NSW Valuer General figures also showed that while commercial land values stayed steady overall, there were moderate decreases in Granville, Guildford, Berala and Regents Park but strong increases in properties in the ‘enterprise corridor’ in close proximity to Parramatta Road and near the Silverwater Road/M4 motorway interchange.
PROPERTY sales are the most important factor valuers consider when determining land values, with figures released last week reflecting the market at July 1 last year, says NSW Valuer General Dr David Parker.
“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,” he said.
The Cumberland local government area (LGA) sits within the Sydney Central region, which recorded a moderate increased overall in land values by 5.3 per cent between 2019 and 2020 from $375 billion to $395 billion.
Figures for Cumberland showed a moderate overall increase in residential land values, with medium density land values remaining steady, however there were slight decreases in land values in the mixed use zones at Guildford and Granville town centres.
Moderate decreases were shown in land values in high density zones used for single dwelling purposes within and around the suburbs of Granville, Guildford, Merrylands, South Granville, Toongabbie, Wentworthville and Westmead.
A dedicated assistance line is available for landholders who believe their land value has been impacted by bushfires or Covid-19, at 1800 458 884.
