The NSW Valuer General, Dr David Parker, has published land values for the Central Coast / Hunter regions to reflect the increase in the property market as at July 1, 2020.
The region Hunter Coast NSW refers to the local government areas of Central Coast, Lake Macquarie, Newcastle and Port Stephens.
Dr Parker reported that the total land value for the Hunter Coast region increased by 1.9 percent between July 1, 2019 and July 1, 2020 from $122.3B to $124.6B.
Residential land values in the region increased slightly by 2.2 percent.
This is partly due to increased demand from metropolitan Sydney purchasers moving toward nearby regional areas, including the Central Coast and Lake Macquarie.
In Newcastle, however, values remained steady.
Land values in Port Stephens increased slightly by 2.9 percent overall.
Commercial land values decreased moderately by 7.8 percent due to the impact of the COVID-19 pandemic.
Exceptions included West Gosford B6 Enterprise Corridor zoned land which had a strong increase of 11.8 percent due to the area entering a transformative phase.
Another exception was commercial lands in Port Stephens’ local government area which experienced strong increases in Business Development zoned lands of around 12 percent due to continued strong demand for bulky goods and larger sites.
Overall, industrial land values increased slightly by four percent across the Hunter Coast region.
Larger increases of 7.9 percent in Port Stephens and 7.3 percent in Lake Macquarie were experienced with both due to a lack of supply in these areas.
Rural land values increased slightly overall by 3.7 percent with a moderate increase of seven percent in Port Stephens due to continuing increased demand for rural lifestyle properties.
Dr Parker said property sales were the most important factor valuers considered when determining land values.
“2020 has been a difficult year for determining land values in the aftermath of last summer’s bushfires, followed by the impacts of the Covid crisis,” he said.
“My office has undertaken separate studies of the impact of both bushfires and COVID-19 on the property markets.
“Our valuers have applied the findings of these studies to affected areas and property types where there are insufficient sales available to determine the land values.”
These studies can be found online at valuergeneral.nsw.gov.au/publications/reports.
Valuer General NSW has established a dedicated assistance line for landholders impacted by the 2019-20 bushfires, or who believe that their land value has been impacted by COVID-19.
“Land value is the value of the land only and does not include the value of a home or other structures,” Dr Parker said.
“Private contract valuers with expertise in their local areas have prepared the July 1, 2020 land values on behalf of the Valuer General to determine new land values across the region.
“The valuers consider a range of factors in determining land value including the features of the land and its legally permitted use.
“Valuer General NSW has quality assured the land values for fairness and consistency.”
Revenue NSW will use the July 1, 2020 land values to calculate land tax for the 2021 land tax year.
Source:
Media release, Feb 8
NSW Dept Planning, Industry and Environment