Residential land values increased strongly in the Mid Coast local government area between 2017 and 2018, driven primarily by increased demand for land in well located coastal locations, Acting NSW Valuer General, Michael Parker said.
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The exceptions to this general trend were residential land values in the towns of Wingham and Gloucester which generally showed a slight increase. Land values in Hawks Nest, Blueys Beach, Boomerang Beach and Manning Point generally remained steady with demand easing in these localities.
Residential land values at Pindimar showed very strong increases, due to particularly strong demand.
Large lot residential land values experienced slight increases at Nabiac and Tuncurry, with increased demand for well-located areas in close proximity to the coast.
Land values for the Hunter region have been published by the Acting NSW Valuer General. The land values reflect the property market at July 1, 2018.
Some of the top increases (July 1, 2017 to July 1, 2018):
- Lucas Court, Black Head – 18.9 per cent ($185,000 – $222,000)
- Lakes Way, Bungwahl – 19.3 per cent ($145,000 – $173,000)
- Church Street, Carrington – 23.4 per cent ($128,000 – $158,000)
- Lombard Street, Coolongolook – 21.7 per cent ($57,500 to $70,000)
- Elanora Street, Coomba Park – 29.2 per cent ($60,000 to $77,500)
- Yarran Place, Coomba Park – 19.1 per cent ($57,500 – $68,500)
- Escapade Avenue, Diamond Beach – 18.2 per cent ($165,000 – $195,000)
- Bounty Key, Forster – 19.3 per cent ($415,000 – $495,000)
- Little Street, Forster – 19.6 per cent ($280,000 – $335,000)
- Pacific View Drive, Hallidays Point – 18.8 per cent ($240,000 – $285,000)
- The Ridge, Hallidays Point – 19 per cent ($290,000 – $345,000)
- John Gollan Avenue, Harrington – 19.7 per cent ($330,000 – $395,000)
- East Lansdowne Road, Lansdowne – 19.2 per cent ($65,000 – $77,500)
- Coralville Road, Moorland – 17.7 per cent ($85,000 – $100,000)
- Farnell Street, Nabiac – 19.2 per cent ($120,000 – $143,000)
- Cove Boulevard, North Arm Cove – 30.4 per cent ($115,000 – $150,000)
- Cambage Street, Pindimar – 28 per cent ($125,000 – $160,000)
- Koree Street, Pindimar – 50 per cent ($90,000 – $135,000)
- Saunders Street, Purfleet – 29.6 per cent ($27,000 – $35,000)
- Coromont Drive, Red Head – 18.2 per cent ($165,000 – $195,000)
- Cottesloe Circuit, Red Head – 19.2 per cent ($214,000 – $255,000)
- Kinka Road, Seal Rocks – 19 per cent ($500,000 – $595,000)
- Amaroo Drive, Smiths Lake – 19.6 per cent ($230,000 – $275,000)
- Third Ridge Road, Smiths Lake – 29.6 per cent ($115,000 – $149,000)
- Dunoon Street, Taree – 23.1 per cent ($45,500 – $56,000)
- Hinten Crescent, Taree – 25 per cent ($120,000 – $150,000)
- Stevenson Street, Taree – 23.1 per cent ($130,000 – $160,000)
- Ayres Avenue, Tea Gardens – 18 per cent ($195,000 – $230,000)
- Jacob Street, Tea Gardens – 19.4 per cent ($310,000 – $370,000)
- Peveril Street, Tinonee – 19.1 per cent ($105,000 – $125,000)
- Taree Street, Tuncurry – 15.8 per cent ($475,000 – $550,000)
- Lambert Street, Wingham – 17.7 per cent ($85,000- $100,000)
- Sunset Avenue, Wingham – 18.9 per cent ($92,500 – $110,000)
No change
No areas showed a decrease in land values but some showed no change –
- Newman Avenue, Blueys Beach ($490,000)
- Coast Avenue, Boomerang Beach ($1,270,000)
- Prince Street, Bulahdelah ($80,000)
- Hungerford Street, Bundook ($70,000)
- Glenwarrin Road, Elands ($45,000)
- Church Street, Gloucester ($90,000 and $120,000)
- Dennison Street, Gloucester ($77,500)
- Moonlight Circuit, Gloucester ($150,000)
- Binda Street, Hawks Nest ($330,000)
- Booner Street, Hawks Nest ($350,000)
- The Anchorage, Hawks Nest ($600,000)
- Alice Street, Karuah ($170,000)
- Manning Street, Manning Point ($165,000)
- Eastslope Way, North Arm Cove ($440,000)
- Ward Street, Wards River ($50,000)
- Abbott Street, Wingham ($165,000)
- Canget Street, Wingham ($205,000)
The Hunter
The total land value for the Hunter region increased over the 12 month period to July 1, 2018 by 8.8 per cent from $149.4 billion to $162.5 billion.
The Hunter region comprises Central Coast, Cessnock, Dungog, Lake Macquarie, Maitland, Mid-Coast, Muswellbrook, Newcastle, Port Stephens, Singleton and Upper Hunter local government areas.
Residential land values overall increased moderately by 9.0 per cent. Residential increases varied from slight increases in Singleton (3.8 per cent) and Upper Hunter (4.0 per cent) local government areas to strong increases in Mid Coast (13.0 per cent) and Central Coast (12.1 per cent) local government areas. Muswellbrook (0.4 per cent) local government area was the only area of steady residential values.
Commercial land values in the Hunter region overall increased moderately by 8.7 per cent. The increases were related to the flow-on from strong residential demand and low interest rates, improved returns and rents, and government infrastructure spending including roads, light rail and capital works.
Industrial land values in the region overall increased strongly by 11.6 per cent. The largest increase was in the Central Coast local government area at 22.2 per cent, with moderate increases of between 6 per cent - 10 per cent more typical in the Upper Hunter, Port Stephens, Newcastle, Singleton and Cessnock local government areas. The moderate industrial increases were related to providing supporting services and amenities to strong residential and commercial sectors, while the strong increases in Central Coast had the added benefits of good access to the motorway and arterial roads and affordability over Sydney.
Rural land values in the region experienced moderate increases of 7.3 per cent. The rural increases occurred against the backdrop of poor seasonal conditions and worsening drought, however the rural-residential and hobby farm markets which dominate the Hunter region are less impacted by seasonal conditions and driven more by demand, affordability and accessibility.
Council rates
Land values are one factor councils use to set rates. The Valuer General gives councils new land values at least every three years.
From July 1, 2017 most councils will use July 1, 2016 land values for rating