The NSW Valuer General's report into land values has been released, meaning you can now see whether your land has increased or decreased in value over the past 12 months.
Land values in the report are made by independent contract valuers, and are then quality assured by valuers from Property NSW.
Overall, the report found that land values increased in all categories across NSW in 2018, with total residential land values increasing by 4.4 per cent.
Mr Parker said land values in the Sydney metropolitan area increased steadily overall following several years of sharp increases.
Residential land values in the Sydney Central region recorded an increase of 2.1 per cent, while the Sydney East region increased by 3.2 per cent and the Sydney West region recorded a 3.8 per cent increase.
Decreases were recorded in the local government areas of Ku-ring-gai (-3.5 per cent) and Georges River (-3.3 per cent).
Rural land values increased overall by 14.3 per cent due to continued demand and firm commodity prices.
Industrial land values showed the strongest overall increase (17.5 per cent) driven by factors including proximity to infrastructure and the support of local industrial activities.
Strong increases were recorded in the local government areas of Blacktown (33.1 per cent), Bathurst Regional (28.4 per cent), Central Coast (22.2 per cent) and Cumberland (53.9 per cent).
The land values reflect the property market at 1 July 2018. Land values do not include the value of a home or other structures.
Mr Parker encouraged the public to visit valuergeneral.nsw.gov.au or call Property NSW on 1800 110 038 for more information on land values and the valuation system.
How to find out your land value
SBS Mandarin summarises a few simple steps that can help you to check the land value of your property.
- Visit valuergeneral.nsw.gov.au, click "Access Land Values"
NEW LAND VALUES FOR NSW RELEASED Source: SBS Mandarin
- Find "Land value search" on the new page and click "land value search"
NEW LAND VALUES FOR NSW RELEASED Source: SBS Mandarin
- Continue to click on "land value search" on the new page
NEW LAND VALUES FOR NSW RELEASED Source: SBS Mandarin
- Type in your Property Number to check the land value
NEW LAND VALUES FOR NSW RELEASED Source: SBS Mandarin
- If you do not have the property number, you can click "property address enquiry". You can obtain your property number by providing your address. Once you have the property number, go back to the above step to check the land value
NEW LAND VALUES FOR NSW RELEASED Source: SBS Mandarin
In 2018, Moody's Analytics projects that prices for the next two years will remain flattened.
Its forecast is based on prices taken from CoreLogic's Hedonic Home Value Index series.
Local councils may use the land values as a reference for setting up rates, according to NSW government.
