Lucky homeowners given massive wealth boost

Lucky homeowners given massive wealth boost

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The full extent of Sydney’s now-faded boom has been revealed, with land values skyrocketing across the city.

NSW land values reached $1.34 trillion at the end of 2014-15, after increasing 19.6 per cent over the financial year, according to the state government.

Nine local government areas enjoyed at least 30 per cent growth, with eight of those located in Sydney.

The fastest-growing area was Blacktown, where the median residential land value jumped 47.1 per cent to $375,000.

Holroyd rose 38 per cent to $472,000, Parramatta rose 35.9 per cent to $591,000, Shellharbour rose 35 per cent to $266,000 and Randwick rose 34.8 per cent to $1.15 million.

Other boom local government areas were Fairfield, which rose 34 per cent to $430,000, The Hills, which rose 31.8 per cent to $664,000, Auburn, which rose 30.3 per cent to $567,000, and Canada Bay, which rose 30.1 per cent to $1.05 million.

Randwick and Canada Bay were two of the local government areas to enter the $1 million club in 2014-15. The others were Strathfield, which reached $1.14 million, and North Sydney and Lane Cove, which both reached $1.11 million.

They joined the six existing club members: Mosman on $1.59 million, Woollahra on $1.57 million, Waverley on $1.41 million, Hunters Hill on $1.36 million, Willoughby on $1.32 million and Manly on $1.26 million.

Eight local government areas experienced negative growth, all of them located outside Sydney.

Cobar fell 16.4 per cent to $19,400, Muswellbrook fell 12.6 per cent to $93,500, Bogan fell 10.4 per cent to $22,500 and Gloucester fell 6.4 per cent to $72,700.

There were also declines for Singleton, which fell 5.3 per cent to $143,000, Wellington, which fell 5.2 per cent to $27,400, Upper Hunter, which fell 4.4 per cent to $108,000, and Leeton, which fell 0.2 per cent to $62,550.

These annual valuations are for land only, and do not include the value of the home or other improvements.

[Related: Conservative valuations could trigger ‘serious default issue’]

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