The valuer general Sally Dale answers your need to know questions.
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00:00What sort of trends are we seeing with land values across NSW?
00:07Well across NSW we have seen an increase this year at 6.4% and that was largely underpinned
00:15by residential and industrial real estate. Commercial and rural saw, they did see an
00:22increase but it was much smaller. And what have we seen happen in Greater Sydney?
00:28Greater Sydney, a mixed bag. Residential properties have seen some significant increases
00:36in the areas like the eastern suburbs, Woollahra and Waverley. I think Woollahra we saw a 20%
00:44increase. Then if we go to the further out areas like Fairfield and Blacktown we did
00:49also see some significant increases out there and I think that's because properties are
00:53more affordable in those locations.
00:57Aerotropolis for example, is that sort of driving?
01:01Definitely around that Fairfield area, Aerotropolis, but we're also seeing increases in industrial
01:08land. Not so much in the Aerotropolis itself but local government areas like Woolloondilly
01:14which are on good transport routes and not far from the new Western Sydney Aerotropolis
01:19areas. We have seen some significant increases in industrial.
01:24What are we seeing in the City of Sydney specifically?
01:27City of Sydney overall across all property types has seen an increase. The CBD in particular,
01:33I know there's been a lot of media attention on the CBD with vacancy rates, but Sydney
01:40as a whole is still a desirable location for investors, large investors. So there's been
01:48a flight to A-grade quality office space which has underpinned that remaining strength
01:56in Sydney. Whilst the increases haven't been large, there has been a small increase in
02:01Sydney. Other CBDs in the Sydney metro areas such as Parramatta and North Sydney, it's
02:08probably a different story. They have seen higher, well they have actually seen a decrease
02:14in comparison to Sydney. And I think that's due to higher vacancy rates.
02:21Coastal areas of New South Wales, what sort of trends are we seeing there?
02:26Coastal areas overall have seen an increase, but this year for residential, the increases
02:33were only marginal. And interestingly, where we have seen the increases are those areas
02:39closer to Sydney. So areas like the Central Coast, Lake Macquarie, Newcastle, South Coast,
02:45a bit of a different story. We did see some small decreases around Kiama and the Shoalhaven
02:52area.
02:54What about regional parts of New South Wales? What sort of trends are we seeing there?
02:59Overall, an increase. Interestingly, some areas in the further western parts of New
03:05South Wales for residential property have seen quite significant increases, but that
03:11is often off a lower base. And obviously that's because of more affordable housing.
03:19Industrial again is very driven by the local economy and what's happening. So areas where
03:26the inland rail, we have seen some increases in some of those areas where the inland rail
03:31has come through and also where there's mining, strong mining sector.