LAND prices followed the jobs market in 2015 with residential land rising by almost 14 per cent in Newcastle and falling by almost 13 per cent in Muswellbrook.
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That’s part of the picture to emerge from the latest annual survey of residential and commercial land carried out by the NSW Valuer General for the year to June 30, 2015.
The Valuer General, Simon Gilkes, said notices of valuation were sent out in batches according to local government area, with property owners in Newcastle, Cessnock, Dungog and Muswellbrook to receive theirs this year.
Statewide, the state’s property holdings of more than 2.45 titles were valued at more than $1.34 trillion, up by 19.6 per cent on the previous year’s total of $1.12 trillion.
Eleven Sydney council areas had residential median prices above $1 million, while nine had increases of 30 per cent or more in the past year.
In the Hunter, the residential land median hit $290,000, up 13.7 per cent in a year and up from $225,000 in July 2012.
In Lake Macquarie, residential land hit $238,000, up 13.4 per cent in a year. Three years before, the 2012 valuation was $196,000.
With the coal-mine construction boom over, residential land in Muswellbrook dropped by 12.6 per cent to a median of $93,500 – one of the biggest falls in the state. Valuations peaked in 2013 at $111,000.
In Singleton, the residential median fell by 5.3 per cent to $143,000, well down on the 2012 peak of $156,000.
On the holiday coast, Port Stephens residential valuations rose by 4.8 per cent to $198,000, up from $189,000 in 2014 and $185,000 in 2012.
Across the Hunter, median prices of commercial land followed a similar pattern.
Commercial valuations rose by 15.1 per cent in Newcastle, 12.8 percent in Lake Macquarie, 5.1 per cent in the Great Lakes, 3.3 per cent in Maitland and 0.7 per cent in Cessnock.
Valuations were flat in Gloucester and fell by 1.4 per cent in Port Stephens, 4.2 per cent in the Upper Hunter, 4.4 per cent in Singleton and 5.4 per cent in Muswellbrook.
Mr Gilkes said 909 sales were analysed to set valuations in Cessnock, Dungog and Muswellbrook.
Looking at all property types, Mr Gilkes said the overall value of land in Cessnock rose 5.7 per cent to $4.46 billion. In Dungog, the total was $1.34 billion, down 3.6 per cent, and in Muswellbrook $1.28 billion, down 5.2 per cent.
“Land values are one factor used by councils to calculate rates, but changes in land value don’t necessarily lead to similar changes in rates,” Mr Gilkes said.
He said property owners receiving notices of valuation had 60 days to lodge an objection, seeking a review.
