Total land values for the Sydney south region - including Georges River, Bayside and Sutherland Shire - increased by 26.3 per cent from $254.7 billion to $321.7 billion for the 12 months to July 1, 2021.
The NSW Valuer General, Dr David Parker, said residential land values for the Sydney Coast South Region- Bayside, Georges River, Randwick, Sutherland Shire, Waverley and Woollahra - experienced a very strong overall increase of 27.8 per cent, with variations across each local government area.
In Bayside, overall land values increased by 22.6 per cent from $40.5 billion to $49.7 billion in the 12 months to July 1, 2021.
The value of residential properties in Bayside rose 23.8 per cent from $33.9 billion to $41.9 billion.
Commercial properties land values rose by16.2 per cent in the same period, from $3.15 billion to $3.88 billion.
"These trends in land value can be attributed to the ongoing demand for properties in the St George suburbs and the proximity to public transport and local amenities," the accompanying Residential Overview Report from the Valuer General stated.
"The land values of mixed-use properties have shown a slight increase overall while the land values of smaller sites have remained steady given limited development potential."
In Georges River overall land values rose 26.5 per cent from $35.9 billion to $42.5 billion in the 12 months to July 1, 2021.
Residential land values rose from $33.3 billion to $42.5 billion, an increase of 27.8 per cent.
Commercial property land value rose from $1.3 billion to $1.4 billion in the same period.
"The overall trend in land values was led by the residential zone with high sales volumes and strong demand. There was a strong increase across commercial and industrial land values, this was despite the broader economic impacts of Covid-19 lockdowns and border closures," the Residential Overview stated.
In Sutherland Shire, land values rose from $61.13 billion to $76.97 billion in the 12 months to July 1, 2021, an increase of 25.9 per cent.
Residential land value trends rose from $48.6 billion to $62 billion, an increase of 27.6 per cent.
Commercial land value trends rose from $3.24 brillion to $3.68 brillion, up 13.8 per cent overall, described as a very strong increase.
"There was a very strong increase in residential land values in the Sutherland local government area between July 2020 and July 2021," the Residential Overview Report stated. .
"This trend can be attributed to the ongoing demand for residential properties in the Sutherland local government area due to its desirable location, being close to coastal beaches, commercial centres, transport services to the Sydney CBD. It has been further driven by low interest rates and limited supply."
"Residential environmental land values located at Waterfall had a moderate increase.
"Residential environment land located in Barden Ridge and environment undeveloped land suitable for subdivision remained steady due to the location and limited development potential."
Land values have increased overall in NSW by 24 per cent from $18 trillion to $2.2 trillion in the 12 months to July 1, 2021.
Residential land values in NSW jumped by 24.8 per cent in the same period.
