Land value rise continues
But rates will not be affected by the latest figures
THE IMPACT of sea changers and the infrastructure boom in the Clarence Valley has led to a steady moderate increase in residential land value.
The NSW Valuer General, Simon Gilkes, released land values for the North Coast region on Friday, which revealed moderate to steady growth in most sectors.
Despite land values increasing by up to 15% in some sectors, the rises in land values, which reflected the property market at July 1, 2017, would have no impact on rates.
Mr Gilkes said Clarence Valley Council’s rates were set on 2016 values and would remain unchanged until 2019.
But the new values will be used to calculate land tax for the 2018 land tax year.
Mr Gilkes said those registered for land tax would receive a notice of assessment from Revenue NSW from January 10.
He said land values in Clarence Valley had generally shown a moderate increase between 2016 to 2017 with sea-change buyers, predominantly from Sydney, helping increase demand.
“Works on the Pacific Highway upgrade have also encouraged interest in the area,” he said.
“Rural, residential and industrial land values have experienced moderate increases while commercial land values have seen a slight increase.”
Mr Gilkes said residential land values had shown the most movement.
“Overall, residential land values in the Clarence Valley local government area have shown a moderate increase, with strong increases seen in the coastal area of Yamba as a result of the sea-change demand,” he said.
“Unit site land values in the coastal areas of Angourie, Iluka and Yamba also experienced a strong increase as the market recognises the opportunity of such properties.
“Grafton riverfront and South Grafton land values remained steady following increases in recent years.
“Land values were also steady for the properties in the inland villages that had no river views. Junction Hill has remained steady due to increased supply.”
Land in the North Coast region has been independently valued and quality assured through a range of system checks, audits and comparison against international standards.
Mr Gilkes said property sales were the most important factor when determining land values.
“We consider a number of different factors when valuing a parcel of land, with a strong focus on property sales in a region,” he said.
For more information on land values visit www. valuergeneral.nsw.gov.au or call 1800 110 038.