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New data has revealed the parts of Sydney that have undergone the most value growth over the past year – with one area almost recording a 50 per cent increase in land value.
Figures released by the NSW Valuer General today have revealed that NSW land values increased to a total value of $1.34 trillion over 2015, with eight Sydney local government areas (LGAs) recording growth in excess of 30 per cent.
Blacktown was the LGA to achieve the largest increase in land values over the year, skyrocketing by 47.06 per cent year-on-year.
Values in Randwick increased by 34.82 per cent to sit on $1,150,000, while values in rose by 33.96 per cent to $430,000 and values in The Hills Shire increased by 31.75 per cent to $664,000.
Canada Bay values rose by 30.34 per cent and 30.11 per cent respectively.and
The 2015 land value in Auburn is $567,000 and $1,050,000 in Canada Bay.
NSW Valuer General Simon Gilkes explained to the Sydney Morning Herald that improvements to infrastructure and historically low interest rates contributed to the massive increase in land values, as well as the release of new land.
“The market has also been supported by increased land supply through major new land releases and increases to permitted residential densities in many areas," Mr Gilkes said.
The figures released by the Valuer General do not include the value of buildings on land.
Land value refers to the value of a property, including the land and improvements that have been made, that is assessed by an appraiser to determine its price.