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Land values in Sydney’s North West region have experienced a noticeable shift over the past year, with residential land values taking a dip while commercial and industrial sectors flourish. The NSW Valuer General, who sets land values for rates and taxes, has released data revealing a complex interplay of factors affecting the real estate landscape.
The total land value for the Sydney North West region, encompassing local government areas of the Blue Mountains, Hawkesbury, Hornsby, and The Hills Shire, saw a decline of 2.4% from $186 billion to $182 billion in the year leading up to July 1, 2023. This decrease was primarily driven by a 2.8% drop in residential land values. Factors contributing to this downturn included interest rate hikes, inflation, and escalating construction costs, collectively slowing down the residential property market.
Contrastingly, commercial land values in the same region experienced a 4.2% increase, attributed to sustained consumer confidence in the commercial property sector. Well-located commercial properties in key hubs like Castle Hill, Norwest Business Park, and Hornsby witnessed heightened demand, with a particular focus on development potential and leased properties boasting secure income streams.
Industrial land saw significant increases in land value while rural property lost ground following a few years of growth. [Picture:Â The construction site of the new metro station at Orchard Hills.]
Industrial land values in NSW experienced a substantial increase of 9.6%, reaching $125.5 billion, highlighting the growth and investment in this sector. This trend was based on the analysis of 1,339 industrial property sales across the state.
The newly published land values for the Sydney North West region by the NSW Valuer General are used to help determine land tax for the 2024 tax year. Property owners and investors can access the latest land values and related information for all properties in NSW on the Valuer General NSW website at www.valuergeneral.nsw.gov.au.Â