Milton residential land values jump 46 percent: Valuer-General
The total land value for the Illawarra region has increased over the 12 month period to 1 July 2016 by 10.4 percent from approximately $68.49 billion to $75.59 billion, according to the latest report from the Valuer-General.
The Report on NSW Land Values at 1 July 2016 found that there was an overall increase in land values of 10.7 percent for residential properties. This is slightly more than for Wollongong residential land values which generally increased between 7 percent and 10 percent. The highest increases in the region were recorded in the Wollondilly, Wingecarribee and Shoalhaven areas.
Residential land values in Milton increased by 46 percent due to the area's popularity as a weekend tourist destination and its affordability relative to nearby beachside localities. Similarly,the value of residential land in Hilltop and rural residential land east of Wilton increased by around 40 percent.
Overall, commercial land values in the Illawarra region increased by 8.2 percent. However, commercial land values increased by 36 percent in Tahmoor, and by 58 percent in Appin.
Industrial land values showed an overall increase of 5.8 percent. Land values in the major industrial areas of Wollongong generally showed increases of between 4 percent and 11 percent, while properties in the smaller centres of Bomaderry, Huskisson and Sussex Inlet showed increases of approximately 10 percent.
Rural land values varied across the Illawarra region, but showed an overall increase of 14 percent. Rural land values in the Shoalhaven, Wollondilly and Wingecarribee LGAs were influenced by a growth in residential development and demand for rural small holdings. These areas experienced overall increases of between 11 percent and 21 percent.
Land values in the Tahmoor/Thirlmere locality showed even stronger increases of between 30 percent and 40 percent.
For more information including interactive online land value summaries for all LGAs and 14 regions covering the state go to www.valuergeneral.nsw.gov.au
Property Observer found a 10 acre lot, 107 Spring Valley Way, Milton, (above) on the market for $695,000. It is fully fenced with tar road access, a dam and underground power.
A parcel of land sized 100 acres, 669B Woodburn Road Milton, (below) has 40 acres of cleared land, 4 large dams, a shed and sealed driveway and is on the market for $895,000.
