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.
It was noted that the moderate increase in Canterbury Bankstown residential land values was “influenced by reduced supply in established residential areas”, although there were exceptions with values in Potts Hill, East Hills, Condell Park, Lakemba, Wiley Park, Roseland and Punchbowl remaining steady, while Campsie and Croydon Park experienced a moderate decrease.
Mixed use land values in Bankstown remained steady, attributed to the mixed use zone being influenced by supply and demand drivers from commercial, retail and residential markets.
While values for the three rural land entities in the district also remained steady, it wasn’t all good news, with commercial land values experiencing a slight decrease of 5.0 per cent attributable to the effect of Covid-19.
The local government area (LGA) sits within the Sydney Central region, which recorded a moderate 5.3 per cent overall increase in land values between 2019 and 2020 from $375 billion to $395 billion.
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.
