Richmond Valley local government area (LGA) land values have gone backwards in the past year and ranked last among coastal council areas, while Byron shire recorded the second biggest increase, according to the latest valuation report.
The residential median land value in the Richmond Valley in 2013-14 was $85,800, a drop from the previous year’s $90,400, or minus 5.09 per cent, while Byron’s have risen by 8.25 per cent ($328,000 from $303,000), according to the NSW Valuer General.
Of the NSW coastal council areas, Byron was only topped by Kiama, which rose by 9.51 per cent ($334,00 from $305,000).
Next highest was Ballina with a 7.91 per cent increase ($232,000 from $215,000 ), followed by Port Macquarie-Hastings (7.30 per cent, $191,000 from $178,000). Tweed (6.64 per cent, $225,000 from $211,000), Lismore (4.63 per cent, $113,000 from $108,000) then Richmond Valley.
Overall, NSW land values increased by more than 11 per cent, driven largely by increases in the northern suburbs of Sydney, such as Willoughby (37.06 per cent) and Hornsby (25.34 per cent).
The value of the land in NSW now exceeds $1.12 trillion, according to the valuer general, Simon Gilkes.
He says almost 2.5 million residential, rural, business and industrial land values for properties in NSW were assessed.
‘Property sales are the most important factor considered when determining land values and valuers analysed over 43,000 property sales across NSW as at July 1, 2014,’ Mr Gilkes said.
‘Overall residential land values for NSW increased by 13.12 per cent in the 12 months to July 1, 2014, compared to a 3.21 per cent increase for the year to July 1, 2013.
‘The biggest overall market trend has seen increases for land values predominantly occur in the Sydney basin,’ Mr Gilkes said.
A total of 22 LGAs in the state experienced a decrease in median residential land values for the 12-month period, with the largest decrease experienced in Cobar with the median residential land value dropping by ten per cent.
Over the coming weeks more than 882,000 Notices of Valuation will be sent to ratepayers in 45 LGAs, showing the value of residential, rural, business and industrial properties based on market conditions as at July 1, 2014.
Mr Gilkes said the latest land values will help 45 local councils determine the amount of council rates landholders pay.
‘While important, valuations are only one of the factors councils use to determine each landholder’s rating liability,’ he said.
‘Increases or decreases in land values do not necessarily lead to similar increases or decreases in rates.’
Mr Gilkes said the land values were prepared by valuers contracted from 17 firms across the state. ‘The values are then subject to rigorous quality assurance including statistical testing by the University of Western Sydney.
‘We are also improving our information to the community and making it easier for landholders to raise concerns and understand how their issues are being addressed.’
Landholders can have it independently reviewed by lodging an objection.
Visit www.valuergeneral.nsw.gov.au or call 1800 110 038 for more information.