Land value taking a hit
RESIDENTIAL land values in Canterbury Bankstown took a hit of just over 10 per cent between 2018 and 2019 due to an ease in demand, according to the latest figures released by the NSW Valuer General.
However there were exceptions, with values for single residential properties in the Ironbark Estate – Villawood showing moderate increases, while R3 zoned single residential properties in Hurlstone Park and parts of Canterbury, along with medium and high density sites together with mixed use zones across the local government area (LGA) staying steady.
LAND values published last week show a general decrease for the Sydney Central region since 2018, which includes the Canterbury Bankstown LGA, however homeowners shouldn’t expect to receive a break on their council rates.
Reflecting the property market at July 1, 2019, acting NSW valuer general, Paul Chudleigh said councils received new land values for rating at least every three years and were one factor used to calculate rates.
“Changes in land value don’t always mean a change in council rates,” he said.
“Each council develops a revenue policy to use when calculating rates to fund services for the community.”
The data shows overall residential values across Canterbury Bankstown showed a strong decrease of 10.2 per cent between 2018 and 2019.
Commercial zones remained mostly steady, rising just 0.5 per cent which reflected overall low demand, although there were exceptions in the mixed use zone in the Bankstown CBD fringe area where slight increases were recorded.
However industrial zones showed strong growth of 8.1 per cent, attributed to demand for properties with the potential for redevelopment.
This compares with the previous general valuation year in 2016, showing overall falls of 4.8 per cent in residential values, and both industrial and commercial land values experiencing strong growth.
Mr Chudleigh said property sales were the most important factor considered by valuers when determining land values.
“It is important to note that land value is the value of the land only and does not include the value of a home or other structures,” he said.
Landholders will receive a Notice of Valuation showing their land value before it is used by the council for rating.
For more information on land values and the valuation system, call Property NSW on 1800 110 038 or visit valuergeneral.nsw.gov.au.