With many on the north coast focussed on how much their properties are (or are not) worth, the NSW Valuer General, Dr David Parker, has published land values for the North Coast region.
The land values reflect the property market at 1 July 2020. Not unsurprisingly, the general value of land has gone up since 1 July 2019, with only the commercial sector showing a drop with land values falling 8 per cent. That might not sound like much, but that equates to $312,393,620 in total.
Parker said property sales are the most important factor valuers consider when determining land values. ‘2020 has been a difficult year for determining land values in the aftermath of last summer’s horrific bushfires, followed by the impacts of the COVID-19 crisis.
The impact of both bushfires and COVID-19
‘My office has undertaken separate studies of the impact of both bushfires and COVID-19 on the property market. 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.
Dr Parker says land value is the value of the land only and does not include the value of a home or other structures.
Private contract valuers with expertise in their local areas have prepared the 1 July 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 1 July 2020 land values to calculate land tax for the 2021 land tax year. Registered land tax clients will receive a land tax assessment from Revenue NSW from late January 2021.
‘The latest land values for all properties in NSW are available on our website along with information on trends, medians and typical land values for each local government area,’ said Dr Parker.
Total land value for North Coast NSW region
|
Property type |
1 July 2019 |
1 July 2020 |
% change |
Property count |
|||||
|
Residential |
$58,214,559,103 |
$60,224,272,561 |
3.5% |
190,908 |
|||||
|
Commercial |
$3,814,053,542 |
$3,504,659,922 |
-8.1% |
6,156 |
|||||
|
Industrial |
$1,656,852,058 |
$1,790,456,430 |
8.1% |
4,165 |
|||||
|
Rural |
$19,958,881,589 |
$20,267,086,679 |
1.5% |
56,159 |
|||||
|
Other |
$3,520,063,128 |
$3,558,259,306 |
1.1% |
8,131 |
|||||
|
Total |
$87,164,409,420 |
$89,344,734,898 |
2.5% |
265,519 |
|||||
The Valuer General NSW has established a dedicated assistance line for landholders impacted by the 2019-20 bushfires, or who believe their land value has been impacted by COVID-19. Affected landholders are encouraged to call 1800 458 884.
Studies of the impact of both bushfires and COVID-19 on the property market can be found at https://www.valuergeneral.nsw.gov.au/publications/reports.
Dr Parker encouraged the public to visit https://www.valuergeneral.nsw.gov.au or call 1800 110 038 for more information on land values and the valuation system.
The public can find more information on land tax at https://www.revenue.nsw.gov.au/
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