The value of land in NSW skyrocketed by almost 20 per cent last financial year, with the biggest increase seen in western Sydney.
ney, PThe value of land in NSW skyrocketed by almost 20 per cent last financial year, with the biggest increase seen in western Sydney.
Figures released by the NSW Valuer-General show the total value of land across the state surged to more than $1.34 trillion last year.
The fastest increase was in Blacktown, where the median value of residential land grew by 47 per cent in 2014-15 to $375,000.
Holroyd and Parramatta also posted strong growth rates of 38 and 35.9 per cent respectively, while Fairfield grew by 33.9 per cent and Auburn improved by 30.3 per cent.
Only four other councils cracked the 30 per cent residential land value increase – Canada Bay, The Hills Shire, Randwick and the only local government area outside the Sydney metropolitan basin, Shellharbour.
The increases had been partly fuelled by major improvements to transport infrastructure spending and low interest rates, NSW Valuer-General Simon Gilkes said.
“The market has also been supported by increased land supply through major new land releases and increases to permitted residential densities in many areas,” he said on Thursday.
The most valuable land in the state, however, continues to be in Sydney’s eastern and northern suburbs.
Mosman had the highest residential median value at $1.59 million, followed by Woollahra ($1.57 million), Waverley ($1.41 million) and Hunters Hill ($1.36 million).
Not all areas boomed, with eight regional areas recording negative growth including Cobar, Muswellbrook and Bogan.
Mr Gilkes said the figures would help councils determine rates but the increases or decreases in land values do not necessarily lead to a reflection in rates.