HAWKESBURYland values climbed by an average of 9.2% over the past financial year, with the value of residential land across the region surging by a whopping 17.21%.
Figures released by the NSW Valuer-General show median land values rose in each of the four main land categories across the Hawkesbury local government area (LGA).
At 17.21%, residential land values grew the most (from $244,000 in 2014 to $286,000 in 2015), followed by industrial values which rose 8.28% (from $465,000 to $503,500), business which was up 5.33% (from $375,000 to $395,000), and rural which grew by 5.26% (from $437,000 to $460,000).
The figures show especially solid growth when compared to median land values in the Hawkesbury only a few years ago (1 July 2012 to 30 June 2013), when residential and business land values remained stagnant, industrial land values fell 10.05%, and rural values fell 3.59%.
While the Hawkesbury LGA faired comparatively well in residential land values during the year, the neighbouring LGA of Blacktown topped the state in the residential category, recording 47% growth during the last financial year.
Holroyd and Parramatta followed with growth rates of 38% and 35.9% respectively, with the entire Western Sydney area leading the way with higher land value growth than anywhere else in New South Wales.
Other neighbouring Hawkesbury LGAs that performed particularly well include The Hills Shire, which recorded a 31.75% rise to $664,000 from $504,000 the previous financial year.
Acting Mayor of Blacktown City, Councillor Jacqueline Donaldson, said the area containing Blacktown and its surrounding suburbs is “the fastest growing and best place in Sydney to live.”
“In areas like Schofields and Riverstone, what was farmland is fast becoming suburbia. Blacktown has planned well for this growth and some 7,000 people move to the city each year,” she said.
“Development is booming. There was $1.15 billion worth of development in 2014 – that’s the second most in the state after Sydney City.
“We had the highest number of construction certificates issued (1,838) and the second most development applications determined (2,013) of all councils in the state.
“There will be 98,000 additional homes in Blacktown by 2036 – doubling the current number to more than 200,000.”
Donaldson said though land values in Blacktown are booming, there are still affordable homes in the area, close to excellent facilities.
“I’m proud to live in Blacktown and it seems more and more people are agreeing with me each year.”
The NSW Valuer-General issues individual land valuation notices to residential landholders across the state on a rotating basis by suburb, with the next set of Hawkesbury notices scheduled to be distributed in January 2017.
These notices will show local land values based on real estate market conditions as at 1 July this year. They will indicate the value of the land only, not including the value of a home or any other improvements on the land.
This story Administrator ready to work first appeared on Nanjing Night Net.