The Valuer General is responsible for providing independent and impartial valuations for use by councils and the state government for levying rates and taxes and determining compensation for landowners when their land is compulsorily acquired.
The independence of the Valuer General ensures a clear separation between the impartial land valuation process and how state and local government use the valuations for levying rates and taxes or for determining compensation following the compulsory acquisition of land.
The NSW Valuer General latest report shows that Residential land values in the state saw an overall increase of up to 24.8 per cent from $1.4 trillion to $1.8 trillion in the last financial year. They called this “an astonishing” 25 per cent rise. The report also revealed the total value of land in NSW rose 24 per cent over the reporting period – doubling to $2.2 trillion since 2014, representing a dramatic acceleration in the historic rate of growth. Every market sector was hot through a tumultuous 12 months, according to the analysis of more than 67,000 property sales.
Coastal lifestyle locations Byron Bay and Kiama have led the way as NSW residential land values. The rural market was the standout performer with a 26 per cent rise, the logistics boom propelled a lift in industrial land values of 23 per cent, while commercial and retail land values increased 15 per cent.
“It took almost 100 years – from 1916 to 2014 – for the value of land in NSW to surpass $1 trillion in total value, but just seven years to go from $1 trillion to $2 trillion,” Valuer-General David Parker told The Australian Financial Review.
“In the middle of a global pandemic, to have this level of land value growth across the entire state is astonishing,” Dr Parker said.
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