Residential land values on the Central Coast increased by 4.3 per cent in the 12 months to July 1, 2024 – the largest rise of any coastal local government area (LGA) in NSW and well above the state average for coastal land of 1.6 per cent.
Lake Macquarie experienced the second highest rise (4.1 per cent) and Newcastle came in third with 3.9 per cent according to new analysis from the NSW Valuer General.
The Coast experienced a slight drop in commercial land values of 1.2 per cent, while industrial land rose by 0.7 per cent, industrial land rose by 2.8 per cent and rural land dropped by 0.2 per cent.
Overall the LGA experienced a 3.6 per cent rise in land values.
Land values in coastal NSW have risen by more than $9B.
Valuer General Sally Dale said the market had slowed due to reduced demand, interest rate rises and inflation.
“This trend was generally consistent across all coastal regions,” she said.
Property sales are the most important factor valuers consider when determining land values.
“Limited supply and the tightly held nature of commercial property have been key drivers of commercial land values across the region,” 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.
Land values are provided to local councils at least every three years for calculating council rates.
To learn how 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 visit nsw.gov.au/valuergeneral.
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