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Sydney homeowners given massive wealth boost

by Nick Bendel4 minute read

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.

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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: Four states home to property hotspots]

Sydney homeowners given massive wealth boost
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