There was a strong increase in residential land values in the Wollongong LGA in the 12 months to July 2018.
Land values for the Illawarra were released this week by the Acting NSW Valuer General, Michael Parker, reflecting the property market at July 1, 2018.
The July 1, 2018 land values for Shellharbour, Wollongong and Kiama were based on the analysis of more than 1800 property sales.
Land value is the value of the land only, and does not include the value of a home or other structures.
Report findings for July 2017 to July 2018 included:
There was a strong increase in residential land values in the Wollongong LGA.
“Demand for residential property is reflected in strong sales prices and continued activity in the construction of residential units,” the report stated.
The LGA reports also look at typical residential land values for different areas.
According to the report, a 562.8sqm property in Chalmers Street, Balgownie’s land value went up from $410,000 to $460,000. This was an increase of 12.2 per cent.
Meanwhile, the land value of a 784.1sqm property on Beach Drive, Woonona went up from $1.25 million to $1.5 million, an increase of 20 per cent.
According to the report, there was a moderate increase in residential land values in the Shellharbour LGA.
Medium density land including the new Shellharbour Marina precinct, and the new residential estate of Calderwood showed ongoing moderate increases in values.
Older, established areas such as Oak Flats, Warilla and Lake Illawarra also showed moderate growth.
“The ongoing demand for residential property is reflected in steady sales prices and increased activity in the construction of residential houses and townhouses,” the report said.
A 784sqm property at Shell Cove Road, Barrack Point’s land value went from $1.25 million to $1.47 million, an increase of 17.6 per cent.
The continued strong growth in Sydney real estate prices allows people relocating from Sydney to view Kiama prices as good value.
Further improvements to the Princes Highway have reduced travel time allowing better access to the Kiama area from Sydney, bringing increased demand.
Kiama residential zoned land has shown a strong increase in land values.
However, the report notes that the increase was not consistent across all locations or zones.
Gerroa headland residential properties and Minnamurra riverfront lots both showed “very strong” increases in values.
“The improved demand for residential property is reflected in strong residential sales prices in 2017 and 2018 and increased activity in the construction of residential apartments,” the report said.
Land at a 682.9sqm property on Stafford Street, Gerroa went up in value from $1,150,000 to $1.5 million, an increase of 30.4 per cent.