[ad_1]
New property assessment notices will be issued later than usual to give NSW homeowners time to recover from the summer bushfire crisis.
The NSW Valuations General completed land assessments for the year ending July 2019, which found land values ​​across the state fell 5.4% to 1.73 trillion. dollars. Most residential rural areas have held up during this time despite the drought, while Sydney’s values ​​fell as the city weathered the market downturn.
Acting NSW Assessor Gen. Paul Chudleigh said he would delay issuing new assessment notices in areas affected by bushfires until April to avoid further distress for landowners affected by the events.
“We are very aware of the current bushfire situation and its impact on these communities. The south coast has been badly affected by this, so we are very much aware of it, â€Mr. Chudleigh said.
The majority of the declines were recorded for residential land in Sydney and some coastal areas, with almost all regional areas experiencing an increase to varying degrees, following an analysis of 45,000 statewide residential sales.
Sydney’s North Coast region, which includes the North Rim and the Northern Beaches, saw the largest drop at 11.4%.
It was followed by Sydney Central, which includes Burwood, Canada Bay, Parramatta and the Inner West. It fell 9.8% in the 12 months ending July 2019.
Mr Chudleigh said valuations had not captured the upturn.
“These valuations are made as of July 1, 2019… although the market showed signs of recovery from that point, it mirrored the market at that time,†he said.
Residential property values
| Region | 1-Jul-18 | 1-Jul-19 | Switch | Number of properties |
| West New South Wales | $ 602,935,784 | $ 642,099,329 | 6.50% | 19 343 |
| Wollongong | $ 32,243,448,708 | 31 941 599 630 | -0.09% | 63,565 |
| Sydney West | 187,176,425,857 $ | $ 177,547,298,214 | -5.10% | 361 488 |
| Sydney South Coast | $ 241,596,876,143 | $ 215,087,535,753 | -11% | 164,501 |
| Sydney North Coast | $ 189,444,543,909 | $ 167,934,962,465 | -11.40% | 104,777 |
| Sydney city | 60 $ 102,913,798 | $ 57,157,876,052 | -4.90% | 24,065 |
| Sydney Center | $ 367,988,356,232 | $ 331,889,495,308 | -9.80% | 309,245 |
| Regional South-East | $ 11,408,887,668 | $ 12,379,481,340 | 8.50% | 48,526 |
| Riverina | $ 60,037,892,270 | $ 6,223,121,915 | 3.10% | 54,313 |
| North West | $ 4,111,795,580 | $ 4,116,333,510 | 0.10% | 41,169 |
| hunter | $ 12,820,034,161 | $ 12,945,512,331 | 1.00% | 69 892 |
| Midwest | $ 4,122,481,464 | $ 4,261,666,238 | 3.40% | 46 935 |
| Murray | $ 5,222,074,450 | $ 5,371,285,990 | 2.90% | 42 105 |
| Hunter Coast | $ 110,819,074,866 | 104,101,850,366 $ | -6.10% | 265,870 |
| Central trays | $ 8,204,589,090 | $ 8,842,707,150 | 7.80% | 60,478 |
| Source: NSW General Assessor | ||||
Meanwhile, the country NSW saw one of the biggest increases in land values ​​in the same period, a period before the summer bushfires.
The Southeast Regional Area, which includes the Snowy Monaro region, Yass Valley and Upper Lachlan, saw an 8.5 increase per increase in land values ​​- the state’s largest leap.
The NSW Valuations General said the Snowy Monaro area saw a 20.7% increase with large increases also in Jindabyne and other surrounding areas which was “influenced by the investment in the Snowy Project. 2.0 “.
It was followed by the Central Tablelands, including areas such as Bathurst Regional, Blayney, Cowra, Lithgow, Oberon and Orange, which saw a 7.8% increase in residential land values.
The NSW Valuations General said the largest increases were seen in Blayney (16%) and Oberon (13.2%) which offered “affordability and proximity to major centers,” while Orange recorded a 10.7% increase with demand for larger blocks.
Mr Chudleigh said tree changers have helped keep residential land values ​​in rural areas stable or even register moderate increases.
“There’s a little bit of influence in these rural residential lifestyle blocks, it’s had an impact,†he said.
He said that while the impact of bushfires was not yet visible on residential land values ​​this year, a recovery in land values ​​in Sydney should be expected in July 2020.
If you are a client of the area affected by the recent bushfire crisis, find out how we can help you here.
[ad_2]