Land values skyrocket in area
BLACKTOWN LGA TOPS STATEWIDE LIST OF GROWTH REGIONS
BLACKTOWN local government area topped NSW with the highest growth in land valuations in the last financial year.
According to new figures released by NSW Valuer General Simon Gilkes, the area recorded a 47 per cent growth in the value of residential land in 2014/2015.
This compares to Penrith LGA, which recorded a 27.94 per cent growth.
Blacktown Acting Mayor Jacqueline Donaldson said the huge leap came on the back of new land releases at Schofields and Riverstone.
“There is no surprise in Blacktown that the unimproved land values have increased, because the area is the fastest growing and best place in Sydney to live,” Cr Donaldson said.
Cr Donaldson said the council has “planned well” for the growth.
“Development is booming. There was $1.15 billion worth of development in 2014 – that’s the second most in the state after Sydney City,” she said.
“There will be 98,000 ad- ditional homes in Blacktown by 2036 – doubling the current number to more than 200,000.”
The Valuer-General’s valuation does not affect council rates and will not cause property prices to soar, Cr Donaldson said.
“Just because land valuations go up 47 per cent, it doesn’t mean the rates just triple; there are a lot of factors and strict guidelines so resident do not need to worry,” she said.
“I would also mention, if residents are struggling for whatever reason they can submit a hardship application for assistance to pay their rates.”
NSW Valuer General Simon Gilkes said the noti- ces of valuations helped landholders understand their property’s value.
Land value is the value of the land only and does not include the value of a home or other improvements on the land.
“Land values are one factor used by councils to calculate rates,” Mr Gilkes said.
“However, changes in land value don’t necessarily lead to similar changes in rates.”