Land val­ues sky­rocket in area

BLACK­TOWN LGA TOPS STATEWIDE LIST OF GROWTH RE­GIONS

Mt Druitt - St Mary's Standard (East) - - NEWS - Ali­son Bald­ing

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.”

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