Professionals Padstow Director Todd Owsnett says his happy to see land tax coming down in 2024.
“I have had a number of clients looking to sell investment properties in the last 12 months due to their land tax bills going up so much in the last few years,” he said.
“This of course has been a contributing factor to the rental crisis we are facing.
“I believe the local property market will perform steadily over the next 12 months with prices slowly increasing.
“Demand for quality properties has remained strong and with immigration levels high and supply of new properties still relatively low, this should see prices continue to climb.”
Ronis Real Estate’s George Ronis agrees that even though land values are sliding, properties in the local area are still fetching top dollar.
“I expect the market to bounce back as the enquiry has been very strong this year so far,” he said.
“It’s a very good time to buy, stock is limited and as long as you buy and sell in the same market, you will always have capital growth.”
Land value does not include the value of a home or other structure.
Rural land values in the region also decreased moderately by 5.1 per cent overall, in line with the residential land.
Interestingly, Canterbury Bankstown is the only Local Government Area in the region with rural zoned properties, albeit very few.
More info on land tax can be found at revenue.nsw.gov.au or valuergeneral.nsw.gov.au.
Land tax value drop relief ‘brief’
WITH Sydney residential land values experiencing a decrease of 6.7 per cent, property owners will no doubt breathe a sigh of relief when their land tax assessment bill from Revenue NSW arrives this month.
However, local real estate agents are warning the relief will be short-lived as the Government reins in inflation and property prices bounce back this year.