside.
Across the Sydney East region, land values increased by 13.4 per cent, with strong growth in all areas except the shire and Waverley (both 9.6 per cent).
Commercial land values across the region increased strongly by 12.4 per cent while industrial land values rose moderately by 9.4 per cent, with larger increases in Georges River (12.6 per cent) and the shire (10.9 per cent) “due to their location near Sydney Airport and transport infrastructure”.
The Valuer General’s office said the figures were used in the calculation of 2018 land tax assessments, which Revenue NSW was due to start sending out to registered parties from January 10.
“This year, land values will not be used for the calculation of council rates,” the office said.
“Councils receive new land values for rating every three years and are currently using July 1, 2016, land values for rating.
“New land values for council rating will be made in 2019.”
